Monro Muffler Brake Inc. (MNRO) just hit a new 52-week high after breaking above a 6-month level of resistance at $28. The company’s share price has also benefited from strong second-quarter results, reported on July 23.

Second-Quarter Results

Sales were up 6% from last year to $128 million. Income came in at $9.4 million, producing earnings of 46 cents per share, beating the Zacks Consensus Estimate by one penny.

Monro has been a steady player in a volatile market, having surprised in each of the last 4 quarters by an average of 2 cents, or 4%.

Estimates Holding Steady

Estimates are up a bit over the last few months, with the current year adding 2 cents and climbing to $1.46 per share. The next-year estimate is up 6 cents to $1.77, a bullish 21% growth projection.

The Chart

Shares of MNRO recently jumped above a 6-month level of resistance at $28, hitting a new 52-week and all-time high in the process. Take a look at the nice move below.

Zacks Investment Research
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