Raymond James & Associates Acquires 364,659 Shares of Cintas Co. (NASDAQ:CTAS)

Raymond James & Associates grew its holdings in Cintas Co. (NASDAQ:CTAS) by 305.4% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 484,068 shares of the business services provider’s stock after acquiring an additional 364,659 shares during the quarter. Raymond James & Associates owned 0.48% of Cintas worth $99,660,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. LGT Financial Advisors LLC boosted its holdings in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Atwood & Palmer Inc. bought a new stake in shares of Cintas in the second quarter valued at about $27,000. Pathway Financial Advisers LLC acquired a new stake in Cintas during the first quarter worth about $29,000. Meeder Asset Management Inc. increased its stake 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 acquiring an additional 34 shares during the period. Finally, Webster Bank N. A. acquired a new position in Cintas in the 1st quarter valued at approximately $38,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on CTAS shares. Robert W. Baird boosted their price objective on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Morgan Stanley raised their price objective on shares of Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. Jefferies Financial Group lowered their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Finally, Truist Financial raised their price target on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cintas has a consensus rating of “Hold” and an average target price of $199.63.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was 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 in the company, valued at $24,083,425.44. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 15.10% of the company’s stock.

Cintas Price Performance

Cintas stock opened at $214.02 on Monday. Cintas Co. has a 52 week low of $123.65 and a 52 week high of $215.37. The firm has a market cap of $21.72 billion, a P/E ratio of 14.78, a P/E/G ratio of 4.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The business’s fifty day moving average is $214.61 and its two-hundred day moving average is $189.12.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter in the prior year, the firm earned $3.70 EPS. The company’s revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s dividend payout ratio (DPR) is presently 10.77%.

Cintas announced that its board has authorized 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 stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Cintas 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.