Cintas Co. (NASDAQ:CTAS) Shares Acquired by Oak Harbor Wealth Partners LLC

Oak Harbor Wealth Partners LLC lifted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 300.0% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 2,548 shares of the business services provider’s stock after buying an additional 1,911 shares during the period. Oak Harbor Wealth Partners LLC’s holdings in Cintas were worth $525,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. LGT Financial Advisors LLC lifted its holdings 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 in the last quarter. Atwood & Palmer Inc. acquired a new stake in shares of Cintas in the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new position in shares of Cintas during the first quarter valued at approximately $29,000. Meeder Asset Management Inc. increased its stake in shares of Cintas by 226.7% during the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares during the period. Finally, Crewe Advisors LLC increased its stake in shares of Cintas by 133.3% during the second quarter. Crewe Advisors LLC now owns 56 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 32 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on CTAS shares. UBS Group raised their target price on shares of Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Redburn Atlantic started coverage on shares of Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 target price for the company. Truist Financial lifted their target price 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. Morgan Stanley raised their price target on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company raised their price target on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a report 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 given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Stock Performance

NASDAQ CTAS opened at $217.05 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. The firm has a market capitalization of $87.54 billion, a price-to-earnings ratio of 54.81, a P/E/G ratio of 4.40 and a beta of 1.32. The company’s fifty day moving average is $220.75 and its two-hundred day moving average is $194.79. Cintas Co. has a 52-week low of $136.50 and a 52-week high of $227.35.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating 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 analyst estimates of $2.49 billion. During the same period in the previous year, the business earned $3.70 EPS. The firm’s revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that Cintas Co. will post 4.23 EPS for the current year.

Cintas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. Cintas’s dividend payout ratio (DPR) is currently 39.39%.

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