Monro (NASDAQ:MNRO) Shares Gap Up – Here’s Why

Monro, Inc. (NASDAQ:MNRO)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $12.77, but opened at $16.70. Monro shares last traded at $17.24, with a volume of 1,473,084 shares changing hands.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Monro from $15.00 to $16.00 and gave the company an “equal weight” rating in a report on Thursday. Wedbush lowered their target price on Monro from $27.00 to $19.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 1st. Finally, Stephens upgraded Monro from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $21.00 to $18.00 in a research note on Friday, April 4th.

Monro Stock Performance

The firm has a market capitalization of $472.74 million, a price-to-earnings ratio of 24.52, a PEG ratio of 2.05 and a beta of 0.95. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.54 and a quick ratio of 0.19. The firm has a 50 day moving average price of $14.21 and a 200-day moving average price of $19.56.

Monro (NASDAQ:MNRO) last issued its quarterly earnings data on Wednesday, May 28th. The auto parts company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.09 by ($0.18). Monro had a return on equity of 3.76% and a net margin of 1.64%. The firm had revenue of $294.99 million for the quarter, compared to analysts’ expectations of $288.60 million. During the same period in the previous year, the business posted $0.21 EPS. The business’s revenue for the quarter was down 4.9% compared to the same quarter last year. As a group, sell-side analysts expect that Monro, Inc. will post 0.63 earnings per share for the current fiscal year.

Monro Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 17th. Stockholders of record on Tuesday, June 3rd will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 7.10%. The ex-dividend date is Tuesday, June 3rd. Monro’s dividend payout ratio (DPR) is 175.00%.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc raised its holdings in Monro by 964.8% in the 1st quarter. Versant Capital Management Inc now owns 1,938 shares of the auto parts company’s stock valued at $28,000 after acquiring an additional 1,756 shares during the last quarter. Wealthfront Advisers LLC acquired a new stake in shares of Monro during the 4th quarter worth $52,000. CWM LLC increased its holdings in shares of Monro by 132.3% during the 1st quarter. CWM LLC now owns 3,067 shares of the auto parts company’s stock worth $44,000 after buying an additional 1,747 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in Monro in the 1st quarter valued at $65,000. Finally, Quarry LP increased its holdings in Monro by 84.5% in the 4th quarter. Quarry LP now owns 4,918 shares of the auto parts company’s stock valued at $122,000 after purchasing an additional 2,252 shares in the last quarter.

Monro Company Profile

Monro, Inc provides automotive undercar repair, and tire sales and services in the United States. It offers replacement tires and tire related services, automotive undercar repair services, and routine maintenance services primarily to passenger cars, light trucks, and vans. The company also provides other products and services for brakes; mufflers and exhaust systems; and steering, drive train, suspension, and wheel alignment.