Advisors Asset Management Inc. Increases Stock Position in Cintas Co. (NASDAQ:CTAS)

Advisors Asset Management Inc. boosted its stake in Cintas Co. (NASDAQ:CTAS) by 372.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 23,392 shares of the business services provider’s stock after acquiring an additional 18,440 shares during the period. Advisors Asset Management Inc.’s holdings in Cintas were worth $4,816,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in CTAS. Impax Asset Management Group plc raised its holdings in shares of Cintas by 211.1% in 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 last quarter. Alecta Tjanstepension Omsesidigt grew its position in Cintas by 300.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after buying an additional 1,222,500 shares during the period. PNC Financial Services Group Inc. grew its position in shares of Cintas by 299.8% in the third quarter. PNC Financial Services Group Inc. now owns 1,286,525 shares of the business services provider’s stock valued at $264,870,000 after purchasing an additional 964,698 shares during the last quarter. Swiss National Bank grew its position in shares of Cintas by 301.0% in the third quarter. Swiss National Bank now owns 1,084,400 shares of the business services provider’s stock valued at $223,256,000 after purchasing an additional 814,000 shares during the last quarter. Finally, Los Angeles Capital Management LLC grew its position in shares of Cintas by 211.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock valued at $234,826,000 after purchasing an additional 774,551 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Price Performance

Shares of CTAS stock opened at $221.63 on Friday. The firm has a market cap of $89.38 billion, a P/E ratio of 55.97, a P/E/G ratio of 4.29 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. Cintas Co. has a 1-year low of $136.87 and a 1-year high of $227.35. The firm has a fifty day moving average of $210.36 and a two-hundred day moving average of $196.74.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the business earned $3.70 EPS. As a group, research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.70%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio is currently 39.39%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on CTAS. Morgan Stanley upped their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” 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. Truist Financial raised their target price 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. Wells Fargo & Company raised their target price on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Finally, Jefferies Financial Group cut their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Cintas presently has a consensus 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.