As the stock of trucker Mullen Group Ltd. MTL-T retreated over the past six months, insiders spent $1.9-million buying shares in the public market. Notably, chair and senior executive officer Murry Mullen bought 122,100 shares at an average price of $13.02 between Dec. 8 and 11. That was well-timed as the stock surged 5.6 per cent on Dec. 13 after Jerome Powell signalled the Fed was likely done hiking rates. In recent updates, Mullen Group had cited high interest rates as a factor limiting trucking demand.
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Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. For more background on insider reporting in Canada, visit the FAQ section at www.inkresearch.com. Securities referenced in this profile may have already appeared in recent reports distributed to INK subscribers. INK staff may also hold a position in profiled securities.
Chart reflects public-market transactions of common shares or unit trusts by company officers and directors.
Ted Dixon