Cintas Co. (NASDAQ:CTAS) Shares Purchased by Carnegie Investment Counsel

Carnegie Investment Counsel boosted its position in shares of Cintas Co. (NASDAQ:CTAS) by 299.8% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 74,440 shares of the business services provider’s stock after acquiring an additional 55,822 shares during the quarter. Carnegie Investment Counsel owned about 0.07% of Cintas worth $15,326,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in CTAS. LGT Financial Advisors LLC boosted its holdings in Cintas by 311.1% in the second 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. Atwood & Palmer Inc. purchased a new position in Cintas during the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas in the first quarter valued at approximately $29,000. Rise Advisors LLC purchased a new stake in Cintas in the 1st quarter worth approximately $30,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after purchasing an additional 34 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. UBS Group raised their price target on shares of Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Morgan Stanley lifted their price target on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Royal Bank of Canada increased their price target on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 26th. The Goldman Sachs Group boosted their price objective on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Wells Fargo & Company increased their target price on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $199.63.

Insider Buying and Selling at Cintas

In other news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the transaction, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 15.10% of the stock is currently owned by corporate insiders.

Cintas Price Performance

NASDAQ:CTAS opened at $208.05 on Friday. The stock has a 50 day moving average price of $212.01 and a 200 day moving average price of $187.53. The stock has a market cap of $21.11 billion, a PE ratio of 14.37, a P/E/G 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 Co. has a one year low of $123.65 and a one year high of $211.57.

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, topping analysts’ consensus estimates of $1.00 by $0.10. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The firm had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the company earned $3.70 EPS. The company’s quarterly revenue was up 6.8% on a year-over-year basis. Equities research analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.75%. Cintas’s dividend payout ratio (DPR) is presently 10.77%.

Cintas declared that its Board of Directors has approved a stock buyback plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.

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.