Fred Alger Management LLC Increases Stock Position in Cintas Co. (NASDAQ:CTAS)

Fred Alger Management LLC boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 286.6% in the third quarter, Holdings Channel reports. The institutional investor owned 2,424 shares of the business services provider’s stock after acquiring an additional 1,797 shares during the quarter. Fred Alger Management LLC’s holdings in Cintas were worth $499,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Redburn Atlantic initiated coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target for the company. 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. Wells Fargo & Company lifted their price target on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research report on Thursday, September 26th. UBS Group boosted their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group dropped their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Two investment 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, the company presently has an average rating of “Hold” and a consensus target price of $199.63.

Cintas Stock Performance

NASDAQ CTAS opened at $225.79 on Monday. The company has a 50-day simple moving average of $212.76 and a two-hundred day simple moving average of $199.24. Cintas Co. has a 12-month low of $136.87 and a 12-month high of $228.12. The firm has a market cap of $91.06 billion, a price-to-earnings ratio of 57.02, a PEG ratio of 4.45 and a beta of 1.32. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50.

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

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

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.