Empire Life Investments Inc. Buys 40,325 Shares of Cintas Co. (NASDAQ:CTAS)

Empire Life Investments Inc. raised its position in shares of Cintas Co. (NASDAQ:CTAS) by 293.1% in the third quarter, according to its most recent filing with the SEC. The firm owned 54,081 shares of the business services provider’s stock after purchasing an additional 40,325 shares during the quarter. Empire Life Investments Inc. owned approximately 0.05% of Cintas worth $11,134,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. LGT Financial Advisors LLC lifted its position in shares of Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 28 shares during the period. Financial Management Professionals Inc. lifted its position in Cintas by 341.4% in the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 99 shares in the last quarter. Atwood & Palmer Inc. purchased a new stake in shares of Cintas in the second quarter worth approximately $27,000. Pathway Financial Advisers LLC bought a new position in shares of Cintas in the first quarter valued at approximately $29,000. Finally, Grove Bank & Trust grew its holdings in Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after buying an additional 134 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Cintas Trading Down 0.1 %

NASDAQ CTAS opened at $205.62 on Friday. The firm has a market cap of $82.93 billion, a PE ratio of 51.92, a price-to-earnings-growth ratio of 4.05 and a beta of 1.32. Cintas Co. has a 1-year low of $126.74 and a 1-year high of $215.37. The stock has a 50-day moving average of $217.75 and a 200-day moving average of $191.84. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The company 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%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business posted $3.70 EPS. As a group, sell-side analysts forecast that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The business 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 $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.76%. Cintas’s dividend payout ratio is 39.39%.

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

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Robert W. Baird increased their target price on shares of Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Royal Bank of Canada raised their target price on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Baird R W downgraded shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Truist Financial lifted their price objective on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Finally, Stifel Nicolaus increased their target price on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target 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.