Monro (NASDAQ:MNRO) Shares Gap Up Following Better-Than-Expected Earnings

Monro, Inc. (NASDAQ:MNRO) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $26.05, but opened at $27.67. Monro shares last traded at $28.10, with a volume of 28,518 shares trading hands.

The auto parts company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.21. The business had revenue of $293.20 million during the quarter, compared to the consensus estimate of $293.70 million. Monro had a net margin of 2.78% and a return on equity of 5.86%. The business’s revenue was down 10.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.31 EPS.

Monro Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, June 18th. Stockholders of record on Tuesday, June 4th were issued a dividend of $0.28 per share. The ex-dividend date was Tuesday, June 4th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.87%. Monro’s dividend payout ratio is currently 94.92%.

Institutional Trading of Monro

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Monro by 1.7% during the 3rd quarter. Vanguard Group Inc. now owns 3,652,573 shares of the auto parts company’s stock worth $101,432,000 after purchasing an additional 61,236 shares during the period. Wellington Management Group LLP boosted its position in shares of Monro by 4.9% during the 4th quarter. Wellington Management Group LLP now owns 1,335,544 shares of the auto parts company’s stock worth $39,185,000 after purchasing an additional 62,148 shares during the period. William Blair Investment Management LLC boosted its position in shares of Monro by 24.1% during the 1st quarter. William Blair Investment Management LLC now owns 1,008,786 shares of the auto parts company’s stock worth $31,817,000 after purchasing an additional 195,955 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Monro by 0.4% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 730,809 shares of the auto parts company’s stock worth $21,442,000 after purchasing an additional 3,156 shares during the period. Finally, Gamco Investors INC. ET AL boosted its position in shares of Monro by 1.7% during the 1st quarter. Gamco Investors INC. ET AL now owns 526,185 shares of the auto parts company’s stock worth $16,596,000 after purchasing an additional 8,550 shares during the period.

Monro Price Performance

The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.22 and a current ratio of 0.56. The stock has a market cap of $865.59 million, a PE ratio of 24.61, a PEG ratio of 2.87 and a beta of 1.12. The stock’s 50-day moving average is $24.14 and its two-hundred day moving average is $28.03.

About Monro

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.