Cintas (NASDAQ:CTAS) Shares Up 0.4%

Cintas Co. (NASDAQ:CTAS)’s stock price shot up 0.4% during trading on Wednesday . The company traded as high as $763.83 and last traded at $762.30. 39,245 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 372,506 shares. The stock had previously closed at $759.12.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CTAS. Stifel Nicolaus raised their price target on Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a research report on Friday, July 19th. Barclays boosted their price target on shares of Cintas from $700.00 to $850.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Truist Financial boosted their target price on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a report on Friday, July 19th. Wells Fargo & Company raised shares of Cintas to a “strong sell” rating in a research report on Tuesday. Finally, Royal Bank of Canada downgraded shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price for the company. in a research note on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Cintas presently has an average rating of “Hold” and an average price target of $742.36.

Cintas Stock Performance

The company has a market cap of $77.22 billion, a PE ratio of 52.65, a PEG ratio of 4.06 and a beta of 1.31. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $724.45 and its two-hundred day moving average is $678.07.

Shares of Cintas are set to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the firm posted $3.33 EPS. The company’s revenue was up 8.2% on a year-over-year basis. On average, equities research analysts anticipate that Cintas Co. will post 16.62 EPS for the current year.

Cintas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th will be given a $1.56 dividend. This is an increase 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%.

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

Insider Buying and Selling

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the stock in a transaction 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 sale, the director now owns 31,452 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 15.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Cintas

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. LGT Financial Advisors LLC increased its holdings in Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares during the period. Atwood & Palmer Inc. purchased a new stake in shares of Cintas during the second quarter valued at about $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the 1st quarter valued at about $29,000. Rise Advisors LLC bought a new position in shares of Cintas during the 1st quarter worth approximately $30,000. Finally, Meeder Asset Management Inc. grew its stake in Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after buying an additional 34 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.

About Cintas

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.