Zions Bancorporation N.A. Increases Position in Cintas Co. (NASDAQ:CTAS)

Zions Bancorporation N.A. increased its stake in shares of Cintas Co. (NASDAQ:CTAS) by 398.7% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 8,558 shares of the business services provider’s stock after acquiring an additional 6,842 shares during the period. Zions Bancorporation N.A.’s holdings in Cintas were worth $1,762,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. LGT Financial Advisors LLC grew its stake 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 valued at $26,000 after purchasing an additional 28 shares during the last quarter. Financial Management Professionals Inc. lifted its holdings in shares of Cintas by 341.4% during the third 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. Hollencrest Capital Management grew its position in Cintas by 433.3% in the 3rd quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock valued at $26,000 after buying an additional 104 shares during the last quarter. Atwood & Palmer Inc. acquired a new position in Cintas in the 2nd quarter valued at $27,000. Finally, Addison Advisors LLC raised its position in Cintas by 495.7% during the 3rd quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after buying an additional 114 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Price Performance

CTAS stock opened at $217.05 on Friday. The stock’s 50 day moving average price is $220.75 and its 200 day moving average price is $194.79. The firm has a market cap of $87.54 billion, a P/E ratio of 54.81, a PEG ratio of 4.43 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 Co. has a 1 year low of $136.50 and a 1 year high of $227.35.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.10. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate 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% on a year-over-year basis. During the same period in the prior year, the business earned $3.70 earnings per share. On average, sell-side analysts expect that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s dividend payout ratio is presently 39.39%.

Cintas announced that its board has approved a stock buyback 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 repurchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CTAS. UBS Group boosted their price target 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. Jefferies Financial Group dropped their target price on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research report on Thursday, September 26th. Barclays lifted their price target on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Baird R W cut Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Finally, Redburn Atlantic began coverage on shares of Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $167.50 target price on the stock. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the company has a consensus 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.