Cintas Co. (NASDAQ:CTAS) Shares Acquired by ING Groep NV

ING Groep NV boosted its stake in Cintas Co. (NASDAQ:CTAS) by 1,158.6% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 169,961 shares of the business services provider’s stock after acquiring an additional 156,457 shares during the period. ING Groep NV’s holdings in Cintas were worth $34,992,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Avantax Advisory Services Inc. grew its position in Cintas by 17.0% in the 1st quarter. Avantax Advisory Services Inc. now owns 2,173 shares of the business services provider’s stock valued at $1,493,000 after buying an additional 316 shares during the last quarter. Orion Portfolio Solutions LLC raised its holdings in Cintas by 6.5% during the first quarter. Orion Portfolio Solutions LLC now owns 5,567 shares of the business services provider’s stock worth $3,825,000 after purchasing an additional 341 shares in the last quarter. Dorsey & Whitney Trust CO LLC lifted its position in Cintas by 2.0% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 2,444 shares of the business services provider’s stock valued at $1,679,000 after purchasing an additional 49 shares during the period. Twin Tree Management LP purchased a new stake in Cintas in the 1st quarter valued at approximately $37,203,000. Finally, Trust Investment Advisors acquired a new position in Cintas during the 1st quarter worth approximately $219,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Truist Financial lifted 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. Stifel Nicolaus increased their price target on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a report on Friday, July 19th. Redburn Atlantic started coverage on shares of Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective on the stock. Royal Bank of Canada increased their target price on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a report on Thursday, September 26th. Finally, Wells Fargo & Company upped their price target on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $199.63.

Cintas Trading Down 1.9 %

Shares of NASDAQ CTAS traded down $4.24 during midday trading on Thursday, reaching $219.38. 322,466 shares of the stock were exchanged, compared to its average volume of 1,443,364. The stock has a 50 day moving average price of $220.75 and a 200-day moving average price of $194.79. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $88.48 billion, a P/E ratio of 56.47, a P/E/G ratio of 4.43 and a beta of 1.32. Cintas Co. has a 52-week low of $136.50 and a 52-week high of $227.35.

Cintas (NASDAQ:CTAS) last released its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping 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 firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company earned $3.70 EPS. Cintas’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts expect that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s payout ratio is 39.39%.

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

Cintas 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.