Harvest Fund Management Co. Ltd Grows Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Harvest Fund Management Co. Ltd lifted its stake in shares of Cintas Co. (NASDAQ:CTAS) by 588.2% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,679 shares of the business services provider’s stock after purchasing an additional 23,657 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Cintas were worth $5,698,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Impax Asset Management Group plc boosted its stake 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 worth $499,236,000 after buying an additional 1,648,350 shares during the last quarter. King Luther Capital Management Corp raised its holdings in shares of Cintas by 293.2% during the 3rd quarter. King Luther Capital Management Corp now owns 1,904,296 shares of the business services provider’s stock worth $392,056,000 after acquiring an additional 1,419,975 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Cintas by 258.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,894,922 shares of the business services provider’s stock valued at $390,127,000 after acquiring an additional 1,365,825 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in shares of Cintas by 300.0% in 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 purchasing an additional 1,222,500 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Cintas by 299.8% during the third quarter. PNC Financial Services Group Inc. now owns 1,286,525 shares of the business services provider’s stock worth $264,870,000 after purchasing an additional 964,698 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Stock Performance

NASDAQ:CTAS opened at $221.76 on Monday. The company has a market cap of $89.44 billion, a price-to-earnings ratio of 56.00, a price-to-earnings-growth ratio of 4.37 and a beta of 1.32. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. Cintas Co. has a 52 week low of $136.87 and a 52 week high of $227.35. The company has a fifty day simple moving average of $210.64 and a two-hundred day simple moving average of $197.43.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. Cintas’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.70 EPS. As a group, equities analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. Cintas’s dividend payout ratio is currently 39.39%.

Analysts Set New Price Targets

Several research firms have weighed in on CTAS. Jefferies Financial Group decreased their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. UBS Group upped their price objective on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley raised their target price on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. Truist Financial lifted their target price on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, The Goldman Sachs Group increased their price target on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $199.63.

Cintas Profile

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.