New York State Common Retirement Fund Purchases 368,645 Shares of Cintas Co. (NASDAQ:CTAS)

New York State Common Retirement Fund boosted its position in shares of Cintas Co. (NASDAQ:CTAS) by 268.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 506,088 shares of the business services provider’s stock after acquiring an additional 368,645 shares during the quarter. New York State Common Retirement Fund’s holdings in Cintas were worth $104,193,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC grew its stake in shares of Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares during the last quarter. Financial Management Professionals Inc. boosted its holdings in Cintas by 341.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 99 shares during the period. Atwood & Palmer Inc. bought a new position in Cintas in the 2nd quarter valued at $27,000. Pathway Financial Advisers LLC purchased a new stake in Cintas in the first quarter worth $29,000. Finally, Grove Bank & Trust lifted its position in shares of Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after purchasing an additional 134 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Stock Performance

CTAS stock opened at $205.62 on Friday. Cintas Co. has a one year low of $126.74 and a one year high of $215.37. The firm has a market cap of $82.93 billion, a price-to-earnings ratio of 51.92, a PEG ratio of 4.09 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. The firm has a 50-day simple moving average of $217.75 and a two-hundred day simple moving average of $191.67.

Cintas (NASDAQ:CTAS) last posted its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same quarter in the prior year, the company posted $3.70 earnings per share. Cintas’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio (DPR) is 39.39%.

Cintas announced that its board has approved a share repurchase plan on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on CTAS. Barclays upped their price target on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Redburn Atlantic initiated 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. Truist Financial boosted their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group lifted their target price on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus 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.