Fifth Third Wealth Advisors LLC Raises Position in Cintas Co. (NASDAQ:CTAS)

Fifth Third Wealth Advisors LLC increased its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 297.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,021 shares of the business services provider’s stock after buying an additional 3,009 shares during the quarter. Fifth Third Wealth Advisors LLC’s holdings in Cintas were worth $828,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently added to or reduced their stakes in the business. Checchi Capital Advisers LLC grew its stake in shares of Cintas by 0.9% during the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock worth $1,156,000 after acquiring an additional 14 shares during the last quarter. Axxcess Wealth Management LLC grew its position in Cintas by 0.5% during the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after purchasing an additional 14 shares during the last quarter. Field & Main Bank increased its stake in Cintas by 25.0% during the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares in the last quarter. Drive Wealth Management LLC raised its holdings in shares of Cintas by 3.7% in the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock worth $314,000 after buying an additional 16 shares during the last quarter. Finally, TIAA Trust National Association lifted its stake in shares of Cintas by 1.2% during the second quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock worth $954,000 after buying an additional 16 shares during the period. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Stock Up 0.8 %

Cintas stock opened at $217.97 on Wednesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. The stock has a market capitalization of $87.91 billion, a PE ratio of 55.04, a price-to-earnings-growth ratio of 4.24 and a beta of 1.32. The business has a 50 day simple moving average of $222.07 and a 200-day simple moving average of $196.41. Cintas Co. has a 12 month low of $136.50 and a 12 month high of $227.35.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, topping 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 period in the prior year, the business posted $3.70 earnings per share. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas announced that its Board of Directors has initiated a share buyback program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its stock is undervalued.

Cintas Announces Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CTAS. Royal Bank of Canada raised their target price on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Truist Financial lifted their target price on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. The Goldman Sachs Group increased their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Jefferies Financial Group decreased their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Finally, Barclays increased their price objective on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Cintas currently has an average 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.