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IMI plc ( (GB:IMI) ) has issued an announcement.
IMI plc, a company involved in engineering and manufacturing, has announced the repurchase and cancellation of 46,900 of its ordinary shares at an average price of 2,177.1214 pence per share. This transaction, executed through J.P. Morgan Securities plc, reduces the company’s total number of ordinary shares in issue to 259,988,379, with 12,648,836 shares held in treasury. This move is part of IMI’s ongoing strategy to manage its share capital and potentially enhance shareholder value.
The most recent analyst rating on (GB:IMI) stock is a Buy with a £2300.00 price target. To see the full list of analyst forecasts on IMI plc stock, see the GB:IMI Stock Forecast page.
Spark’s Take on GB:IMI Stock
According to Spark, TipRanks’ AI Analyst, GB:IMI is a Outperform.
IMI plc benefits from a robust financial position and positive technical indicators, suggesting strong market momentum. Strategic corporate actions, such as share buybacks, further enhance shareholder value. However, the high P/E ratio suggests potential overvaluation risks, which should be monitored.
To see Spark’s full report on GB:IMI stock, click here.
More about IMI plc
Average Trading Volume: 868,407
Technical Sentiment Signal: Buy
Current Market Cap: £5.3B
Learn more about IMI stock on TipRanks’ Stock Analysis page.