1,493 Shares in Cintas Co. (NASDAQ:CTAS) Bought by Consolidated Planning Corp

Consolidated Planning Corp bought a new position in Cintas Co. (NASDAQ:CTAS) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,493 shares of the business services provider’s stock, valued at approximately $307,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in CTAS. Impax Asset Management Group plc boosted its position in Cintas by 211.1% during the third quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after buying an additional 1,648,350 shares during the period. Alecta Tjanstepension Omsesidigt raised its stake in shares of Cintas by 300.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock valued at $335,552,000 after acquiring an additional 1,222,500 shares during the last quarter. Congress Asset Management Co. raised its stake in shares of Cintas by 295.6% during the third quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider’s stock valued at $161,531,000 after acquiring an additional 586,271 shares during the last quarter. Legal & General Group Plc raised its stake in shares of Cintas by 0.4% during the second quarter. Legal & General Group Plc now owns 780,265 shares of the business services provider’s stock valued at $546,388,000 after acquiring an additional 3,471 shares during the last quarter. Finally, National Pension Service raised its stake in shares of Cintas by 362.8% during the third quarter. National Pension Service now owns 736,193 shares of the business services provider’s stock valued at $151,567,000 after acquiring an additional 577,135 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Price Performance

Shares of NASDAQ CTAS opened at $225.72 on Friday. Cintas Co. has a fifty-two week low of $131.24 and a fifty-two week high of $227.24. The company has a 50 day simple moving average of $219.35 and a two-hundred day simple moving average of $193.39. The company has a market capitalization of $91.03 billion, a price-to-earnings ratio of 57.00, a P/E/G ratio of 4.09 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the prior year, the company posted $3.70 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. Analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas announced that its Board of Directors has initiated a stock buyback program on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Friday, November 15th. Cintas’s payout ratio is 39.39%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Truist Financial upped their price objective on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Morgan Stanley increased their price target on shares of Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. Wells Fargo & Company increased their price target on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Royal Bank of Canada increased their price target on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Finally, Barclays increased their price target on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cintas presently has an average rating of “Hold” and a consensus price target of $199.63.

About Cintas

Cintas Corporation engages in the provision of corporate identity uniforms and related business services primarily in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, as well as sells uniforms.