Monro (NASDAQ:MNRO) Stock Price Down 5.1% After Earnings Miss

Shares of Monro, Inc. (NASDAQ:MNRO) were down 5.1% during mid-day trading on Thursday following a dissappointing earnings announcement. The stock traded as low as $19.21 and last traded at $19.27. Approximately 317,268 shares traded hands during trading, a decline of 53% from the average daily volume of 674,169 shares. The stock had previously closed at $20.31.

The auto parts company reported $0.19 EPS for the quarter, missing analysts’ consensus estimates of $0.31 by ($0.12). Monro had a return on equity of 4.77% and a net margin of 2.24%.

Monro Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 17th. Shareholders of record on Tuesday, December 3rd were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 5.82%. The ex-dividend date was Tuesday, December 3rd. Monro’s dividend payout ratio is presently 128.74%.

Analyst Ratings Changes

A number of research analysts have recently commented on MNRO shares. Stephens initiated coverage on shares of Monro in a research report on Tuesday, October 15th. They set an “equal weight” rating and a $31.00 target price on the stock. Wedbush reiterated an “outperform” rating and issued a $31.00 price objective on shares of Monro in a report on Wednesday, December 18th. Finally, Wells Fargo & Company decreased their price objective on shares of Monro from $26.00 to $24.00 and set an “equal weight” rating for the company in a research report on Monday.

Hedge Funds Weigh In On Monro

Institutional investors and hedge funds have recently made changes to their positions in the business. Squarepoint Ops LLC raised its holdings in Monro by 64.5% in the second quarter. Squarepoint Ops LLC now owns 66,520 shares of the auto parts company’s stock valued at $1,587,000 after acquiring an additional 26,092 shares in the last quarter. Millennium Management LLC lifted its position in shares of Monro by 3,587.8% during the second quarter. Millennium Management LLC now owns 1,139,183 shares of the auto parts company’s stock worth $27,181,000 after purchasing an additional 1,108,292 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Monro by 4.1% during the second quarter. The Manufacturers Life Insurance Company now owns 11,701 shares of the auto parts company’s stock worth $279,000 after purchasing an additional 458 shares during the last quarter. Quarry LP grew its stake in Monro by 361.0% in the second quarter. Quarry LP now owns 2,047 shares of the auto parts company’s stock worth $49,000 after purchasing an additional 1,603 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Monro in the second quarter valued at about $406,000.

Monro Price Performance

The stock has a market cap of $576.39 million, a price-to-earnings ratio of 22.14, a PEG ratio of 1.73 and a beta of 1.11. The company has a 50 day simple moving average of $24.75 and a 200-day simple moving average of $26.25. The company has a quick ratio of 0.21, a current ratio of 0.53 and a debt-to-equity ratio of 0.47.

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.