Analysts Set Price Target for Mullen Group at C$17.22

Shares of Mullen Group Ltd. (TSE:MTL) have garnered a consensus rating of “Moderate Buy” from eight analysts covering the stock, according to MarketBeat. Among these analysts, two have recommended holding the stock, while six have advised buying it. The average twelve-month target price set by brokers following the company is C$17.22.

Several investment firms have recently adjusted their price targets for Mullen Group. On October 23, 2023, National Bankshares reduced its target from C$17.00 to C$16.50 but maintained an “outperform” rating. In contrast, TD Securities raised its price target from C$19.00 to C$20.00, also issuing a “buy” rating. Similarly, the Royal Bank of Canada increased its target from C$15.00 to C$17.00, while affirming an “outperform” rating.

Mullen Group Reports Strong Quarterly Earnings

Mullen Group disclosed its quarterly earnings on October 22, 2023. The company reported earnings per share (EPS) of C$0.36 for the quarter, alongside revenue of C$561.72 million. This performance highlights a return on equity of 12.39% and a net margin of 6.18%.

In addition to its financial performance, Mullen Group announced a dividend payment of C$0.07 on October 15, 2023, for investors of record as of September 30, 2023. The company’s dividend payout ratio stands at 79.25%, reflecting its commitment to returning value to shareholders.

Mullen Group is recognized as one of North America’s largest logistics providers. Its network comprises independently operated businesses that deliver a diverse array of services, including less-than-truckload, truckload, warehousing, logistics, transload, oversized transportation, third-party logistics, and specialized hauling.

As analysts continue to monitor Mullen Group’s performance, the adjustments in price targets and the company’s robust earnings report indicate a strong outlook for the logistics provider in the coming months.