Swiss National Bank Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Swiss National Bank raised its stake in Cintas Co. (NASDAQ:CTAS) by 301.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,084,400 shares of the business services provider’s stock after purchasing an additional 814,000 shares during the quarter. Swiss National Bank owned 0.27% of Cintas worth $223,256,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Atria Investments Inc raised its holdings in Cintas by 291.7% during the third quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock worth $4,595,000 after purchasing an additional 16,623 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Cintas by 343.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock valued at $22,976,000 after buying an additional 86,460 shares during the period. Creative Planning boosted its stake in shares of Cintas by 34.4% in the second quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock valued at $13,551,000 after buying an additional 4,957 shares in the last quarter. Western Financial Corp CA grew its holdings in Cintas by 628.2% during the third quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock worth $2,429,000 after acquiring an additional 10,177 shares during the period. Finally, Portside Wealth Group LLC raised its position in Cintas by 361.9% in the third quarter. Portside Wealth Group LLC now owns 1,395 shares of the business services provider’s stock worth $287,000 after acquiring an additional 1,093 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Trading Down 0.9 %

Shares of CTAS opened at $215.20 on Monday. Cintas Co. has a fifty-two week low of $136.50 and a fifty-two week high of $227.35. The stock has a fifty day moving average of $221.49 and a two-hundred day moving average of $195.70. 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 company has a market capitalization of $86.79 billion, a PE ratio of 54.34, a price-to-earnings-growth ratio of 4.24 and a beta of 1.32.

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

Cintas declared that its board has approved a share repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Cintas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.72%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is 39.39%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CTAS. Jefferies Financial Group lowered their price target on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. The Goldman Sachs Group increased their target price on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Wells Fargo & Company boosted their price target on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Morgan Stanley raised their price objective on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Finally, Royal Bank of Canada boosted their target price on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average 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.