Argent Capital Management LLC Purchases 23,054 Shares of Cintas Co. (NASDAQ:CTAS)

Argent Capital Management LLC increased its position in Cintas Co. (NASDAQ:CTAS) by 310.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 30,473 shares of the business services provider’s stock after acquiring an additional 23,054 shares during the period. Argent Capital Management LLC’s holdings in Cintas were worth $6,274,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. LGT Financial Advisors LLC raised its position in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after buying an additional 28 shares during the last quarter. Atwood & Palmer Inc. bought a new stake in Cintas in the 2nd quarter worth approximately $27,000. Pathway Financial Advisers LLC purchased a new stake in Cintas during the 1st quarter valued at $29,000. Meeder Asset Management Inc. boosted its stake in shares of Cintas by 226.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after buying an additional 34 shares during the last quarter. Finally, Webster Bank N. A. purchased a new stake in Cintas during the first quarter valued at $38,000. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

CTAS traded up $0.39 during trading on Thursday, hitting $210.10. 213,455 shares of the company traded hands, compared to its average volume of 1,461,149. The company has a market cap of $21.32 billion, a PE ratio of 14.48, a P/E/G ratio of 4.12 and a beta of 1.32. Cintas Co. has a 1 year low of $123.65 and a 1 year high of $215.37. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock’s 50-day simple moving average is $215.86 and its two-hundred day simple moving average is $189.89.

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

Cintas announced that its board has authorized a share repurchase program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

A number of research firms have issued reports on CTAS. Jefferies Financial Group cut their price target on Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Robert W. Baird boosted their price objective on shares of Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Wells Fargo & Company raised their target price on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Morgan Stanley lifted their target price on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Finally, Redburn Atlantic initiated coverage on Cintas in a research report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target for the company. Two 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. According to data from MarketBeat, Cintas presently has a consensus rating of “Hold” and an average target price of $199.63.

Cintas Company 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.