Mullen Group (TSE:MTL) Price Target Raised to C$23.00

Key Points

• Royal Bank of Canada raised its price target on Mullen Group to C$23.00 from C$21.00 and kept an outperform rating, implying modest upside from the current share price.
• Several other analysts also lifted their targets, and the stock now has a Moderate Buy consensus with an average price target of C$21.11.
• Mullen Group recently traded at C$22.59, near its 52-week high of C$23.46, after reporting quarterly EPS of C$0.20 on revenue of C$547.7 million.

Mullen Group (TSE:MTL - Get Free Report) had its price objective boosted by stock analysts at Royal Bank Of Canada from C$21.00 to C$23.00 in a report released on Thursday,BayStreet.CA reports. The brokerage currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 1.81% from the company's current price.

A number of other research analysts have also issued reports on MTL. Desjardins increased their target price on Mullen Group from C$20.00 to C$23.00 and gave the company a "buy" rating in a research report on Friday, April 24th. National Bank Financial boosted their price target on shares of Mullen Group from C$19.00 to C$23.00 and gave the stock an "outperform" rating in a report on Friday, April 24th. Raymond James Financial upped their price objective on shares of Mullen Group from C$17.00 to C$18.00 and gave the stock a "market perform" rating in a research report on Friday, April 24th. Canadian Imperial Bank of Commerce increased their price objective on shares of Mullen Group from C$20.00 to C$22.00 and gave the company a "neutral" rating in a report on Tuesday, June 30th. Finally, Acumen Capital upped their price target on shares of Mullen Group from C$20.50 to C$22.00 and gave the stock a "buy" rating in a research report on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Mullen Group presently has a consensus rating of "Moderate Buy" and an average target price of C$21.11.

Mullen Group Price Performance

Shares of TSE:MTL traded up C$0.25 during trading on Thursday, reaching C$22.59. 83,050 shares of the company's stock traded hands, compared to its average volume of 277,207. The company has a quick ratio of 1.06, a current ratio of 2.07 and a debt-to-equity ratio of 91.65. Mullen Group has a fifty-two week low of C$12.98 and a fifty-two week high of C$23.46. The company has a 50-day simple moving average of C$21.71 and a 200-day simple moving average of C$18.64. The firm has a market cap of C$2.17 billion, a PE ratio of 22.15, a P/E/G ratio of 1.81 and a beta of 1.13.

Mullen Group (TSE:MTL - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The company reported C$0.20 EPS for the quarter. The company had revenue of C$547.70 million for the quarter. Mullen Group had a return on equity of 8.72% and a net margin of 4.32%.

Insiders Place Their Bets

In other Mullen Group news, Director Stephen H. Lockwood sold 3,500 shares of the company's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of C$21.50, for a total value of C$75,250.00. Following the completion of the sale, the director directly owned 7,562 shares in the company, valued at C$162,583. This represents a 31.64% decrease in their position. Company insiders own 6.32% of the company's stock.

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.

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