Cintas (NASDAQ:CTAS) Now Covered by Redburn Atlantic

Redburn Atlantic began coverage on shares of Cintas (NASDAQ:CTAS) in a report issued on Friday, Marketbeat.com reports. The firm issued a neutral rating and a $670.00 price target on the business services provider’s stock.

Several other analysts also recently weighed in on the company. Morgan Stanley raised their target price on Cintas from $575.00 to $625.00 and gave the company an equal weight rating in a research note on Friday, July 19th. Barclays increased their target price on Cintas from $700.00 to $850.00 and gave the company an overweight rating in a research note on Friday, July 19th. Stifel Nicolaus lifted their price target on shares of Cintas from $667.00 to $798.00 and gave the stock a hold rating in a research note on Friday, July 19th. StockNews.com upgraded shares of Cintas from a hold rating to a buy rating in a research note on Friday, June 14th. Finally, Citigroup downgraded shares of Cintas from a neutral rating to a sell rating and boosted their target price for the stock from $530.00 to $570.00 in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $742.36.

Cintas Stock Up 0.5 %

CTAS opened at $759.63 on Friday. Cintas has a 1 year low of $474.74 and a 1 year high of $773.95. The firm has a 50 day moving average price of $722.91 and a 200 day moving average price of $676.94. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. The company has a market cap of $77.07 billion, a PE ratio of 52.46, a price-to-earnings-growth ratio of 4.06 and a beta of 1.31.

Cintas’s stock is scheduled to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Thursday, July 18th. The business services provider reported $3.99 EPS for the quarter, topping the consensus estimate of $3.80 by $0.19. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the previous year, the company posted $3.33 EPS. Sell-side analysts expect that Cintas will post 16.62 earnings per share for the current year.

Cintas declared that its board has initiated a stock repurchase plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be paid a dividend of $1.56 per share. This is a boost from Cintas’s previous quarterly dividend of $1.35. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend is Thursday, August 15th. Cintas’s payout ratio is currently 43.09%.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total value of $842,292.00. Following the completion of the sale, the director now directly owns 31,452 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Cintas

Hedge funds and other institutional investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Cintas by 0.3% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 45,092 shares of the business services provider’s stock worth $31,576,000 after purchasing an additional 120 shares in the last quarter. Ieq Capital LLC increased its holdings in shares of Cintas by 6.1% in the second quarter. Ieq Capital LLC now owns 12,276 shares of the business services provider’s stock valued at $8,596,000 after buying an additional 702 shares in the last quarter. XTX Topco Ltd acquired a new stake in shares of Cintas during the 2nd quarter valued at $3,664,000. Sienna Gestion boosted its stake in shares of Cintas by 12.5% during the 2nd quarter. Sienna Gestion now owns 702 shares of the business services provider’s stock worth $491,000 after acquiring an additional 78 shares in the last quarter. Finally, Seven Eight Capital LP grew its holdings in shares of Cintas by 28.2% in the 2nd quarter. Seven Eight Capital LP now owns 486 shares of the business services provider’s stock worth $340,000 after acquiring an additional 107 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors.

About Cintas

Cintas Corporation provides 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.