Mullen Group (TSE:MTL) Share Price Passes Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Mullen Group shares rose above their 200-day moving average, reaching C$26.49 before closing at C$25.61, compared with the 200-day average of C$21.72.
• Analysts have raised their price targets, with five Buy ratings and three Holds producing a consensus “Moderate Buy” rating and a C$26.00 target price.
• The company reported quarterly EPS of C$0.41 on revenue of C$609.30 million, while insider Carson Paul Urlacher purchased 9,500 shares worth C$267,900.

Mullen Group Ltd. (TSE:MTL - Get Free Report) passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of C$21.72 and traded as high as C$26.49. Mullen Group shares last traded at C$25.61, with a volume of 145,790 shares trading hands.

Wall Street Analysts Forecast Growth

MTL has been the subject of a number of recent research reports. BMO Capital Markets raised their price target on Mullen Group from C$25.00 to C$32.00 in a research note on Friday, July 24th. Canadian Imperial Bank of Commerce boosted their price target 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. Scotiabank increased their price objective on Mullen Group from C$24.00 to C$29.00 in a report on Friday, July 24th. Desjardins raised their price objective on shares of Mullen Group from C$23.00 to C$30.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, 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 note on Friday, July 24th. Five analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Mullen Group has a consensus rating of "Moderate Buy" and a consensus target price of C$26.00.

Mullen Group Trading Up 0.5%

The company has a current ratio of 2.17, a quick ratio of 1.06 and a debt-to-equity ratio of 89.59. The company's fifty day moving average is C$25.74 and its 200-day moving average is C$21.72. The firm has a market capitalization of C$2.46 billion, a P/E ratio of 23.07, a P/E/G ratio of 1.81 and a beta of 0.94.

Mullen Group (TSE:MTL - Get Free Report) last announced its 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 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 Mullen Group news, insider Carson Paul Urlacher acquired 9,500 shares of the company's stock in a transaction dated 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 purchase, the insider owned 90,000 shares of the company's stock, valued at approximately C$2,538,000. This trade represents a 11.80% increase in their position. 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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