Mitie Group (LON:MTO) Shares Cross Above 200 Day Moving Average – Here’s Why

Mitie Group plc (LON:MTO)’s share price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of GBX 147.31 and traded as high as GBX 162. Mitie Group shares last traded at GBX 158.80, with a volume of 4,979,090 shares traded.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MTO. Berenberg Bank boosted their price target on Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a research report on Tuesday, October 28th. Deutsche Bank Aktiengesellschaft boosted their target price on Mitie Group from GBX 165 to GBX 170 and gave the stock a “buy” rating in a report on Monday, August 11th. Peel Hunt reaffirmed a “buy” rating and set a GBX 191 price target on shares of Mitie Group in a report on Thursday, November 20th. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a GBX 145 price objective on shares of Mitie Group in a research report on Thursday, September 11th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of GBX 179.

Mitie Group Price Performance

The company has a current ratio of 0.90, a quick ratio of 0.83 and a debt-to-equity ratio of 85.41. The company has a 50 day moving average of GBX 153.21 and a 200-day moving average of GBX 147.28. The firm has a market capitalization of £2.04 billion, a P/E ratio of 20.89, a P/E/G ratio of 10.10 and a beta of 1.41.

Mitie Group (LON:MTO) last posted its earnings results on Thursday, November 20th. The company reported GBX 5.70 earnings per share for the quarter. Mitie Group had a return on equity of 28.24% and a net margin of 2.52%. On average, sell-side analysts predict that Mitie Group plc will post 10.9360519 EPS for the current year.

Mitie Group announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 14th that allows the company to repurchase 0 shares. This repurchase authorization allows the company to buy shares of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling at Mitie Group

In other Mitie Group news, insider Phillip Bentley bought 195,000 shares of the firm’s stock in a transaction on Thursday, November 20th. The shares were purchased at an average price of GBX 154 per share, for a total transaction of £300,300. Also, insider Salma Shah bought 2,423 shares of the stock in a transaction dated Wednesday, October 1st. The shares were acquired at an average cost of GBX 138 per share, for a total transaction of £3,343.74. Over the last 90 days, insiders bought 249,478 shares of company stock worth $36,398,788. 1.77% of the stock is currently owned by company insiders.

About Mitie Group

Mitie Group plc, together with its subsidiaries, provides facilities management and professional services in the United Kingdom and internationally. The company operates in four segments: Business Services, Technical Services, Central Government & Defense (CG&D), Communities. The company provides decarbonization, electrical grid connections, emission intelligence, energy and carbon, EV fleets, and heat solutions, as well as solar energy; cleaning and hygiene, engineering maintenance, integrated facilities management, landscape, and waste management services; project and workplace services; and Fire & security systems, front of house, intelligence, vetting, and security guarding service.