Principal Financial Group Inc. Acquires 378,101 Shares of Cintas Co. (NASDAQ:CTAS)

Principal Financial Group Inc. raised its stake in Cintas Co. (NASDAQ:CTAS) by 301.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 503,522 shares of the business services provider’s stock after buying an additional 378,101 shares during the period. Principal Financial Group Inc. owned about 0.12% of Cintas worth $103,665,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. LGT Financial Advisors LLC grew its position in Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. Financial Management Professionals Inc. lifted its stake in Cintas by 341.4% during the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after purchasing an additional 99 shares during the last quarter. Hollencrest Capital Management boosted its holdings in shares of Cintas by 433.3% in the 3rd quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock worth $26,000 after purchasing an additional 104 shares in the last quarter. Addison Advisors LLC increased its position in shares of Cintas by 495.7% during the 3rd quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock valued at $28,000 after purchasing an additional 114 shares during the last quarter. Finally, Grove Bank & Trust raised its holdings in shares of Cintas by 1,340.0% during the 3rd quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock valued at $30,000 after buying an additional 134 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

Shares of CTAS stock opened at $186.94 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. Cintas Co. has a fifty-two week low of $142.18 and a fifty-two week high of $228.12. The firm has a market cap of $75.39 billion, a P/E ratio of 47.21, a P/E/G ratio of 4.15 and a beta of 1.33. The business’s 50 day moving average price is $214.31 and its 200-day moving average price is $202.98.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.08. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The business had revenue of $2.56 billion for the quarter, compared to analysts’ expectations of $2.56 billion. During the same quarter in the previous year, the business posted $3.61 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, equities research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date was Friday, November 15th. Cintas’s payout ratio is currently 39.39%.

Analyst Ratings Changes

Several analysts have issued reports on CTAS shares. The Goldman Sachs Group cut their target price on Cintas from $236.00 to $211.00 and set a “buy” rating for the company in a research note on Friday. Wells Fargo & Company cut their price objective on shares of Cintas from $191.00 to $184.00 and set an “underweight” rating for the company in a research note on Friday. Truist Financial decreased their target price on shares of Cintas from $225.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday. Royal Bank of Canada reissued a “sector perform” rating and issued a $215.00 price target on shares of Cintas in a research note on Friday. Finally, Barclays raised their price objective on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cintas presently has a consensus rating of “Hold” and a consensus price target of $195.90.

Cintas Company 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.