Fred Alger Management LLC Buys 1,797 Shares of Cintas Co. (NASDAQ:CTAS)

Fred Alger Management LLC boosted its stake in Cintas Co. (NASDAQ:CTAS) by 286.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,424 shares of the business services provider’s stock after acquiring an additional 1,797 shares during the period. Fred Alger Management LLC’s holdings in Cintas were worth $499,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Atria Investments Inc raised its stake in Cintas by 291.7% during the third quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock worth $4,595,000 after buying an additional 16,623 shares during the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Cintas by 343.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock worth $22,976,000 after acquiring an additional 86,460 shares in the last quarter. Creative Planning lifted its stake in shares of Cintas by 34.4% in the 2nd quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock valued at $13,551,000 after purchasing an additional 4,957 shares during the period. Western Financial Corp CA boosted its position in shares of Cintas by 628.2% during the 3rd quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock valued at $2,429,000 after purchasing an additional 10,177 shares in the last quarter. Finally, Portside Wealth Group LLC grew its stake in Cintas by 361.9% during the third quarter. Portside Wealth Group LLC now owns 1,395 shares of the business services provider’s stock worth $287,000 after purchasing an additional 1,093 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Trading Up 0.8 %

NASDAQ CTAS opened at $225.79 on Monday. The stock has a market capitalization of $91.06 billion, a price-to-earnings ratio of 57.02, a PEG ratio of 4.45 and a beta of 1.32. The business’s fifty day moving average is $212.76 and its 200-day moving average is $199.24. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. Cintas Co. has a one year low of $136.87 and a one year high of $228.12.

Cintas (NASDAQ:CTAS) last released its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company earned $3.70 earnings per share. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts predict that Cintas Co. will post 4.23 EPS for the current year.

Cintas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. Cintas’s payout ratio is presently 39.39%.

Wall Street Analysts Forecast Growth

CTAS has been the topic of several recent analyst reports. Truist Financial boosted their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Redburn Atlantic assumed coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target for the company. The Goldman Sachs Group lifted their price target on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Jefferies Financial Group cut their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research report on Thursday, September 26th. Finally, Royal Bank of Canada boosted their target price on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $199.63.

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.