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  4. [Form 4] MONRO, INC. Insider Trading Activity

MNRO insider update: Icahn adds 639,473 shares at $15.19, 4.44M held

Filing Impact
(Very High)
Filing Sentiment
(Very Positive)
Form Type
4

Rhea-AI Filing Summary

Monro, Inc. (MNRO): Carl C. Icahn and affiliated funds reported an open-market purchase of 639,473 shares of Monro common stock on November 4, 2025 at a price of $15.19 per share.

Following the transaction, the reporting persons beneficially owned 4,439,914 shares indirectly. As disclosed, Icahn is a Director and 10% Owner. The filing lists multiple reporting persons; within the group, Icahn Partners LP directly owns 2,493,828 shares and Icahn Partners Master Fund LP directly owns 1,946,086 shares.

Positive

  • None.

Negative

  • None.

Insights

Large insider purchase by Icahn-affiliated funds increases indirect stake; signals commitment and raises governance influence.

The filing shows an open-market purchase of 639,473 shares of **Monro, Inc.** on 11/04/2025 at an average price of $15.19. Following the trade, entities affiliated with **Carl C. Icahn** report indirect beneficial ownership of 4,439,914 shares. The report identifies the filer as both **Director** and **10% Owner**, and notes multiple reporting persons, including Icahn Partners LP and Icahn Partners Master Fund LP.

The structure footnotes clarify indirect ownership through Icahn-affiliated entities. After the transaction, Icahn Partners directly holds 2,493,828 shares and Icahn Partners Master Fund directly holds 1,946,086 shares. This increases aggregate reported exposure and may strengthen board-level influence due to the Director status combined with a significant stake.

Key items to watch: additional Form 4s that indicate continued buying or selling; any future ownership updates by these entities; and changes in board or governance activity that reference share ownership. The next few weeks and months, through Q1 2026, will reveal whether this was a one-time increase or part of a broader accumulation pattern.

Insider ICAHN CARL C, ICAHN PARTNERS LP, ICAHN PARTNERS MASTER FUND LP
Role 10% Owner | 10% Owner | 10% Owner
Bought 639,473 shs ($9.71M)
Type Security Shares Price Value
Purchase Common Stock, $0.01 par value per share 639,473 $15.19 $9.71M
Holdings After Transaction: Common Stock, $0.01 par value per share — 4,439,914 shares (Indirect, Please see footnotes)
Footnotes (1)
  1. This Form 4 is being filed by, and on behalf of, Mr. Carl C. Icahn, Icahn Partners LP ("Icahn Partners"), and Icahn Partners Master Fund LP ("Icahn Master" and, collectively with Mr. Icahn and Icahn Partners, the "Reporting Persons"). Beckton Corp. ("Beckton") is the sole stockholder of Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is the general partner of Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises Holdings is the sole member of AEPC Holdings LLC, which is the sole member of IPH GP LLC ("IPH"), which is the general partner of Icahn Capital LP ("Icahn Capital"). Icahn Capital is the general partner of each of Icahn Onshore LP ("Icahn Onshore") and Icahn Offshore LP ("Icahn Offshore"). Icahn Onshore is the general partner of Icahn Partners. Icahn Offshore is the general partner of Icahn Master. Beckton is 100 percent owned by Mr. Icahn. As such, Mr. Icahn is in a position indirectly to determine the investment and voting decisions made by each of Icahn Partners and Icahn Master. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under Securities Exchange Act of 1934, as amended), the shares of common stock, $0.01 par value per share (the "Shares"), that Icahn Partners owns. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own the Shares which Icahn Master owns. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any. After giving effect to the transactions above, Icahn Partners directly beneficially owns 2,493,828 Shares and Icahn Master directly beneficially owns 1,946,086 Shares.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
ICAHN CARL C
(Last) (First) (Middle)
C/O ICAHN ENTERPRISES L.P.
16690 COLLINS AVE., PH-1
(Street)
SUNNY ISLES BEACH FL 33160
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
MONRO, INC. [ MNRO ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
11/04/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, $0.01 par value per share 11/04/2025 P 639,473 A $15.19 4,439,914 I Please see footnotes(1)(2)(3)(4)(5)(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
ICAHN CARL C
(Last) (First) (Middle)
C/O ICAHN ENTERPRISES L.P.
16690 COLLINS AVE., PH-1
(Street)
SUNNY ISLES BEACH FL 33160
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ICAHN PARTNERS LP
(Last) (First) (Middle)
16690 COLLINS AVE., PH-1
(Street)
SUNNY ISLES BEACH FL 33160
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ICAHN PARTNERS MASTER FUND LP
(Last) (First) (Middle)
16690 COLLINS AVE., PH-1
(Street)
SUNNY ISLES BEACH FL 33160
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. This Form 4 is being filed by, and on behalf of, Mr. Carl C. Icahn, Icahn Partners LP ("Icahn Partners"), and Icahn Partners Master Fund LP ("Icahn Master" and, collectively with Mr. Icahn and Icahn Partners, the "Reporting Persons").
2. Beckton Corp. ("Beckton") is the sole stockholder of Icahn Enterprises G.P. Inc. ("Icahn Enterprises GP"), which is the general partner of Icahn Enterprises Holdings L.P. ("Icahn Enterprises Holdings"). Icahn Enterprises Holdings is the sole member of AEPC Holdings LLC, which is the sole member of IPH GP LLC ("IPH"), which is the general partner of Icahn Capital LP ("Icahn Capital"). Icahn Capital is the general partner of each of Icahn Onshore LP ("Icahn Onshore") and Icahn Offshore LP ("Icahn Offshore"). Icahn Onshore is the general partner of Icahn Partners. Icahn Offshore is the general partner of Icahn Master.
3. Beckton is 100 percent owned by Mr. Icahn. As such, Mr. Icahn is in a position indirectly to determine the investment and voting decisions made by each of Icahn Partners and Icahn Master.
4. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under Securities Exchange Act of 1934, as amended), the shares of common stock, $0.01 par value per share (the "Shares"), that Icahn Partners owns. Each of Icahn Onshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any.
5. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn may be deemed to indirectly beneficially own the Shares which Icahn Master owns. Each of Icahn Offshore, Icahn Capital, IPH, Icahn Enterprises Holdings, Icahn Enterprises GP, Beckton, and Mr. Icahn disclaims beneficial ownership of such Shares except to the extent of their pecuniary interest therein, if any.
6. After giving effect to the transactions above, Icahn Partners directly beneficially owns 2,493,828 Shares and Icahn Master directly beneficially owns 1,946,086 Shares.
CARL C. ICAHN /s/ Carl C. Icahn 11/05/2025
ICAHN PARTNERS LP, /s/ Jesse Lynn, Chief Operating Officer 11/05/2025
ICAHN PARTNERS MASTER FUND LP, /s/ Jesse Lynn, Chief Operating Officer 11/05/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What did Carl Icahn report buying in MNRO?

An open-market purchase of 639,473 shares of Monro common stock at $15.19 per share on November 4, 2025.

How many MNRO shares are beneficially owned after the transaction?

The reporting persons beneficially owned 4,439,914 shares indirectly after the transaction.

Which Icahn entities directly hold MNRO shares and how many?

Icahn Partners LP directly owns 2,493,828 shares; Icahn Partners Master Fund LP directly owns 1,946,086 shares.

What is Carl Icahn’s relationship to Monro (MNRO)?

He is disclosed as a Director and a 10% Owner.

What was the transaction price for the MNRO shares?

The reported purchase price was $15.19 per share.

Was the filing made by more than one reporting person?

Yes. The form states it was filed by more than one reporting person.