Strategic Wealth Partners Ltd. Grows Position in Cintas Co. (NASDAQ:CTAS)

Strategic Wealth Partners Ltd. raised its position in Cintas Co. (NASDAQ:CTAS) by 300.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,400 shares of the business services provider’s stock after purchasing an additional 1,050 shares during the quarter. Strategic Wealth Partners Ltd.’s holdings in Cintas were worth $288,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC increased its stake in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after buying an additional 28 shares during the period. Atwood & Palmer Inc. purchased a new position in shares of Cintas during the second quarter worth approximately $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas during the first quarter valued at approximately $29,000. Rise Advisors LLC bought a new stake in shares of Cintas during the first quarter valued at approximately $30,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Cintas by 226.7% in the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 34 shares during the period. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Royal Bank of Canada lifted their target price on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Robert W. Baird upped their price objective on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Barclays boosted their price target on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Truist Financial increased their price objective on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Finally, Wells Fargo & Company boosted their price objective on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cintas currently has a consensus rating of “Hold” and a consensus target price of $199.63.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the sale, the director now owns 125,808 shares in the company, valued at $24,083,425.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 15.10% of the stock is currently owned by insiders.

Cintas Price Performance

Shares of CTAS stock opened at $206.13 on Friday. The firm has a market capitalization of $20.91 billion, a price-to-earnings ratio of 14.24, a PEG ratio of 4.09 and a beta of 1.32. Cintas Co. has a fifty-two week low of $123.65 and a fifty-two week high of $211.57. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. The stock’s 50-day simple moving average is $211.32 and its 200-day simple moving average is $186.85.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.70 earnings per share. As a group, equities analysts forecast that Cintas Co. will post 4.16 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio (DPR) is presently 10.77%.

Cintas announced that its board has approved a stock buyback program on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

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.