Traynor Capital Management Inc. Increases Stock Position in Cintas Co. (NASDAQ:CTAS)

Traynor Capital Management Inc. lifted its holdings in Cintas Co. (NASDAQ:CTAS) by 3,895.2% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 14,942 shares of the business services provider’s stock after purchasing an additional 14,568 shares during the period. Traynor Capital Management Inc.’s holdings in Cintas were worth $3,076,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of CTAS. LGT Financial Advisors LLC lifted its position in shares of Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares during the period. Financial Management Professionals Inc. lifted its position in shares of Cintas by 341.4% in the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after purchasing an additional 99 shares during the period. Atwood & Palmer Inc. purchased a new stake in shares of Cintas in the 2nd quarter worth approximately $27,000. Pathway Financial Advisers LLC purchased a new stake in shares of Cintas in the 1st quarter worth approximately $29,000. Finally, Grove Bank & Trust raised its stake in shares of Cintas by 1,340.0% during the 3rd quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after acquiring an additional 134 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $208.59 on Tuesday. The company’s fifty day moving average price is $216.83 and its 200 day moving average price is $190.88. Cintas Co. has a 1 year low of $124.07 and a 1 year high of $215.37. The company has a market capitalization of $21.16 billion, a PE ratio of 14.41, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $2.49 billion. During the same period in the prior year, the firm posted $3.70 earnings per share. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, research analysts predict that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas declared that its board has initiated a stock buyback plan 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 purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analyst Ratings Changes

Several research analysts recently commented on CTAS shares. Redburn Atlantic started coverage on shares of Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective for the company. The Goldman Sachs Group boosted their price objective on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Royal Bank of Canada boosted their price objective on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Jefferies Financial Group reduced their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Finally, UBS Group boosted their price objective on shares of Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $199.63.

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.