Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Monro, Inc. (NASDAQ:MNRO)

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Monro, Inc. (NASDAQ:MNRO) in the third quarter, Holdings Channel.com reports. The firm bought 17,854 shares of the auto parts company’s stock, valued at approximately $515,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Federated Hermes Inc. boosted its position in shares of Monro by 8,488.5% during the second quarter. Federated Hermes Inc. now owns 54,623 shares of the auto parts company’s stock worth $1,303,000 after buying an additional 53,987 shares during the period. Renaissance Technologies LLC boosted its position in Monro by 14.1% during the 2nd quarter. Renaissance Technologies LLC now owns 141,979 shares of the auto parts company’s stock worth $3,388,000 after acquiring an additional 17,500 shares during the period. Maverick Capital Ltd. grew its stake in shares of Monro by 720.3% in the second quarter. Maverick Capital Ltd. now owns 121,354 shares of the auto parts company’s stock worth $2,896,000 after purchasing an additional 106,560 shares in the last quarter. Scientech Research LLC bought a new position in shares of Monro in the second quarter worth $528,000. Finally, Creative Planning raised its stake in shares of Monro by 22.5% during the third quarter. Creative Planning now owns 14,700 shares of the auto parts company’s stock valued at $424,000 after purchasing an additional 2,701 shares in the last quarter.

Monro Trading Down 0.3 %

Monro stock opened at $28.12 on Friday. Monro, Inc. has a 12-month low of $21.00 and a 12-month high of $33.98. The stock has a market capitalization of $842.17 million, a PE ratio of 32.32, a price-to-earnings-growth ratio of 2.26 and a beta of 1.11. The firm has a 50 day simple moving average of $28.06 and a 200-day simple moving average of $26.19. 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 (NASDAQ:MNRO) last issued its quarterly earnings results on Wednesday, October 30th. The auto parts company reported $0.17 earnings per share (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 for the quarter, compared to analyst estimates of $300.06 million. During the same quarter last year, the business posted $0.41 earnings per share. The firm’s revenue for the quarter was down 6.4% compared to the same quarter last year. As a group, equities research analysts expect that Monro, Inc. will post 0.83 EPS for the current fiscal year.

Monro Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 17th. Investors of record on Tuesday, December 3rd will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.98%. The ex-dividend date is Tuesday, December 3rd. Monro’s payout ratio is currently 128.74%.

Wall Street Analysts Forecast Growth

Separately, Stephens began coverage on shares of Monro in a research report on Tuesday, October 15th. They issued an “equal weight” rating and a $31.00 target price for the company.

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.