Daiwa Securities Group Inc. lessened its holdings in Cintas Co. (NASDAQ:CTAS) by 26.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 37,320 shares of the business services provider’s stock after selling 13,260 shares during the period. Daiwa Securities Group Inc.’s holdings in Cintas were worth $10,006,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of CTAS. Invesco Ltd. raised its stake in shares of Cintas by 41.1% in the 2nd quarter. Invesco Ltd. now owns 3,146,487 shares of the business services provider’s stock valued at $746,630,000 after acquiring an additional 916,169 shares during the period. Nuveen Asset Management LLC raised its stake in shares of Cintas by 17,451.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 420,359 shares of the business services provider’s stock valued at $99,748,000 after acquiring an additional 417,964 shares during the period. Vanguard Group Inc. raised its stake in shares of Cintas by 4.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,033,781 shares of the business services provider’s stock valued at $2,380,916,000 after acquiring an additional 382,578 shares during the period. AMI Asset Management Corp purchased a new position in shares of Cintas in the 2nd quarter valued at $33,420,000. Finally, Schroder Investment Management Group raised its stake in shares of Cintas by 3,945.5% in the 2nd quarter. Schroder Investment Management Group now owns 141,027 shares of the business services provider’s stock valued at $33,464,000 after acquiring an additional 137,541 shares during the period. 67.04% of the stock is currently owned by institutional investors and hedge funds.
CTAS has been the topic of several analyst reports. Stifel Nicolaus lifted their price target on shares of Cintas from $226.00 to $256.00 and gave the stock a “hold” rating in a research note on Wednesday, September 25th. Morgan Stanley lifted their price target on shares of Cintas from $217.00 to $223.00 and gave the stock an “underweight” rating in a research note on Thursday, October 10th. Nomura lifted their price target on shares of Cintas from $217.00 to $248.00 and gave the stock a “neutral” rating in a research note on Monday, July 22nd. Barclays set a $295.00 price target on shares of Cintas and gave the stock a “buy” rating in a research note on Friday, September 27th. Finally, Royal Bank of Canada lifted their price target on shares of Cintas from $267.00 to $275.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. Cintas presently has a consensus rating of “Hold” and a consensus price target of $262.40.
Cintas stock traded down $1.26 during midday trading on Friday, hitting $260.74. 35,018 shares of the stock were exchanged, compared to its average volume of 411,145. Cintas Co. has a 1 year low of $155.98 and a 1 year high of $277.85. The firm has a market cap of $27.63 billion, a P/E ratio of 34.31, a P/E/G ratio of 3.00 and a beta of 0.99. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.04 and a quick ratio of 1.74. The company has a 50 day moving average price of $265.28 and a two-hundred day moving average price of $247.43.
Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Tuesday, September 24th. The business services provider reported $2.32 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.15 by $0.17. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.79 billion. Cintas had a net margin of 13.18% and a return on equity of 28.61%. The firm’s revenue for the quarter was up 6.7% compared to the same quarter last year. During the same period last year, the business earned $1.93 EPS. As a group, analysts predict that Cintas Co. will post 8.57 EPS for the current year.
The business also recently disclosed an annual dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be issued a dividend of $2.55 per share. The ex-dividend date of this dividend is Thursday, November 7th. Cintas’s dividend payout ratio is currently 26.97%.
Cintas declared that its Board of Directors has authorized a stock buyback program on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to purchase up to 3.5% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
In other Cintas news, CAO Michael Lawrence Thompson sold 2,000 shares of the firm’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $268.23, for a total transaction of $536,460.00. Following the completion of the transaction, the chief accounting officer now directly owns 62,906 shares of the company’s stock, valued at approximately $16,873,276.38. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.90% of the stock is owned by company insiders.
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.
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