Swedbank AB lifted its stake in shares of Cintas Co. (NASDAQ:CTAS - Free Report) by 308.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 221,336 shares of the business services provider's stock after acquiring an additional 167,123 shares during the period. Swedbank AB owned 0.22% of Cintas worth $45,569,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in CTAS. LGT Financial Advisors LLC boosted its stake 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 during the last quarter. Atwood & Palmer Inc. acquired a new stake in Cintas in the 2nd quarter worth about $27,000. Pathway Financial Advisers LLC acquired a new stake in Cintas in the 1st quarter worth about $29,000. Rise Advisors LLC acquired a new stake in Cintas in the 1st quarter worth about $30,000. Finally, Grove Bank & Trust boosted its stake in Cintas by 1,340.0% in the 3rd quarter. Grove Bank & Trust now owns 144 shares of the business services provider's stock worth $30,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.
A number of analysts have issued reports on CTAS shares. The Goldman Sachs Group raised their price target on Cintas from $212.00 to $236.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Truist Financial lifted their price objective on Cintas from $212.50 to $225.00 and gave the company a "buy" rating in a research note on Tuesday, September 17th. UBS Group lifted their price objective on Cintas from $219.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Morgan Stanley lifted their price objective on Cintas from $170.00 to $185.00 and gave the company an "equal weight" rating in a research note on Thursday, September 26th. Finally, Barclays lifted their price objective on Cintas from $210.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, September 27th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $199.63.
Read Our Latest Research Report on Cintas
In other news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the completion of the sale, the director now directly owns 125,808 shares of the company's stock, valued at approximately $24,083,425.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 15.10% of the company's stock.
CTAS opened at $210.70 on Wednesday. The firm has a market capitalization of $21.38 billion, a P/E ratio of 14.55, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. The stock's 50 day moving average price is $213.03 and its two-hundred day moving average price is $188.19. 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 12-month low of $123.65 and a 12-month high of $213.05.
Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping analysts' consensus estimates of $1.00 by $0.10. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The company's quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter last year, the company earned $3.70 EPS. On average, equities analysts forecast that Cintas Co. will post 4.23 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $0.39 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.74%. Cintas's dividend payout ratio (DPR) is currently 10.77%.
Cintas announced that its Board of Directors has approved a share repurchase plan 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 repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.
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.
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