Park Avenue Securities LLC Increases Position in Cintas Co. (NASDAQ:CTAS)

Park Avenue Securities LLC increased its position in shares of Cintas Co. (NASDAQ:CTAS) by 265.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,486 shares of the business services provider’s stock after purchasing an additional 19,963 shares during the period. Park Avenue Securities LLC’s holdings in Cintas were worth $5,659,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of CTAS. SG Americas Securities LLC grew its holdings in Cintas by 3,302.1% during the 3rd quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock valued at $103,194,000 after buying an additional 486,500 shares in the last quarter. Los Angeles Capital Management LLC grew its stake in Cintas by 123.1% during the second quarter. Los Angeles Capital Management LLC now owns 366,044 shares of the business services provider’s stock valued at $256,326,000 after acquiring an additional 201,955 shares in the last quarter. Global Assets Advisory LLC purchased a new stake in Cintas in the 1st quarter worth $84,646,000. Vanguard Group Inc. lifted its stake in Cintas by 1.1% in the 4th 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 in the last quarter. Finally, Congress Asset Management Co. MA lifted its stake in Cintas by 124.9% in the 1st quarter. Congress Asset Management Co. MA now owns 195,506 shares of the business services provider’s stock worth $134,318,000 after purchasing an additional 108,582 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Trading Up 0.2 %

NASDAQ:CTAS traded up $0.36 during mid-day trading on Friday, hitting $204.91. 1,747,411 shares of the stock traded hands, compared to its average volume of 1,492,867. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. Cintas Co. has a 52 week low of $119.86 and a 52 week high of $211.57. The stock has a market capitalization of $20.79 billion, a price-to-earnings ratio of 14.15, a PEG ratio of 4.09 and a beta of 1.32. The firm’s 50 day moving average is $210.38 and its two-hundred day moving average is $185.66.

Cintas (NASDAQ:CTAS) last released its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates 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 in the prior year, the firm posted $3.70 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities research analysts predict that Cintas Co. will post 4.16 earnings per share for the current year.

Cintas announced that its board has authorized a share buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically 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. Stockholders of record on Thursday, August 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date was Thursday, August 15th. Cintas’s payout ratio is presently 10.77%.

Insider Activity at Cintas

In other 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 transaction, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 15.10% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

CTAS has been the topic of several research reports. Stifel Nicolaus lifted their target price on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Redburn Atlantic initiated coverage on Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective on the stock. UBS Group upped their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Morgan Stanley boosted their price target on shares of Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Finally, Jefferies Financial Group decreased their price target 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. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Cintas currently has a consensus rating of “Hold” and a consensus target price 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.