APG Asset Management N.V. Increases Holdings in Cintas Co. (NASDAQ:CTAS)

APG Asset Management N.V. increased its stake in Cintas Co. (NASDAQ:CTAS) by 52.2% during the second quarter, according to its most recent filing with the SEC. The fund owned 72,569 shares of the business services provider’s stock after buying an additional 24,901 shares during the quarter. APG Asset Management N.V.’s holdings in Cintas were worth $47,415,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC boosted its stake in Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Atwood & Palmer Inc. bought a new stake in shares of Cintas in the 2nd quarter worth approximately $27,000. Pathway Financial Advisers LLC purchased a new position in Cintas in the first quarter valued at approximately $29,000. Rise Advisors LLC purchased a new position in Cintas in the first quarter valued at approximately $30,000. Finally, Meeder Asset Management Inc. grew its holdings in Cintas by 226.7% during the second 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 period. Institutional investors own 63.46% of the company’s stock.

Insider Transactions at Cintas

In other news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction 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 directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 15.10% of the company’s stock.

Cintas Trading Down 2.3 %

Cintas stock opened at $202.35 on Friday. The stock has a market cap of $20.53 billion, a P/E ratio of 13.97, a PEG ratio of 4.09 and a beta of 1.32. Cintas Co. has a fifty-two week low of $119.69 and a fifty-two week high of $211.57. The firm’s fifty day moving average price is $208.63 and its 200-day moving average price is $183.66. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74.

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

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

Cintas Cuts Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CTAS. The Goldman Sachs Group upped their price target on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday. Truist Financial boosted their price objective on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. StockNews.com upgraded shares of Cintas from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Royal Bank of Canada boosted their price target on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday. Finally, Barclays upped their price target on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday. 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’s stock. Based on data from MarketBeat.com, Cintas has an average rating of “Hold” and an average price target 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.