Cintas (NASDAQ:CTAS) Price Target Increased to $185.00 by Analysts at Morgan Stanley

Cintas (NASDAQ:CTAS) had its target price boosted by equities research analysts at Morgan Stanley from $170.00 to $185.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage currently has an “equal weight” rating on the business services provider’s stock. Morgan Stanley’s target price would indicate a potential downside of 11.89% from the stock’s previous close.

CTAS has been the topic of several other research reports. Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a research report on Tuesday, August 13th. UBS Group raised their price target on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a research report on Friday, July 19th. Barclays cut their price objective on shares of Cintas from $850.00 to $210.00 and set an “overweight” rating for the company in a report on Friday, September 13th. Stifel Nicolaus raised their target price on shares of Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Finally, Truist Financial boosted their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $193.91.

Cintas Stock Performance

Cintas stock traded up $2.75 during mid-day trading on Thursday, hitting $209.96. 322,165 shares of the company’s stock traded hands, compared to its average volume of 1,478,353. Cintas has a fifty-two week low of $118.68 and a fifty-two week high of $210.99. The stock has a market cap of $21.30 billion, a price-to-earnings ratio of 14.50, a P/E/G ratio of 4.09 and a beta of 1.32. The firm has a 50 day simple moving average of $208.28 and a two-hundred day simple moving average of $183.50. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.10. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the business posted $3.70 earnings per share. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, research analysts expect that Cintas will post 4.16 EPS for the current fiscal year.

Cintas declared that its board has initiated a share buyback plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Gerald S. Adolph sold 4,400 shares of Cintas 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 sale, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.10% of the company’s stock.

Institutional Trading of Cintas

A number of hedge funds have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC raised its position in Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock valued at $1,156,000 after purchasing an additional 14 shares during the last quarter. Axxcess Wealth Management LLC increased its position in shares of Cintas by 0.5% during the second quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after buying an additional 14 shares during the period. Field & Main Bank lifted its stake in shares of Cintas by 25.0% in the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the period. Drive Wealth Management LLC lifted its stake in Cintas by 3.7% in the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after buying an additional 16 shares during the period. Finally, TIAA Trust National Association lifted its position in shares of Cintas by 1.2% during the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock valued at $954,000 after acquiring an additional 16 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

About Cintas

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.