Mitie Cancels 300,000 Shares After Latest Buyback Transaction

Mitie Group plc ( (GB:MTO) ) just unveiled an update.

Mitie Group plc has repurchased 300,000 of its own ordinary shares at a volume-weighted average price of 169.56p as part of its previously announced share buyback programme, with the shares acquired on the London Stock Exchange via broker Peel Hunt LLP. The company intends to cancel the repurchased shares, which will reduce the total number of shares in issue to 1,320,725,112 (excluding treasury shares) and thereby marginally increase earnings and voting power per remaining share, signalling continued capital returns to shareholders and active balance sheet management.

The most recent analyst rating on (GB:MTO) stock is a Buy with a £182.00 price target. To see the full list of analyst forecasts on Mitie Group plc stock, see the GB:MTO Stock Forecast page.

Spark’s Take on GB:MTO Stock

According to Spark, TipRanks’ AI Analyst, GB:MTO is a Outperform.

Mitie Group plc’s overall stock score is driven by strong financial performance and positive earnings call sentiment, highlighting robust revenue growth and strategic initiatives. The technical analysis and valuation suggest some caution due to potential overvaluation and overbought conditions. The company’s proactive corporate events, including share buybacks and acquisitions, further support its market position and shareholder value.

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

More about Mitie Group plc

Mitie Group plc is a leading UK-based, technology-led facilities management, transformation and compliance company, founded in 1987 and employing 84,000 people. It provides engineering (hard services), security and hygiene (soft services), and transformational projects such as power and grid connections, building fit-outs and modernisation, decarbonisation, fire safety and security, telecoms infrastructure, and environmental compliance, serving over 3,000 large public and private sector clients across industries including central government, critical national infrastructure, defence, financial services, healthcare, retail, logistics, manufacturing, media, transport and aviation. The group holds market leadership positions in its core services and is recognised for strong ESG performance and employment practices, with science-based net-zero targets and multiple industry awards.

Average Trading Volume: 4,113,010

Technical Sentiment Signal: Buy

Current Market Cap: £2.16B

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