Mullen Group (TSE:MTL) Sets New 1-Year High on Analyst Upgrade

Key Points

• Mullen Group shares hit a new 52-week high, rising to approximately C$28.83 after Desjardins increased its price target from C$30 to C$31 and maintained a buy rating.
• Analyst sentiment is broadly positive, with five buy ratings and three hold ratings, producing a consensus “Moderate Buy” rating; however, the average target of C$26.44 is below the current share price.
• Insider Carson Paul Urlacher purchased 9,500 shares for about C$267,900, increasing his stake by 11.8%. The company most recently reported quarterly EPS of C$0.41 on revenue of C$609.3 million.

Mullen Group Ltd. (TSE:MTL - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday after Desjardins raised their price target on the stock from C$30.00 to C$31.00. Desjardins currently has a buy rating on the stock. Mullen Group traded as high as C$28.78 and last traded at C$28.83, with a volume of 187,722 shares. The stock had previously closed at C$27.39.

MTL has been the topic of a number of other reports. Scotiabank lifted their target price on Mullen Group from C$29.00 to C$30.00 and gave the stock a "sector perform" rating in a research report on Thursday, October 15th. National Bank Financial boosted their price objective on Mullen Group from C$23.00 to C$31.00 and gave the stock an "outperform" rating in a research note on Friday, July 24th. Canadian Imperial Bank of Commerce raised their target price on Mullen Group from C$20.00 to C$22.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their price objective on shares of Mullen Group from C$30.00 to C$32.00 in a report on Wednesday, September 30th. Finally, BMO Capital Markets increased their price target on shares of Mullen Group from C$25.00 to C$32.00 in a research note 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 company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of C$26.44.

Insiders Place Their Bets

In related news, insider Carson Paul Urlacher acquired 9,500 shares of the company's stock in a transaction that occurred on Monday, July 27th. The shares were acquired at an average cost of C$28.20 per share, for a total transaction of C$267,900.00. Following the completion of the acquisition, the insider directly owned 90,000 shares in the company, valued at approximately C$2,538,000. The trade was a 11.80% increase in their position. Insiders own 6.32% of the company's stock.

Mullen Group Trading Up 4.5%

The company has a debt-to-equity ratio of 89.59, a current ratio of 2.17 and a quick ratio of 1.06. The business has a 50-day moving average of C$26.28 and a 200-day moving average of C$23.64. The firm has a market cap of C$2.75 billion, a price-to-earnings ratio of 25.77, a P/E/G ratio of 1.81 and a beta of 0.83.

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

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.