Retirement Systems of Alabama Purchases 55,580 Shares of Cintas Co. (NASDAQ:CTAS)

Retirement Systems of Alabama grew its position in shares of Cintas Co. (NASDAQ:CTAS) by 292.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 74,603 shares of the business services provider’s stock after buying an additional 55,580 shares during the period. Retirement Systems of Alabama’s holdings in Cintas were worth $15,359,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. State Street Corp increased its position in Cintas by 299.3% during the third quarter. State Street Corp now owns 14,555,558 shares of the business services provider’s stock worth $2,996,697,000 after acquiring an additional 10,910,285 shares during the period. FMR LLC increased its holdings in shares of Cintas by 297.3% during the third quarter. FMR LLC now owns 8,781,132 shares of the business services provider’s stock worth $1,807,860,000 after purchasing an additional 6,571,128 shares during the period. Geode Capital Management LLC raised its position in shares of Cintas by 309.7% in the third quarter. Geode Capital Management LLC now owns 8,248,271 shares of the business services provider’s stock valued at $1,693,654,000 after buying an additional 6,235,052 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Cintas by 264.7% in the third quarter. Franklin Resources Inc. now owns 3,279,029 shares of the business services provider’s stock valued at $693,503,000 after buying an additional 2,379,932 shares during the period. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Cintas by 308.2% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,522,921 shares of the business services provider’s stock worth $519,419,000 after buying an additional 1,904,926 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. UBS Group lifted their price objective on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Morgan Stanley upped their price objective on shares of Cintas from $185.00 to $202.00 and gave the stock an “equal weight” rating in a research report on Thursday. Jefferies Financial Group decreased their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. The Goldman Sachs Group upped their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Royal Bank of Canada boosted their price objective on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $200.77.

Cintas Price Performance

Cintas stock opened at $211.22 on Monday. The company has a market capitalization of $85.18 billion, a PE ratio of 53.34, a P/E/G ratio of 4.15 and a beta of 1.33. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a 50-day moving average price of $215.13 and a two-hundred day moving average price of $202.40. Cintas Co. has a 12 month low of $138.39 and a 12 month high of $228.12.

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

Cintas Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.74%. The ex-dividend date of this dividend was Friday, November 15th. Cintas’s payout ratio is presently 39.39%.

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.