Form 4: Carl Icahn Boosts Stake in Monro, Inc. with Recent Purchases

Carl C. Icahn and affiliated entities have significantly increased their beneficial ownership in Monro, Inc. through a series of open market purchases.

Summary

• Carl C. Icahn, through Icahn Partners LP and Icahn Partners Master Fund LP, acquired a total of 638,659 shares of Monro, Inc. common stock over three days.
• On November 5, 2025, 108,270 shares were purchased at an average price of $17.23 per share.
• On November 6, 2025, 428,967 shares were purchased at an average price of $17.40 per share.
• On November 7, 2025, 101,422 shares were purchased at an average price of $17.48 per share.
• Following these transactions, the Reporting Persons beneficially own a total of 5,078,573 shares of Monro, Inc. common stock.
• Icahn Partners LP directly owns 2,855,820 shares, and Icahn Partners Master Fund LP directly owns 2,222,753 shares.
• Carl C. Icahn is a Director and a 10% Owner of Monro, Inc.

Sentiment

Score: 8

Explanation: The sentiment is highly positive due to a significant increase in beneficial ownership by a renowned activist investor, Carl Icahn, suggesting strong confidence in the company's value and potential for future strategic actions.

Positives

• Increased ownership by a prominent activist investor, Carl C. Icahn, signals confidence in Monro, Inc.'s future prospects.
• The purchases were made in the open market, indicating a direct investment decision at prevailing market prices.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance from Monro, Inc. However, increased ownership by an activist investor like Carl Icahn often implies an expectation of future value creation or strategic changes.

Industry Context

Carl Icahn's increased stake in Monro, Inc. aligns with his history of taking significant positions in companies where he sees potential for operational improvements or strategic shifts. This move could signal an intent to influence management or strategy within the automotive service industry, which is currently navigating shifts in vehicle technology and consumer preferences.

Comparison to Industry Standards

• Carl Icahn's investment strategy often involves identifying undervalued companies or those with underperforming assets, a common approach among activist investors globally.
• His increased stake in Monro, Inc. is consistent with his past engagements in sectors like automotive parts and services, where he has previously held significant positions in companies such as Pep Boys and Federal-Mogul.

Stakeholder Impact

• Shareholders may view this as a positive development, potentially leading to increased share price due to perceived confidence from a major investor and the possibility of future strategic initiatives.
• Management may face increased scrutiny or pressure to enhance shareholder value, aligning with activist investor objectives.

Next Steps

• Investors will likely monitor Monro, Inc.'s performance and any potential communications or actions from Carl Icahn regarding his increased stake and possible strategic intentions.

Key Dates

Recommendation

The significant increase in ownership by Carl Icahn, a prominent activist investor known for driving value, suggests a strong belief in Monro, Inc.'s undervaluation or potential for strategic improvement. This insider buying, especially from a 10% owner and director, typically signals a positive outlook and could precede efforts to unlock shareholder value, making it a strong buy signal for seasoned investors.

Keywords

Carl Icahn, Monro Inc, MNRO, stock purchase, beneficial ownership, activist investor, insider buying, equity investment