Scotiabank Forecasts Strong Price Appreciation for Mullen Group (TSE:MTL) Stock

Mullen Group (TSE:MTL) had its price target increased by stock analysts at Scotiabank from C$29.00 to C$30.00 in a research report issued to clients and investors on Thursday, BayStreet reports. The brokerage currently has a “sector perform” rating on the stock. Scotiabank’s price objective indicates a potential upside of 11.52% from the company’s current price.

Several other brokerages have also recently weighed in on MTL. BMO Capital Markets lifted their target price on Mullen Group from C$25.00 to C$32.00 in a research report on Friday, July 24th. Canadian Imperial Bank of Commerce upped their target price on Mullen Group from C$20.00 to C$22.00 and gave the stock a “neutral” rating in a report on Tuesday, June 30th. Desjardins increased their price target on 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. Royal Bank Of Canada raised their price target on Mullen Group from C$30.00 to C$32.00 in a research note on Wednesday, September 30th. Finally, National Bank Financial boosted their price target on Mullen Group from C$23.00 to C$31.00 and gave the stock an “outperform” rating in a research report on Friday, July 24th. Five analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, Mullen Group presently has a consensus rating of “Moderate Buy” and a consensus target price of C$26.33.

Mullen Group Stock Up 0.3%

MTL traded up C$0.07 during trading hours on Thursday, hitting C$26.90. 116,955 shares of the company’s stock were exchanged, compared to its average volume of 299,959. Mullen Group has a 1-year low of C$13.53 and a 1-year high of C$28.78. The stock’s 50-day moving average is C$26.24 and its two-hundred day moving average is C$23.35. The stock has a market cap of C$2.59 billion, a price-to-earnings ratio of 24.23, a PEG ratio of 1.81 and a beta of 0.83. The company has a quick ratio of 1.06, a current ratio of 2.17 and a debt-to-equity ratio of 89.59.

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

Insider Activity at Mullen Group

In related news, insider Carson Paul Urlacher acquired 9,500 shares of the company’s stock in a transaction dated Monday, July 27th. The shares were bought at an average cost of C$28.20 per share, with a total value of C$267,900.00. Following the completion of the transaction, the insider directly 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. 6.32% of the stock is currently owned by corporate 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.