Mullen Group (TSE:MTL) Share Price Passes Above 200 Day Moving Average – Here’s What Happened

Mullen Group Ltd. (TSE:MTL)’s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of C$20.11 and traded as high as C$27.19. Mullen Group shares last traded at C$27.15, with a volume of 226,558 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have commented on MTL shares. BMO Capital Markets lifted their price objective on shares of Mullen Group from C$25.00 to C$32.00 in a research report on Friday, July 24th. Scotiabank raised their target price on shares of Mullen Group from C$24.00 to C$29.00 in a research note on Friday, July 24th. Royal Bank Of Canada lifted their target price on shares of Mullen Group from C$23.00 to C$30.00 in a report on Friday, July 24th. Desjardins upped their price target on shares of Mullen Group from C$23.00 to C$30.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Finally, Canadian Imperial Bank of Commerce increased their price target on shares of Mullen Group from C$20.00 to C$22.00 and gave the company a “neutral” rating in a report on Tuesday, June 30th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Mullen Group presently has an average rating of “Moderate Buy” and an average target price of C$26.00.

Mullen Group Price Performance

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 has a 50 day moving average of C$23.85 and a 200-day moving average of C$20.16. The firm has a market capitalization of C$2.56 billion, a P/E ratio of 23.92, a P/E/G ratio of 1.81 and a beta of 1.15.

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

Insider Transactions at Mullen Group

In other Mullen Group news, Director Stephen H. Lockwood sold 3,500 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of C$21.50, for a total value of C$75,250.00. Following the completion of the sale, the director owned 7,562 shares of the company’s stock, valued at C$162,583. The trade was a 31.64% decrease in their position. Also, insider Carson Paul Urlacher acquired 9,500 shares of the business’s stock in a transaction on Monday, July 27th. The stock was acquired at an average cost of C$28.20 per share, with a total value of C$267,900.00. Following the acquisition, the insider directly owned 90,000 shares in the company, valued at approximately C$2,538,000. This trade represents a 11.80% increase in their ownership of the stock. 6.32% of the stock is currently owned by company insiders.

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.