Norges Bank Takes Position in Cintas Co. (NASDAQ:CTAS)

Norges Bank bought a new position in shares of Cintas Co. (NASDAQ:CTAS) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,801,402 shares of the business services provider’s stock, valued at approximately $877,216,000. Norges Bank owned about 1.19% of Cintas as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Sound Income Strategies LLC bought a new position in shares of Cintas during the 4th quarter valued at about $27,000. Cyrus J. Lawrence LLC bought a new position in Cintas during the fourth quarter valued at approximately $29,000. Endeavor Private Wealth Inc. purchased a new position in Cintas during the 4th quarter valued at approximately $31,000. IAG Wealth Partners LLC increased its stake in Cintas by 136.8% in the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider’s stock worth $33,000 after acquiring an additional 104 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Cintas in the 4th quarter worth approximately $34,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Stock Performance

Cintas stock opened at $206.25 on Friday. Cintas Co. has a fifty-two week low of $162.16 and a fifty-two week high of $228.12. The company has a market capitalization of $83.23 billion, a PE ratio of 49.73, a P/E/G ratio of 3.98 and a beta of 1.41. The company has a 50 day moving average price of $200.91 and a 200-day moving average price of $208.87. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.58.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.08. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.60 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.84 EPS. As a group, equities analysts forecast that Cintas Co. will post 4.31 earnings per share for the current year.

Cintas Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Friday, February 14th were issued a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.76%. Cintas’s dividend payout ratio is currently 36.11%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Citigroup assumed coverage on shares of Cintas in a report on Monday, February 24th. They issued a “sell” rating and a $161.00 target price for the company. Wells Fargo & Company boosted their target price on shares of Cintas from $184.00 to $196.00 and gave the stock an “underweight” rating in a report on Thursday. Morgan Stanley increased their price target on shares of Cintas from $195.00 to $213.00 and gave the company an “equal weight” rating in a report on Thursday. Truist Financial boosted their price objective on Cintas from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, The Goldman Sachs Group boosted their target price on Cintas from $211.00 to $233.00 and gave the company a “buy” rating in a research report on Thursday. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $207.57.

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.