Scotiabank Forecasts Strong Price Appreciation for Mullen Group (TSE:MTL) Stock

Key Points

• Scotiabank raised its price target for Mullen Group from C$29 to C$30 while maintaining a “sector perform” rating, implying 11.52% potential upside.
• Analyst sentiment is broadly positive, with five Buy and three Hold ratings producing a “Moderate Buy” consensus and an average target of C$26.33.
• Mullen Group reported quarterly revenue of C$609.3 million and EPS of C$0.41, while insider Carson Paul Urlacher purchased 9,500 shares worth about C$267,900.

Mullen Group (TSE:MTL - Get Free Report) had its price target increased by stock analysts at Scotiabank from C$29.00 to C$30.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The brokerage currently has a "sector perform" rating on the stock. Scotiabank's price objective indicates a potential upside of 11.52% from the company's current price.

Several other brokerages have also recently weighed in on MTL. BMO Capital Markets lifted their target price on Mullen Group from C$25.00 to C$32.00 in a research report on Friday, July 24th. Canadian Imperial Bank of Commerce upped their target price on Mullen Group from C$20.00 to C$22.00 and gave the stock a "neutral" rating in a report on Tuesday, June 30th. Desjardins increased their price target on Mullen Group from C$23.00 to C$30.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Royal Bank Of Canada raised their price target on Mullen Group from C$30.00 to C$32.00 in a research note on Wednesday, September 30th. Finally, National Bank Financial boosted their price target on Mullen Group from C$23.00 to C$31.00 and gave the stock an "outperform" rating in a research report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Mullen Group presently has a consensus rating of "Moderate Buy" and a consensus target price of C$26.33.

Mullen Group Stock Up 0.3%

MTL traded up C$0.07 during trading hours on Thursday, hitting C$26.90. 116,955 shares of the company's stock were exchanged, compared to its average volume of 299,959. Mullen Group has a 1-year low of C$13.53 and a 1-year high of C$28.78. The stock's 50-day moving average is C$26.24 and its two-hundred day moving average is C$23.35. The stock has a market cap of C$2.59 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 1.81 and a beta of 0.83. The company has a quick ratio of 1.06, a current ratio of 2.17 and a debt-to-equity ratio of 89.59.

Mullen Group (TSE:MTL - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported C$0.41 earnings per share (EPS) for the quarter. Mullen Group had a net margin of 4.65% and a return on equity of 9.35%. The firm had revenue of C$609.30 million for the quarter.

Insider Activity at Mullen Group

In related news, insider Carson Paul Urlacher acquired 9,500 shares of the company's stock in a transaction dated Monday, July 27th. The shares were bought at an average cost of C$28.20 per share, with a total value of C$267,900.00. Following the completion of the transaction, the insider directly owned 90,000 shares of the company's stock, valued at C$2,538,000. This trade represents a 11.80% increase in their ownership of the stock. 6.32% of the stock is currently owned by corporate insiders.

About Mullen Group

Mullen Group is a public company with a long history of acquiring companies in the transportation and logistics industries. Today, we have one of the largest portfolios of logistics companies in North America, providing a wide range of transportation, warehousing and distribution services through a network of independently operated businesses. Service offerings include less-than-truckload, customs brokerage, truckload, warehousing, logistics, transload, oversized, third-party logistics and specialized hauling transportation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.