Graypoint LLC Raises Holdings in Cintas Co. (NASDAQ:CTAS)

Graypoint LLC lifted its stake in Cintas Co. (NASDAQ:CTAS) by 361.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,640 shares of the business services provider’s stock after purchasing an additional 2,068 shares during the quarter. Graypoint LLC’s holdings in Cintas were worth $543,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. LGT Financial Advisors LLC grew its stake in Cintas by 311.1% during 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 last quarter. Atwood & Palmer Inc. purchased a new stake in Cintas in the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas in the 1st quarter worth approximately $29,000. Meeder Asset Management Inc. raised its position 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. Finally, Crewe Advisors LLC lifted its stake in Cintas by 133.3% during the 2nd quarter. Crewe Advisors LLC now owns 56 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 32 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on CTAS shares. Truist Financial increased their price objective 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. Morgan Stanley lifted their price objective on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Stifel Nicolaus upped their target price on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a research note on Friday, July 19th. Barclays lifted their price target on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, 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 research report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $199.63.

Cintas Stock Up 2.8 %

CTAS stock opened at $225.72 on Friday. The stock has a market capitalization of $91.03 billion, a P/E ratio of 57.00, a P/E/G ratio of 4.09 and a beta of 1.32. Cintas Co. has a 52 week low of $131.24 and a 52 week high of $227.24. The firm has a 50-day simple moving average of $219.35 and a 200-day simple moving average of $193.39. 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 announced 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. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.70 earnings per share. Equities analysts forecast that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend 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 declared that its Board of Directors has approved a share buyback program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Cintas Company 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.