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

Shares of Monro, Inc. (NASDAQ:MNRO) gapped down before the market opened on Wednesday . The stock had previously closed at $26.79, but opened at $25.31. Monro shares last traded at $25.90, with a volume of 18,286 shares trading hands.

Wall Street Analysts Forecast Growth

Separately, Stephens started coverage on shares of Monro in a research report on Tuesday, October 15th. They set an “equal weight” rating and a $31.00 price objective for the company.

Monro Price Performance

The firm’s fifty day simple moving average is $27.07 and its 200 day simple moving average is $26.11. The firm has a market cap of $826.72 million, a P/E ratio of 22.70, a P/E/G ratio of 1.82 and a beta of 1.11. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.25 and a current ratio of 0.59.

Monro (NASDAQ:MNRO) last announced its earnings results on Wednesday, July 31st. The auto parts company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.01 by $0.21. The firm had revenue of $293.20 million for the quarter, compared to analysts’ expectations of $293.70 million. Monro had a net margin of 2.78% and a return on equity of 5.90%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.31 EPS. As a group, analysts forecast that Monro, Inc. will post 1 earnings per share for the current year.

Monro Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, August 27th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 4.05%. The ex-dividend date of this dividend was Tuesday, August 27th. Monro’s dividend payout ratio (DPR) is currently 94.92%.

Institutional Trading of Monro

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Pullen Investment Management LLC raised its position in Monro by 9.9% in the 3rd quarter. Pullen Investment Management LLC now owns 48,757 shares of the auto parts company’s stock worth $1,407,000 after purchasing an additional 4,391 shares during the period. Creative Planning increased its position in shares of Monro by 22.5% during the third quarter. Creative Planning now owns 14,700 shares of the auto parts company’s stock worth $424,000 after acquiring an additional 2,701 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Monro during the second quarter worth approximately $406,000. Quarry LP increased its position in shares of Monro by 361.0% during the second quarter. Quarry LP now owns 2,047 shares of the auto parts company’s stock worth $49,000 after acquiring an additional 1,603 shares during the period. Finally, Scientech Research LLC purchased a new position in shares of Monro during the second quarter worth approximately $528,000.

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.