Principal Financial Group Inc. Raises Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Principal Financial Group Inc. raised its position in shares of Cintas Co. (NASDAQ:CTAS) by 301.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 503,522 shares of the business services provider’s stock after buying an additional 378,101 shares during the quarter. Principal Financial Group Inc.’s holdings in Cintas were worth $103,665,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CTAS. Lord Abbett & CO. LLC purchased a new position in Cintas during the 3rd quarter valued at about $23,779,000. B. Riley Wealth Advisors Inc. increased its stake in shares of Cintas by 256.9% during the third quarter. B. Riley Wealth Advisors Inc. now owns 1,952 shares of the business services provider’s stock valued at $401,000 after purchasing an additional 1,405 shares in the last quarter. Brass Tax Wealth Management Inc. lifted its holdings in shares of Cintas by 300.0% during the third quarter. Brass Tax Wealth Management Inc. now owns 1,816 shares of the business services provider’s stock valued at $374,000 after purchasing an additional 1,362 shares during the last quarter. 1ST Source Bank boosted its position in shares of Cintas by 300.0% in the 3rd quarter. 1ST Source Bank now owns 1,652 shares of the business services provider’s stock worth $340,000 after purchasing an additional 1,239 shares in the last quarter. Finally, Logan Capital Management Inc. grew its stake in shares of Cintas by 294.8% in the 3rd quarter. Logan Capital Management Inc. now owns 141,381 shares of the business services provider’s stock worth $29,107,000 after buying an additional 105,574 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Trading Up 2.3 %

Shares of NASDAQ:CTAS opened at $186.94 on Friday. Cintas Co. has a 52-week low of $142.18 and a 52-week high of $228.12. The stock’s 50-day simple moving average is $214.31 and its two-hundred day simple moving average is $202.98. The stock has a market capitalization of $75.39 billion, a price-to-earnings ratio of 47.21, a PEG ratio of 4.15 and a beta of 1.33. 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 released its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.08. The firm had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.56 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $3.61 earnings per share. Analysts expect that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Stockholders of record on Friday, November 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.83%. Cintas’s payout ratio is 39.39%.

Analysts Set New Price Targets

A number of research analysts have issued reports on CTAS shares. Truist Financial lowered their price objective on Cintas from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Friday. Morgan Stanley lifted their price target on Cintas from $185.00 to $202.00 and gave the stock an “equal weight” rating in a research report on Thursday, December 12th. Barclays increased their price objective on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $215.00 target price on shares of Cintas in a report on Friday. Finally, Wells Fargo & Company cut their price target on shares of Cintas from $191.00 to $184.00 and set an “underweight” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cintas currently has an average rating of “Hold” and a consensus price target of $195.90.

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.