Wells Fargo & Company Issues Pessimistic Forecast for Monro (NASDAQ:MNRO) Stock Price

Monro (NASDAQ:MNRO) had its price objective dropped by Wells Fargo & Company from $26.00 to $24.00 in a report issued on Monday,Benzinga reports. The firm currently has an “equal weight” rating on the auto parts company’s stock. Wells Fargo & Company‘s price target would indicate a potential upside of 9.26% from the stock’s current price.

Several other analysts have also recently issued reports on the company. Stephens assumed coverage on Monro in a report on Tuesday, October 15th. They set an “equal weight” rating and a $31.00 price objective on the stock. Wedbush reissued an “outperform” rating and set a $31.00 price objective on shares of Monro in a research note on Wednesday, December 18th.

Monro Stock Performance

Monro stock traded down $0.04 during midday trading on Monday, reaching $21.97. 121,945 shares of the company traded hands, compared to its average volume of 532,199. The business has a 50 day moving average of $25.14 and a two-hundred day moving average of $26.31. The firm has a market capitalization of $657.85 million, a price-to-earnings ratio of 25.24, a price-to-earnings-growth ratio of 1.73 and a beta of 1.11. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.53 and a quick ratio of 0.21. Monro has a 12 month low of $21.00 and a 12 month high of $33.98.

Monro (NASDAQ:MNRO) last announced its earnings results on Wednesday, October 30th. The auto parts company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.08). Monro had a net margin of 2.24% and a return on equity of 4.77%. The business had revenue of $301.39 million for the quarter, compared to analysts’ expectations of $300.06 million. During the same period in the prior year, the company posted $0.41 earnings per share. The firm’s quarterly revenue was down 6.4% on a year-over-year basis. As a group, research analysts predict that Monro will post 0.84 earnings per share for the current year.

Hedge Funds Weigh In On Monro

A number of hedge funds and other institutional investors have recently made changes to their positions in MNRO. Quarry LP lifted 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 acquiring an additional 1,603 shares during the period. XTX Topco Ltd purchased a new position in Monro during the third quarter valued at approximately $213,000. The Manufacturers Life Insurance Company raised its stake in Monro by 4.1% in the second quarter. The Manufacturers Life Insurance Company now owns 11,701 shares of the auto parts company’s stock worth $279,000 after buying an additional 458 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in Monro during the third quarter worth $287,000. Finally, D.B. Root & Company LLC increased its holdings in shares of Monro by 8.7% in the 4th quarter. D.B. Root & Company LLC now owns 15,467 shares of the auto parts company’s stock valued at $384,000 after acquiring an additional 1,233 shares during the period.

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.