Monro (NASDAQ:MNRO) Shares Gap Down on Disappointing Earnings

Monro, Inc. (NASDAQ:MNRO) gapped down before the market opened on Wednesday following a dissappointing earnings announcement. 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.

The auto parts company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.08). The firm had revenue of $301.39 million during the quarter, compared to analyst estimates of $300.06 million. Monro had a net margin of 2.24% and a return on equity of 4.76%. The business’s revenue for the quarter was down 6.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.41 earnings per share.

Monro Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 10th. Investors of record on Tuesday, August 27th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, August 27th. This represents a $1.12 annualized dividend and a dividend yield of 4.09%. Monro’s payout ratio is currently 128.74%.

Analyst Ratings Changes

Separately, Stephens began coverage on Monro in a report on Tuesday, October 15th. They set an “equal weight” rating and a $31.00 target price on the stock.

Institutional Investors Weigh In On Monro

A number of institutional investors have recently made changes to their positions in MNRO. Nisa Investment Advisors LLC boosted its position in Monro by 99.6% during the 2nd quarter. Nisa Investment Advisors LLC now owns 1,048 shares of the auto parts company’s stock valued at $25,000 after purchasing an additional 523 shares during the period. Innealta Capital LLC acquired a new position in Monro during the 2nd quarter valued at approximately $38,000. Quarry LP boosted its position in Monro by 361.0% during the 2nd quarter. Quarry LP now owns 2,047 shares of the auto parts company’s stock valued at $49,000 after purchasing an additional 1,603 shares during the period. PNC Financial Services Group Inc. boosted its position in Monro by 289.8% during the 4th quarter. PNC Financial Services Group Inc. now owns 3,309 shares of the auto parts company’s stock valued at $97,000 after purchasing an additional 2,460 shares during the period. Finally, EntryPoint Capital LLC boosted its position in Monro by 33.9% during the 1st quarter. EntryPoint Capital LLC now owns 3,169 shares of the auto parts company’s stock valued at $100,000 after purchasing an additional 802 shares during the period.

Monro Stock Down 1.2 %

The firm has a market cap of $820.11 million, a price-to-earnings ratio of 31.51, a price-to-earnings-growth ratio of 1.85 and a beta of 1.11. The company has a current ratio of 0.59, a quick ratio of 0.25 and a debt-to-equity ratio of 0.55. The stock has a 50-day moving average of $27.09 and a 200-day moving average of $26.13.

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.