Monro Muffler Brake (NASDAQ:MNRO) Stock Price Up 6.3% After Dividend Announcement

by · The Cerbat Gem

Shares of Monro Muffler Brake, Inc. (NASDAQ:MNRO – Get Free Report) rose 6.3% during mid-day trading on Wednesday after the company announced a dividend. The stock traded as high as $18.17 and last traded at $18.10. Approximately 472,933 shares changed hands during trading, a decline of 49% from the average daily volume of 932,099 shares. The stock had previously closed at $17.03.

The newly announced dividend which will be paid on Tuesday, December 16th. Stockholders of record on Tuesday, December 2nd will be paid a $0.28 dividend. The ex-dividend date is Tuesday, December 2nd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 6.1%. Monro Muffler Brake’s dividend payout ratio (DPR) is -167.16%.

Analyst Ratings Changes

MNRO has been the subject of a number of analyst reports. Wall Street Zen cut Monro Muffler Brake from a “hold” rating to a “sell” rating in a report on Saturday, November 1st. Wells Fargo & Company decreased their target price on shares of Monro Muffler Brake from $18.00 to $16.00 and set an “equal weight” rating for the company in a research note on Thursday, October 30th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Monro Muffler Brake in a report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Monro Muffler Brake presently has a consensus rating of “Hold” and an average target price of $17.67.

View Our Latest Research Report on Monro Muffler Brake

Monro Muffler Brake Stock Performance

The stock has a 50-day simple moving average of $17.48 and a 200-day simple moving average of $16.03. The company has a market capitalization of $552.37 million, a price-to-earnings ratio of -27.46, a price-to-earnings-growth ratio of 1.67 and a beta of 1.09. The company has a current ratio of 0.48, a quick ratio of 0.16 and a debt-to-equity ratio of 0.44.

Monro Muffler Brake (NASDAQ:MNRO – Get Free Report) last released its quarterly earnings results on Wednesday, October 29th. The auto parts company reported $0.21 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.03. The business had revenue of $288.91 million during the quarter, compared to the consensus estimate of $299.04 million. Monro Muffler Brake had a negative net margin of 1.60% and a positive return on equity of 2.77%. The business’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 earnings per share. On average, analysts anticipate that Monro Muffler Brake, Inc. will post 0.63 earnings per share for the current year.

Insiders Place Their Bets

In related news, major shareholder Carl C. Icahn bought 639,473 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was bought at an average price of $15.19 per share, with a total value of $9,713,594.87. Following the transaction, the insider owned 4,439,914 shares of the company’s stock, valued at approximately $67,442,293.66. This trade represents a 16.83% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Over the last ninety days, insiders have acquired 1,278,132 shares of company stock worth $20,815,969. 2.20% of the stock is owned by company insiders.

Institutional Trading of Monro Muffler Brake

Several institutional investors and hedge funds have recently bought and sold shares of MNRO. GAMMA Investing LLC increased its holdings in shares of Monro Muffler Brake by 453.4% in the 2nd quarter. GAMMA Investing LLC now owns 2,601 shares of the auto parts company’s stock valued at $39,000 after acquiring an additional 2,131 shares during the last quarter. CWM LLC boosted its holdings in Monro Muffler Brake by 132.3% in the first quarter. CWM LLC now owns 3,067 shares of the auto parts company’s stock worth $44,000 after purchasing an additional 1,747 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Monro Muffler Brake during the first quarter valued at $65,000. New York State Common Retirement Fund increased its stake in Monro Muffler Brake by 13.3% during the first quarter. New York State Common Retirement Fund now owns 10,253 shares of the auto parts company’s stock valued at $148,000 after purchasing an additional 1,203 shares during the last quarter. Finally, WBI Investments LLC acquired a new stake in shares of Monro Muffler Brake during the first quarter worth $179,000.

About Monro Muffler Brake

(Get Free Report)

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.

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