New York State Teachers Retirement System raised its stake in shares of Cintas Co. (NASDAQ:CTAS – Free Report) by 289.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 317,255 shares of the business services provider’s stock after purchasing an additional 235,825 shares during the quarter. New York State Teachers Retirement System’s holdings in Cintas were worth $65,316,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its position in Cintas by 343.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock valued at $22,976,000 after acquiring an additional 86,460 shares in the last quarter. Creative Planning increased its stake in Cintas by 34.4% during the 2nd quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock worth $13,551,000 after buying an additional 4,957 shares during the period. Western Financial Corp CA lifted its holdings in Cintas by 628.2% in the 3rd quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock worth $2,429,000 after buying an additional 10,177 shares in the last quarter. Susquehanna Fundamental Investments LLC lifted its holdings in Cintas by 2,063.6% in the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 23,800 shares of the business services provider’s stock worth $16,666,000 after buying an additional 22,700 shares in the last quarter. Finally, Searle & CO. lifted its holdings in Cintas by 300.0% in the 3rd quarter. Searle & CO. now owns 7,200 shares of the business services provider’s stock worth $1,482,000 after buying an additional 5,400 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.
Cintas Price Performance
Shares of NASDAQ:CTAS opened at $207.85 on Thursday. 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 Co. has a fifty-two week low of $125.62 and a fifty-two week high of $215.37. The firm has a 50-day simple moving average of $217.38 and a 200 day simple moving average of $191.29. The company has a market cap of $21.09 billion, a PE ratio of 14.35, a P/E/G ratio of 4.12 and a beta of 1.32.
Cintas declared that its board has approved a stock repurchase program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.
Cintas Announces Dividend
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 given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.75%. Cintas’s dividend payout ratio (DPR) is 10.77%.
Analyst Upgrades and Downgrades
CTAS has been the topic of a number of recent analyst reports. 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 report on Thursday, September 26th. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial boosted their price objective on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. 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 report on Thursday, September 26th. Finally, Stifel Nicolaus upped their target price on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Cintas presently has a consensus rating of “Hold” and an average target price of $199.63.
View Our Latest Stock Report on CTAS
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.
Featured Articles
- Five stocks we like better than Cintas
- Investing in Travel Stocks Benefits
- Boeing: Why Analysts Think Now’s The Time To Be Brave
- Are Penny Stocks a Good Fit for Your Portfolio?
- Advanced Micro Devices is Building Momentum with AI: Buy the Dip
- The 3 Best Blue-Chip Stocks to Buy Now
- Can Evolv Stock Recover From Its Massive Self-Inflicted Drop?
Want to see what other hedge funds are holding CTAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cintas Co. (NASDAQ:CTAS – Free Report).
Receive News & Ratings for Cintas Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cintas and related companies with MarketBeat.com's FREE daily email newsletter.