Portside Wealth Group LLC Raises Stake in Cintas Co. (NASDAQ:CTAS)

Portside Wealth Group LLC grew its holdings in Cintas Co. (NASDAQ:CTAS) by 361.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 1,395 shares of the business services provider’s stock after buying an additional 1,093 shares during the period. Portside Wealth Group LLC’s holdings in Cintas were worth $287,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. LGT Financial Advisors LLC raised its stake in shares of Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Financial Management Professionals Inc. raised its position in Cintas by 341.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 99 shares during the last quarter. Atwood & Palmer Inc. acquired a new stake in shares of Cintas in the 2nd quarter worth $27,000. Pathway Financial Advisers LLC acquired a new stake in shares of Cintas in the 1st quarter worth $29,000. Finally, Grove Bank & Trust increased its stake in shares of Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after acquiring an additional 134 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Stock Up 2.8 %

CTAS opened at $225.72 on Friday. The business’s fifty day simple moving average is $219.35 and its 200 day simple moving average is $193.39. Cintas Co. has a 52 week low of $131.24 and a 52 week high of $227.24. The firm has a market cap of $91.03 billion, a P/E ratio of 57.00, a PEG ratio of 4.27 and a beta of 1.32. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results 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. The business had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.70 earnings per share. As a group, equities research analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio is currently 39.39%.

Cintas announced that its Board of Directors has initiated a share repurchase program 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 purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

CTAS has been the topic of several recent analyst reports. Baird R W cut Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. The Goldman Sachs Group upped their price objective on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. UBS Group raised their target price on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Robert W. Baird increased their price target on shares of Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, Redburn Atlantic assumed coverage on shares of Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $199.63.

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.