CIBC Asset Management Inc Has $24.33 Million Holdings in Cintas Co. (NASDAQ:CTAS)

CIBC Asset Management Inc grew its holdings in Cintas Co. (NASDAQ:CTAS) by 304.1% in the third quarter, Holdings Channel.com reports. The firm owned 118,151 shares of the business services provider’s stock after purchasing an additional 88,912 shares during the period. CIBC Asset Management Inc’s holdings in Cintas were worth $24,325,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of CTAS. Allspring Global Investments Holdings LLC raised its holdings in shares of Cintas by 343.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock worth $22,976,000 after acquiring an additional 86,460 shares in the last quarter. Atria Investments Inc raised its stake in shares of Cintas by 291.7% during the 3rd 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. Creative Planning grew its stake in shares of Cintas by 34.4% in the 2nd 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 increased its holdings in Cintas by 628.2% in the third quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock worth $2,429,000 after buying an additional 10,177 shares during the last quarter. Finally, Portside Wealth Group LLC increased its holdings 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 buying an additional 1,093 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on CTAS. Barclays boosted their target price on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. Redburn Atlantic began coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price objective for the company. Baird R W cut Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Robert W. Baird upped their price target on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Finally, Jefferies Financial Group cut their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Two investment 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $199.63.

Cintas Stock Down 0.7 %

CTAS stock opened at $215.20 on Friday. The business’s 50-day simple moving average is $221.09 and its 200 day simple moving average is $194.94. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The company has a market cap of $86.79 billion, a PE ratio of 54.34, a price-to-earnings-growth ratio of 4.40 and a beta of 1.32. Cintas Co. has a twelve month low of $136.50 and a twelve month high of $227.35.

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, topping the consensus estimate of $1.00 by $0.10. The company 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 quarter last year, the firm earned $3.70 EPS. On average, research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Friday, November 15th. Cintas’s dividend payout ratio is 39.39%.

Cintas declared that its board has initiated a stock buyback program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

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.