Scotiabank Issues Positive Forecast for Mullen Group (TSE:MTL) Stock Price

Mullen Group (TSE:MTL) had its target price increased by investment analysts at Scotiabank from C$29.00 to C$30.00 in a report released on Thursday, BayStreet reports. The firm presently has a “sector perform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 11.52% from the company’s current price.

A number of other equities research analysts have also recently issued reports on MTL. Canadian Imperial Bank of Commerce boosted their target price on shares of Mullen Group from C$20.00 to C$22.00 and gave the company a “neutral” rating in a research report on Tuesday, June 30th. Desjardins raised 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 report on Friday, July 24th. BMO Capital Markets raised their price target on shares of Mullen Group from C$25.00 to C$32.00 in a research report on Friday, July 24th. National Bank Financial lifted their price objective on shares of 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. Finally, Royal Bank Of Canada boosted their price objective on shares of Mullen Group from C$30.00 to C$32.00 in a report on Wednesday, September 30th. Five research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, Mullen Group currently has an average rating of “Moderate Buy” and a consensus price target of C$26.33.

Mullen Group Stock Performance

TSE:MTL traded up C$0.07 during mid-day trading on Thursday, hitting C$26.90. 116,955 shares of the stock were exchanged, compared to its average volume of 299,959. The firm’s 50-day simple moving average is C$26.24 and its 200 day simple moving average is C$23.35. The stock has a market capitalization of C$2.59 billion, a price-to-earnings ratio of 24.23, a price-to-earnings-growth ratio of 1.81 and a beta of 0.83. Mullen Group has a fifty-two week low of C$13.53 and a fifty-two week high of C$28.78. The company has a debt-to-equity ratio of 89.59, a quick ratio of 1.06 and a current ratio of 2.17.

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. The firm had revenue of C$609.30 million for the quarter. Mullen Group had a return on equity of 9.35% and a net margin of 4.65%.

Insider Transactions at Mullen Group

In other news, insider Carson Paul Urlacher acquired 9,500 shares of the stock in a transaction on Monday, July 27th. The stock was 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 transaction, 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 owned by company insiders.

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.