Oppenheimer & Co. Inc. raised its stake in Cintas Co. (NASDAQ:CTAS) by 6.4% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,585 shares of the business services provider’s stock after acquiring an additional 338 shares during the period. Oppenheimer & Co. Inc.’s holdings in Cintas were worth $1,497,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of CTAS. Krane Funds Advisors LLC acquired a new position in shares of Cintas during the second quarter worth approximately $25,000. Usca Ria LLC acquired a new position in shares of Cintas during the third quarter worth approximately $27,000. Coastal Investment Advisors Inc. acquired a new position in shares of Cintas during the second quarter worth approximately $36,000. Signaturefd LLC boosted its position in shares of Cintas by 55.8% during the third quarter. Signaturefd LLC now owns 148 shares of the business services provider’s stock worth $40,000 after buying an additional 53 shares during the period. Finally, Sonora Investment Management LLC acquired a new position in shares of Cintas during the second quarter worth approximately $42,000. Institutional investors own 67.04% of the company’s stock.
NASDAQ CTAS opened at $264.95 on Thursday. The stock has a market capitalization of $27.92 billion, a P/E ratio of 34.86, a P/E/G ratio of 3.03 and a beta of 0.99. Cintas Co. has a 1 year low of $155.98 and a 1 year high of $277.85. The business’s fifty day moving average is $265.00 and its two-hundred day moving average is $247.19. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.74 and a current ratio of 2.04.
Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Tuesday, September 24th. The business services provider reported $2.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.15 by $0.17. The company had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.79 billion. Cintas had a return on equity of 28.61% and a net margin of 13.18%. The firm’s revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.93 earnings per share. On average, research analysts forecast that Cintas Co. will post 8.57 earnings per share for the current year.
Cintas announced that its Board of Directors has initiated a stock repurchase plan on Tuesday, October 29th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to repurchase up to 3.5% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
The business also recently declared an annual dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued a $2.55 dividend. The ex-dividend date of this dividend is Thursday, November 7th. Cintas’s dividend payout ratio is currently 26.97%.
In other Cintas news, CAO Michael Lawrence Thompson sold 2,000 shares of the business’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $268.23, for a total transaction of $536,460.00. Following the sale, the chief accounting officer now directly owns 62,906 shares of the company’s stock, valued at approximately $16,873,276.38. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 15.90% of the stock is owned by insiders.
Several equities analysts have recently issued reports on the company. Bank of America reiterated a “buy” rating and set a $287.00 price objective (up from $261.00) on shares of Cintas in a research report on Tuesday, August 13th. Nomura boosted their price objective on Cintas from $217.00 to $248.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. BidaskClub cut Cintas from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. ValuEngine cut Cintas from a “buy” rating to a “hold” rating in a report on Wednesday, October 2nd. Finally, Barclays set a $295.00 target price on Cintas and gave the stock a “buy” rating in a report on Friday, September 27th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $262.40.
Cintas Company Profile
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.
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