Mullen Group (TSE:MTL) Hits New 12-Month High – Here’s What Happened

Shares of Mullen Group Ltd. (TSE:MTL) hit a new 52-week high during mid-day trading on Monday . The stock traded as high as C$23.46 and last traded at C$23.36, with a volume of 115268 shares. The stock had previously closed at C$22.82.

Analysts Set New Price Targets

Several research firms recently commented on MTL. National Bank Financial upped their price objective on Mullen Group from C$19.00 to C$23.00 and gave the company an “outperform” rating in a research note on Friday, April 24th. Raymond James Financial raised their target price on Mullen Group from C$17.00 to C$18.00 and gave the stock a “market perform” rating in a research report on Friday, April 24th. Scotiabank boosted their target price on Mullen Group from C$19.00 to C$21.00 and gave the company a “sector perform” rating in a research note on Friday, April 24th. Canadian Imperial Bank of Commerce upped their price target on 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. Finally, Acumen Capital increased their price target on Mullen Group from C$20.50 to C$22.00 and gave the stock a “buy” rating in a research note on Friday, April 24th. Five investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of C$21.11.

Mullen Group Trading Up 1.6%

The firm’s 50-day moving average price is C$21.93 and its 200-day moving average price is C$18.84. The company has a quick ratio of 1.06, a current ratio of 2.07 and a debt-to-equity ratio of 91.65. The company has a market cap of C$2.29 billion, a P/E ratio of 23.37, a price-to-earnings-growth ratio of 1.81 and a beta of 1.13.

Mullen Group (TSE:MTL) last released its quarterly earnings data on Thursday, April 23rd. The company reported C$0.20 EPS for the quarter. Mullen Group had a net margin of 4.32% and a return on equity of 8.72%. The company had revenue of C$547.70 million during the quarter.

Mullen Group Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, May 15th. Stockholders of record on Friday, May 15th were issued a $0.07 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend was Thursday, April 30th. Mullen Group’s dividend payout ratio (DPR) is presently 82.35%.

Insider Activity

In related news, Director Stephen H. Lockwood sold 3,500 shares of the business’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of C$21.50, for a total transaction of C$75,250.00. Following the sale, the director directly owned 7,562 shares in the company, valued at approximately C$162,583. The trade was a 31.64% decrease 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.