Cintas (NASDAQ:CTAS) Releases FY 2024 Earnings Guidance

Cintas (NASDAQ:CTAS) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 14.800-15.000 for the period, compared to the consensus EPS estimate of 14.600. The company issued revenue guidance of $9.6 billion-$9.6 billion, compared to the consensus revenue estimate of $9.6 billion. Cintas also updated its FY24 guidance to $14.80-15.00 EPS.

Cintas Trading Up 8.2 %

Shares of Cintas stock opened at $685.64 on Thursday. The company has a market cap of $69.50 billion, a price-to-earnings ratio of 49.76, a PEG ratio of 3.67 and a beta of 1.27. Cintas has a 1 year low of $436.54 and a 1 year high of $704.84. The company’s fifty day simple moving average is $619.05 and its 200-day simple moving average is $566.70. The company has a current ratio of 2.24, a quick ratio of 1.89 and a debt-to-equity ratio of 0.62.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Wednesday, March 27th. The business services provider reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.58 by $0.26. The company had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.39 billion. Cintas had a net margin of 15.57% and a return on equity of 36.78%. The business’s revenue was up 9.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.14 EPS. As a group, sell-side analysts expect that Cintas will post 14.57 EPS for the current year.

Cintas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 15th were paid a $1.35 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $5.40 annualized dividend and a dividend yield of 0.79%. Cintas’s dividend payout ratio is presently 39.19%.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on CTAS. Truist Financial lifted their price objective on Cintas from $645.00 to $660.00 and gave the company a buy rating in a research report on Thursday, January 25th. Barclays boosted their target price on shares of Cintas from $630.00 to $700.00 and gave the stock an overweight rating in a research note on Thursday, February 29th. Stifel Nicolaus increased their price target on shares of Cintas from $526.00 to $585.00 and gave the company a hold rating in a research note on Friday, December 22nd. Deutsche Bank Aktiengesellschaft cut shares of Cintas from a buy rating to a hold rating and boosted their price objective for the stock from $551.00 to $590.00 in a research report on Friday, December 8th. Finally, JPMorgan Chase & Co. increased their price objective on Cintas from $540.00 to $640.00 and gave the company an overweight rating in a research report on Friday, December 22nd. Six investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $571.29.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Raymond James Trust N.A. increased its position in shares of Cintas by 10.6% in the 1st quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock valued at $314,000 after buying an additional 71 shares in the last quarter. Baird Financial Group Inc. raised its position in shares of Cintas by 16.8% during the first quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after purchasing an additional 2,541 shares during the period. Covestor Ltd lifted its holdings in shares of Cintas by 84.7% during the 1st quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock valued at $139,000 after purchasing an additional 150 shares in the last quarter. Mackenzie Financial Corp grew its position in shares of Cintas by 9.3% in the 1st quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock valued at $3,009,000 after purchasing an additional 604 shares during the period. Finally, Fuller & Thaler Asset Management Inc. increased its stake in Cintas by 19.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock worth $10,410,000 after purchasing an additional 4,037 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

About Cintas

Cintas Corporation provides 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.