Skandinaviska Enskilda Banken AB publ Acquires 21,703 Shares of Cintas Co. (NASDAQ:CTAS)

Skandinaviska Enskilda Banken AB publ grew its stake in shares of Cintas Co. (NASDAQ:CTAS) by 119.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,882 shares of the business services provider’s stock after buying an additional 21,703 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Cintas were worth $27,933,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Los Angeles Capital Management LLC raised its holdings in Cintas by 123.1% during the 2nd quarter. Los Angeles Capital Management LLC now owns 366,044 shares of the business services provider’s stock valued at $256,326,000 after buying an additional 201,955 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in shares of Cintas by 711.1% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 152,516 shares of the business services provider’s stock worth $91,915,000 after purchasing an additional 133,713 shares during the period. Global Assets Advisory LLC purchased a new stake in shares of Cintas during the first quarter worth about $84,646,000. Vanguard Group Inc. grew its stake in shares of Cintas by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock worth $6,206,969,000 after purchasing an additional 112,361 shares during the last quarter. Finally, Congress Asset Management Co. MA increased its holdings in Cintas by 124.9% during the 1st quarter. Congress Asset Management Co. MA now owns 195,506 shares of the business services provider’s stock valued at $134,318,000 after purchasing an additional 108,582 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Stock Performance

Cintas stock opened at $204.16 on Friday. Cintas Co. has a twelve month low of $118.68 and a twelve month high of $209.12. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $20.71 billion, a P/E ratio of 14.10, a PEG ratio of 4.36 and a beta of 1.32. The stock’s 50 day moving average is $206.76 and its 200 day moving average is $182.29.

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

Cintas Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio (DPR) is presently 10.77%.

Cintas announced that its board has approved a stock repurchase program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on CTAS. Stifel Nicolaus lifted their price objective on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a research report on Friday, July 19th. Royal Bank of Canada cut shares of 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. UBS Group upped their price objective on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a report on Friday, July 19th. Barclays dropped their target price on shares of Cintas from $850.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday, September 13th. Finally, Truist Financial boosted their price target on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, Cintas currently has a consensus rating of “Hold” and an average target price of $186.30.

Insider Transactions at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the sale, the director now owns 125,808 shares of the company’s stock, valued at $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 15.10% of the company’s stock.

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.