IMI plc Announces Share Buyback and Cancellation

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

IMI plc, a company involved in engineering solutions, announced the purchase and cancellation of 172,155 of its ordinary shares at an average price of 2,041.9410 pence per share. This transaction, facilitated by J.P. Morgan Securities plc, reduces the company’s total number of voting rights to 250,094,197, potentially enhancing shareholder value and reflecting a strategic move to optimize its capital structure.

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 strong financial health and promising technical indicators, with a fair valuation. The extensive share buyback program underscores management’s confidence and enhances shareholder value, contributing significantly to the stock’s attractiveness.

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

More about IMI plc

Average Trading Volume: 709,416

Technical Sentiment Signal: Buy

Current Market Cap: £4.95B

See more insights into IMI stock on TipRanks’ Stock Analysis page.