Oak Harbor Wealth Partners LLC Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Oak Harbor Wealth Partners LLC grew its stake in Cintas Co. (NASDAQ:CTAS) by 300.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,548 shares of the business services provider’s stock after purchasing an additional 1,911 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Cintas were worth $525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Impax Asset Management Group plc lifted its holdings in Cintas by 211.1% in the third quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after acquiring an additional 1,648,350 shares during the last quarter. Alecta Tjanstepension Omsesidigt lifted its holdings in Cintas by 300.0% in the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock valued at $335,552,000 after acquiring an additional 1,222,500 shares during the last quarter. Los Angeles Capital Management LLC lifted its holdings in Cintas by 211.6% in the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock valued at $234,826,000 after acquiring an additional 774,551 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Cintas by 291.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider’s stock valued at $183,110,000 after acquiring an additional 662,431 shares during the last quarter. Finally, Congress Asset Management Co. lifted its holdings in Cintas by 295.6% in the third quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider’s stock valued at $161,531,000 after acquiring an additional 586,271 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Price Performance

CTAS stock opened at $217.05 on Friday. The firm has a 50 day moving average of $220.75 and a 200-day moving average of $194.79. Cintas Co. has a 12-month low of $136.50 and a 12-month high of $227.35. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $87.54 billion, a price-to-earnings ratio of 54.81, a PEG ratio of 4.40 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last issued 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 business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period last year, the company posted $3.70 EPS. The company’s revenue was up 6.8% on a year-over-year basis. As a group, equities analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Dividend Announcement

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

Cintas announced that its Board of Directors has initiated a stock buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of research firms have commented on CTAS. Barclays upped their price target on Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Truist Financial upped their price target on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. The Goldman Sachs Group upped their price target on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Robert W. Baird increased their price objective on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Finally, Stifel Nicolaus raised their price target on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Cintas has an average rating of “Hold” and a consensus target price of $199.63.

Cintas 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.