Mullen Group (TSE:MTL) Share Price Crosses Above 200 Day Moving Average - Here's What Happened

Key Points

• Mullen Group shares crossed above their 200-day moving average, reaching C$25.76 before closing at C$25.16, compared with the average of C$20.99.
• Analysts raised their price targets, with the consensus target reaching C$26.00 and the stock carrying a “Moderate Buy” consensus rating from five Buy and three Hold recommendations.
• Recent quarterly results included C$0.41 in earnings per share and C$609.30 million in revenue, while insider Carson Paul Urlacher purchased 9,500 shares worth approximately C$267,900.

Mullen Group Ltd. (TSE:MTL - Get Free Report) shares crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of C$20.99 and traded as high as C$25.76. Mullen Group shares last traded at C$25.16, with a volume of 250,382 shares traded.

Analysts Set New Price Targets

A number of brokerages have issued reports on MTL. BMO Capital Markets raised their target price on shares of Mullen Group from C$25.00 to C$32.00 in a report on Friday, July 24th. Desjardins upped their target price on Mullen Group from C$23.00 to C$30.00 and gave the company a "buy" rating in a report on Friday, July 24th. Canadian Imperial Bank of Commerce increased their price target on Mullen Group from C$20.00 to C$22.00 and gave the stock a "neutral" rating in a research report on Tuesday, June 30th. Scotiabank raised their price target on Mullen Group from C$24.00 to C$29.00 in a report on Friday, July 24th. Finally, National Bank Financial boosted their price objective on 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. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of C$26.00.

Mullen Group Stock Down 1.8%

The company has a quick ratio of 1.06, a current ratio of 2.17 and a debt-to-equity ratio of 89.59. The firm's 50-day moving average price is C$24.70 and its 200 day moving average price is C$20.99. The firm has a market cap of C$2.42 billion, a P/E ratio of 22.67, a price-to-earnings-growth ratio of 1.81 and a beta of 1.15.

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

Insider Activity at Mullen Group

In other news, insider Carson Paul Urlacher purchased 9,500 shares of the company's stock in a transaction on Monday, July 27th. The shares were bought at an average price of C$28.20 per share, for a total transaction 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. This trade represents a 11.80% increase in their ownership of the stock. 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.

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