IMI plc Announces Share Buyback and Cancellation

IMI plc ( (GB:IMI) ) has issued an announcement.

IMI plc, a company involved in the engineering sector, has announced the purchase and cancellation of 81,449 of its ordinary shares at an average price of 1,992.2617 pence per share. This transaction, executed through Numis Securities Limited, reduces the total number of ordinary shares in issue to 264,827,625, with 12,648,836 shares held in treasury. The move is part of IMI’s strategy to manage its capital structure and could potentially enhance shareholder value by reducing the number of shares outstanding, thereby increasing earnings per share.

The most recent analyst rating on (GB:IMI) stock is a Buy with a £2205.00 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 demonstrates a strong financial foundation with solid revenue growth and healthy profitability metrics. The strategic share buyback program enhances shareholder confidence and value. However, potential short-term technical weaknesses and slightly elevated valuation may limit immediate upside potential. Overall, the company is fundamentally sound, with a stable outlook in its industry.

To see Spark’s full report on GB:IMI stock, click here.

More about IMI plc

Average Trading Volume: 752,861

Technical Sentiment Signal: Strong Buy

Current Market Cap: £4.99B

For a thorough assessment of IMI stock, go to TipRanks’ Stock Analysis page.