Wells Fargo & Company Cuts Monro (NASDAQ:MNRO) Price Target to $26.00

Monro (NASDAQ:MNRO) had its price target decreased by Wells Fargo & Company from $30.00 to $26.00 in a research note published on Monday morning,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the auto parts company’s stock.

A number of other brokerages have also recently issued reports on MNRO. Wedbush reiterated an “outperform” rating and issued a $31.00 target price on shares of Monro in a report on Wednesday, December 18th. Stephens started coverage on shares of Monro in a research note on Tuesday, October 15th. They issued an “equal weight” rating and a $31.00 price objective on the stock.

Monro Stock Down 2.5 %

Shares of NASDAQ MNRO opened at $22.22 on Monday. The company has a quick ratio of 0.21, a current ratio of 0.53 and a debt-to-equity ratio of 0.47. The firm has a market cap of $665.47 million, a PE ratio of 25.54, a P/E/G ratio of 2.08 and a beta of 1.11. The company’s fifty day simple moving average is $26.82 and its 200 day simple moving average is $26.37. Monro has a 12-month low of $21.00 and a 12-month high of $33.98.

Monro (NASDAQ:MNRO) last issued its earnings results on Wednesday, October 30th. The auto parts company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.08). Monro had a net margin of 2.24% and a return on equity of 4.77%. The firm had revenue of $301.39 million during the quarter, compared to analyst estimates of $300.06 million. During the same quarter in the prior year, the business earned $0.41 earnings per share. The business’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, sell-side analysts forecast that Monro will post 0.83 earnings per share for the current fiscal year.

Monro Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, December 3rd. This represents a $1.12 annualized dividend and a dividend yield of 5.04%. Monro’s payout ratio is 128.74%.

Institutional Investors Weigh In On Monro

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. American Century Companies Inc. grew its stake in shares of Monro by 14.9% in the 2nd quarter. American Century Companies Inc. now owns 41,007 shares of the auto parts company’s stock worth $978,000 after acquiring an additional 5,312 shares in the last quarter. Johnson Investment Counsel Inc. grew its position in Monro by 47.2% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 9,360 shares of the auto parts company’s stock worth $223,000 after purchasing an additional 3,000 shares in the last quarter. Federated Hermes Inc. increased its stake in Monro by 8,488.5% in the 2nd quarter. Federated Hermes Inc. now owns 54,623 shares of the auto parts company’s stock valued at $1,303,000 after buying an additional 53,987 shares during the last quarter. Prosperity Consulting Group LLC lifted its position in shares of Monro by 9.2% during the 2nd quarter. Prosperity Consulting Group LLC now owns 17,459 shares of the auto parts company’s stock worth $417,000 after buying an additional 1,466 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in shares of Monro by 14.1% in the 2nd quarter. Renaissance Technologies LLC now owns 141,979 shares of the auto parts company’s stock worth $3,388,000 after buying an additional 17,500 shares during the last quarter.

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.