Mullen Group (TSE:MTL) Share Price Passes Above 200 Day Moving Average - Here's Why

Key Points

• Mullen Group shares rose above their 200-day moving average, reaching C$26.84 and closing at C$26.50, compared with a 200-day average of C$20.60.
• Analysts have become more optimistic: five rate the stock a Buy and three rate it a Hold, resulting in a “Moderate Buy” consensus and an average price target of C$26.00. Several firms recently raised targets to between C$29.00 and C$32.00.
• The company reported quarterly earnings of C$0.41 per share on revenue of C$609.30 million, while insider Carson Paul Urlacher bought 9,500 shares worth about C$267,900.

Mullen Group Ltd. (TSE:MTL - Get Free Report)'s stock price passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of C$20.60 and traded as high as C$26.84. Mullen Group shares last traded at C$26.50, with a volume of 196,982 shares changing hands.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. BMO Capital Markets lifted their price target on Mullen Group from C$25.00 to C$32.00 in a research report on Friday, July 24th. National Bank Financial lifted their target price on shares of Mullen Group from C$23.00 to C$31.00 and gave the company an "outperform" rating in a research report on Friday, July 24th. Desjardins boosted their price target on shares of Mullen Group from C$23.00 to C$30.00 and gave the stock a "buy" rating in a research note on Friday, July 24th. Acumen Capital raised their price objective on shares of Mullen Group from C$20.50 to C$22.00 and gave the company a "buy" rating in a research report on Friday, April 24th. Finally, Scotiabank raised their price objective on shares of Mullen Group from C$24.00 to C$29.00 in a research report on Friday, July 24th. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, Mullen Group presently has an average rating of "Moderate Buy" and a consensus price target of C$26.00.

Mullen Group Price Performance

The company has a debt-to-equity ratio of 89.59, a quick ratio of 1.06 and a current ratio of 2.17. The stock has a market capitalization of C$2.55 billion, a P/E ratio of 23.87, a price-to-earnings-growth ratio of 1.81 and a beta of 1.15. The firm has a 50-day moving average price of C$24.34 and a 200 day moving average price of C$20.60.

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

Insider Activity at Mullen Group

In other Mullen Group news, insider Carson Paul Urlacher purchased 9,500 shares of the firm's stock in a transaction on Monday, July 27th. The shares were purchased at an average cost of C$28.20 per share, with a total value of C$267,900.00. Following the completion of the purchase, the insider owned 90,000 shares of the company's stock, valued at C$2,538,000. The trade was a 11.80% increase in their position. Company insiders own 6.32% of the company's stock.

Mullen Group Company Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source