Fifth Third Wealth Advisors LLC Increases Position in Cintas Co. (NASDAQ:CTAS)

Fifth Third Wealth Advisors LLC raised its holdings in Cintas Co. (NASDAQ:CTAS) by 297.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 4,021 shares of the business services provider’s stock after acquiring an additional 3,009 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Cintas were worth $828,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Wrapmanager Inc. increased its holdings in shares of Cintas by 258.2% in the third quarter. Wrapmanager Inc. now owns 1,816 shares of the business services provider’s stock valued at $374,000 after purchasing an additional 1,309 shares during the last quarter. Prospera Financial Services Inc grew its holdings in shares of Cintas by 3,812.9% in the third quarter. Prospera Financial Services Inc now owns 34,668 shares of the business services provider’s stock valued at $7,137,000 after purchasing an additional 33,782 shares during the period. Chesapeake Wealth Management increased its position in Cintas by 288.0% during the third quarter. Chesapeake Wealth Management now owns 1,940 shares of the business services provider’s stock worth $399,000 after purchasing an additional 1,440 shares during the last quarter. Tranquility Partners LLC raised its stake in Cintas by 300.0% during the third quarter. Tranquility Partners LLC now owns 2,304 shares of the business services provider’s stock worth $474,000 after purchasing an additional 1,728 shares during the period. Finally, Caprock Group LLC boosted its holdings in Cintas by 306.9% in the 3rd quarter. Caprock Group LLC now owns 31,444 shares of the business services provider’s stock valued at $6,474,000 after purchasing an additional 23,716 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Up 0.8 %

CTAS stock opened at $217.97 on Wednesday. Cintas Co. has a fifty-two week low of $136.50 and a fifty-two week high of $227.35. The company’s 50 day moving average price is $222.07 and its 200 day moving average price is $196.41. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The firm has a market capitalization of $87.91 billion, a price-to-earnings ratio of 55.04, a PEG ratio of 4.24 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last released its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.10. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same period in the previous year, the company earned $3.70 EPS. On average, equities research analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

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

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. Truist Financial upped their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Wells Fargo & Company boosted their price objective on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a report on Thursday, September 26th. Royal Bank of Canada increased their target price on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Finally, Jefferies Financial Group decreased their price objective 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cintas currently has an average rating of “Hold” and a consensus 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.