IMI plc Announces Share Repurchase

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

IMI plc, a company involved in engineering and manufacturing, announced the repurchase of 172,000 of its ordinary shares for cancellation at an average price of 2,040.6391 pence per share. This transaction, executed through J.P. Morgan Securities plc, reduces the total number of ordinary shares in issue to 262,573,887, with 12,648,836 shares held in treasury, impacting the company’s voting rights and potentially enhancing shareholder value.

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 benefits from strong financial performance and consistent share buybacks, signaling robust shareholder value strategies. Technical analysis supports a positive outlook, although valuation indicators suggest caution due to potential overvaluation. The absence of earnings call insights leaves some uncertainty regarding future guidance and sentiment.

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

More about IMI plc

Average Trading Volume: 721,868

Technical Sentiment Signal: Buy

Current Market Cap: £5.08B

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