Mullen Group (TSE:MTL) Reaches New 52-Week High - Here's Why

Key Points

• Mullen Group reached a new 52-week high, trading as high as C$27.13 after previously closing at C$25.60.
• Analysts have been turning more positive on the stock, with several raising price targets; the consensus rating is now Moderate Buy with an average target price of C$21.11.
• The company reported quarterly EPS of C$0.41 on revenue of C$609.3 million and continues to pay a monthly dividend, recently yielding about 3.2%.

Mullen Group Ltd. (TSE:MTL - Get Free Report) hit a new 52-week high on Thursday . The stock traded as high as C$27.13 and last traded at C$27.13, with a volume of 80765 shares changing hands. The stock had previously closed at C$25.60.

Wall Street Analysts Forecast Growth

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

Mullen Group Trading Up 2.3%

The business's 50-day moving average price is C$22.45 and its two-hundred day moving average price is C$19.24. The company has a market capitalization of C$2.51 billion, a P/E ratio of 25.67, a PEG ratio of 1.81 and a beta of 1.13. The company has a debt-to-equity ratio of 91.65, a current ratio of 2.07 and a quick ratio of 1.06.

Mullen Group (TSE:MTL - Get Free Report) last released its quarterly earnings data on Thursday, July 23rd. The company reported C$0.41 EPS for the quarter. The business had revenue of C$609.30 million during the quarter. Mullen Group had a net margin of 4.32% and a return on equity of 8.72%.

Mullen Group Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, May 15th. Shareholders of record on Friday, May 15th were paid a $0.07 dividend. This represents a c) dividend on an annualized basis and a yield of 3.2%. The ex-dividend date of this dividend was Thursday, April 30th. Mullen Group's payout ratio is presently 82.35%.

Insider Activity

In other news, Director Stephen H. Lockwood sold 3,500 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of C$21.50, for a total transaction of C$75,250.00. Following the sale, the director owned 7,562 shares of the company's stock, valued at C$162,583. This trade represents a 31.64% decrease in their ownership of the stock. 6.32% of the stock is owned by company 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.

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