Palmer Knight Co Boosts Stake in Cintas Co. (NASDAQ:CTAS)

Palmer Knight Co increased its position in shares of Cintas Co. (NASDAQ:CTAS) by 296.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 45,780 shares of the business services provider’s stock after acquiring an additional 34,235 shares during the period. Cintas makes up about 4.1% of Palmer Knight Co’s holdings, making the stock its 2nd biggest position. Palmer Knight Co’s holdings in Cintas were worth $9,425,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Reik & CO. LLC grew its stake in Cintas by 296.1% in the 3rd quarter. Reik & CO. LLC now owns 245,873 shares of the business services provider’s stock worth $50,620,000 after buying an additional 183,796 shares in the last quarter. Summit Global Investments grew its stake in Cintas by 117.4% in the 3rd quarter. Summit Global Investments now owns 1,085 shares of the business services provider’s stock worth $224,000 after buying an additional 586 shares in the last quarter. Bensler LLC grew its stake in Cintas by 314.0% in the 3rd quarter. Bensler LLC now owns 59,403 shares of the business services provider’s stock worth $12,230,000 after buying an additional 45,054 shares in the last quarter. Winthrop Advisory Group LLC grew its stake in Cintas by 289.1% in the 3rd quarter. Winthrop Advisory Group LLC now owns 1,572 shares of the business services provider’s stock worth $324,000 after buying an additional 1,168 shares in the last quarter. Finally, LS Investment Advisors LLC purchased a new position in Cintas in the 3rd quarter worth approximately $217,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Trading Up 1.2 %

NASDAQ:CTAS opened at $219.52 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. Cintas Co. has a 52 week low of $131.01 and a 52 week high of $219.87. The firm has a market capitalization of $88.53 billion, a P/E ratio of 55.43, a P/E/G ratio of 4.09 and a beta of 1.32. The company has a fifty day moving average of $218.46 and a 200 day moving average of $192.79.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $2.49 billion. During the same period in the prior year, the business earned $3.70 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, research analysts predict that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.71%. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CTAS shares. Redburn Atlantic assumed coverage on shares of Cintas in a research note on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target for the company. Truist Financial upped 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. Jefferies Financial Group cut their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Morgan Stanley upped their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company upped their price objective on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average 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.