Raymond James Trust N.A. Acquires 717 Shares of Cintas Co. (NASDAQ:CTAS)

Raymond James Trust N.A. raised its holdings in Cintas Co. (NASDAQ:CTAS) by 48.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,191 shares of the business services provider’s stock after acquiring an additional 717 shares during the period. Raymond James Trust N.A.’s holdings in Cintas were worth $1,534,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in shares of Cintas by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock valued at $6,206,969,000 after acquiring an additional 112,361 shares in the last quarter. Norges Bank acquired a new stake in shares of Cintas during the fourth quarter valued at about $872,895,000. Bank of New York Mellon Corp grew its holdings in shares of Cintas by 3.5% during the first quarter. Bank of New York Mellon Corp now owns 806,369 shares of the business services provider’s stock worth $554,000,000 after purchasing an additional 27,470 shares during the last quarter. Brown Advisory Inc. increased its stake in shares of Cintas by 2.2% in the fourth quarter. Brown Advisory Inc. now owns 726,515 shares of the business services provider’s stock valued at $437,842,000 after buying an additional 15,444 shares during the period. Finally, Nordea Investment Management AB raised its holdings in Cintas by 6.3% in the 1st quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock valued at $438,402,000 after buying an additional 37,727 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Trading Up 0.5 %

CTAS traded up $3.86 during trading on Friday, hitting $788.50. The company’s stock had a trading volume of 257,244 shares, compared to its average volume of 372,748. The firm has a market capitalization of $80.00 billion, a P/E ratio of 54.45, a PEG ratio of 4.06 and a beta of 1.31. Cintas Co. has a twelve month low of $474.74 and a twelve month high of $791.65. The stock’s fifty day moving average price is $738.41 and its 200-day moving average price is $687.17. 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’s stock is scheduled to split on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be payable to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last issued its earnings results on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the firm earned $3.33 earnings per share. Cintas’s revenue was up 8.2% on a year-over-year basis. 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 represents a $6.24 dividend on an annualized basis and a yield of 0.79%. This is a positive change from Cintas’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Thursday, August 15th. Cintas’s payout ratio is presently 43.09%.

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

Wall Street Analyst Weigh In

A number of research firms have weighed in on CTAS. StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Citigroup downgraded Cintas from a “neutral” rating to a “sell” rating and increased their price objective for the company from $530.00 to $570.00 in a report on Friday, May 24th. Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Morgan Stanley increased their price target on Cintas from $575.00 to $625.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Finally, Stifel Nicolaus lifted their price objective on Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $742.36.

Insider Buying and Selling

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the firm’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 owns 31,452 shares of the company’s stock, valued at $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.10% of the stock is owned by company insiders.

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.