Mitie Group (LON:MTO) Share Price Crosses Above 200-Day Moving Average – Here’s Why

Shares of Mitie Group plc (LON:MTO) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of GBX 147.76 and traded as high as GBX 163. Mitie Group shares last traded at GBX 161, with a volume of 175,822,313 shares changing hands.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a GBX 195 price target on shares of Mitie Group in a research report on Thursday, December 4th. Berenberg Bank raised their target price on Mitie Group from GBX 185 to GBX 210 and gave the stock a “buy” rating in a report on Tuesday, October 28th. Peel Hunt reiterated a “buy” rating and set a GBX 191 target price on shares of Mitie Group in a research report on Thursday, November 20th. Finally, Jefferies Financial Group reissued a “hold” rating and set a GBX 145 price target on shares of Mitie Group in a report on Thursday, September 11th. Four analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Mitie Group currently has a consensus rating of “Moderate Buy” and a consensus target price of GBX 182.20.

Mitie Group Stock Performance

The company has a quick ratio of 0.83, a current ratio of 0.90 and a debt-to-equity ratio of 85.41. The business has a 50 day moving average price of GBX 157.73 and a two-hundred day moving average price of GBX 147.75. The stock has a market cap of £2.08 billion, a P/E ratio of 22.36, a price-to-earnings-growth ratio of 10.10 and a beta of 1.41.

Mitie Group (LON:MTO) last issued its earnings results on Thursday, November 20th. The company reported GBX 5.70 earnings per share (EPS) 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 forecast that Mitie Group plc will post 10.9360519 earnings per share for the current fiscal year.

Mitie Group announced that its board has initiated a stock repurchase plan on Tuesday, October 14th that authorizes the company to buyback 0 outstanding shares. This buyback authorization authorizes the company to buy shares of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Mitie Group

In related news, insider Salma Shah purchased 2,423 shares of the firm’s stock in a transaction on Wednesday, October 1st. The shares were acquired at an average price of GBX 138 per share, for a total transaction of £3,343.74. Also, insider Phillip Bentley sold 2,000,032 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of GBX 138, for a total transaction of £2,760,044.16. Insiders bought a total of 249,478 shares of company stock worth $36,398,788 over the last ninety days. 1.81% of the stock is owned by corporate insiders.

Mitie Group Company Profile

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.