Secure Asset Management LLC Boosts Stock Position in Cintas Co. (NASDAQ:CTAS)

Secure Asset Management LLC raised its holdings in Cintas Co. (NASDAQ:CTAS) by 274.2% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,725 shares of the business services provider’s stock after buying an additional 1,264 shares during the period. Secure Asset Management LLC’s holdings in Cintas were worth $355,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTAS. LGT Financial Advisors LLC grew its holdings in shares of 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 purchasing an additional 28 shares during the last quarter. Atwood & Palmer Inc. bought a new stake in shares of Cintas during the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC purchased a new stake in shares of Cintas in the first quarter valued at approximately $29,000. Rise Advisors LLC bought a new position in Cintas in the first quarter worth approximately $30,000. Finally, Grove Bank & Trust increased its holdings in Cintas by 1,340.0% during the 3rd quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after purchasing an additional 134 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the sale, the director now owns 125,808 shares in the company, valued at approximately $24,083,425.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.10% of the stock is owned by insiders.

Cintas Trading Up 0.1 %

Cintas stock opened at $214.02 on Friday. Cintas Co. has a one year low of $123.65 and a one year high of $215.37. The stock has a market cap of $21.72 billion, a PE ratio of 14.78, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. 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 stock has a 50-day moving average of $214.61 and a two-hundred day moving average of $188.85.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.00 by $0.10. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. Cintas’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm posted $3.70 EPS. On average, research analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas declared that its Board of Directors has authorized a stock buyback program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s management believes its shares are undervalued.

Cintas Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is 10.77%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their price target on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Truist Financial increased their target price on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. 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. Stifel Nicolaus increased their price objective on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Finally, UBS Group boosted their price objective on shares of Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cintas has a consensus rating of “Hold” and a consensus target price of $199.63.

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.