Bridges Investment Management Inc. Purchases 44,597 Shares of Cintas Co. (NASDAQ:CTAS)

Bridges Investment Management Inc. boosted its position in shares of Cintas Co. (NASDAQ:CTAS) by 190.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 68,065 shares of the business services provider’s stock after buying an additional 44,597 shares during the period. Bridges Investment Management Inc. owned approximately 0.07% of Cintas worth $47,663,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. LGT Financial Advisors LLC raised its position in shares of Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. Atwood & Palmer Inc. bought a new stake in Cintas during the second quarter worth approximately $27,000. Pathway Financial Advisers LLC purchased a new stake in Cintas during the first quarter valued at approximately $29,000. Rise Advisors LLC purchased a new position in shares of Cintas in the 1st quarter worth approximately $30,000. Finally, Meeder Asset Management Inc. increased its position in shares of Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 34 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analyst Ratings Changes

CTAS has been the subject of a number of analyst reports. Truist Financial raised their price target on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday. StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Redburn Atlantic assumed coverage on shares of Cintas in a research report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price objective on the stock. Morgan Stanley raised their price objective on shares of Cintas from $143.75 to $156.25 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Finally, Royal Bank of Canada downgraded Cintas from an “outperform” rating to a “sector perform” rating and set a $181.25 price target on the stock. in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Cintas has a consensus rating of “Hold” and an average target price of $186.30.

Cintas Stock Up 1.2 %

Shares of Cintas stock opened at $203.74 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. The stock has a market cap of $20.67 billion, a price-to-earnings ratio of 14.07, a PEG ratio of 4.36 and a beta of 1.32. The firm’s 50-day moving average is $206.29 and its two-hundred day moving average is $181.97. Cintas Co. has a 1 year low of $118.68 and a 1 year high of $209.12.

Cintas (NASDAQ:CTAS) last released its quarterly earnings data on Thursday, July 18th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.47 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the firm earned $0.83 earnings per share. As a group, research analysts expect that Cintas Co. will post 16.64 earnings per share for the current fiscal year.

Cintas declared that its board has initiated a stock buyback program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Cintas Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.77%. The ex-dividend date was Thursday, August 15th. Cintas’s payout ratio is 10.77%.

Insider Buying and Selling

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now owns 125,808 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.10% of the stock is currently owned by company insiders.

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.