Principal Financial Group Inc. Purchases 378,101 Shares of Cintas Co. (NASDAQ:CTAS)

Principal Financial Group Inc. grew its holdings in Cintas Co. (NASDAQ:CTAS - Free Report) by 301.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 503,522 shares of the business services provider's stock after acquiring an additional 378,101 shares during the period. Principal Financial Group Inc. owned 0.12% of Cintas worth $103,665,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CTAS. LGT Financial Advisors LLC raised its stake in Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider's stock worth $26,000 after acquiring an additional 28 shares during the period. Financial Management Professionals Inc. raised its position in shares of Cintas by 341.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider's stock valued at $26,000 after purchasing an additional 99 shares during the period. Atwood & Palmer Inc. bought a new stake in shares of Cintas during the 2nd quarter valued at $27,000. Pathway Financial Advisers LLC purchased a new position in shares of Cintas during the 1st quarter valued at $29,000. Finally, Grove Bank & Trust boosted its holdings 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 period. Hedge funds and other institutional investors own 63.46% of the company's stock.

Cintas Trading Up 2.8 %

NASDAQ CTAS traded up $6.20 during trading on Friday, hitting $225.72. The stock had a trading volume of 1,648,330 shares, compared to its average volume of 1,128,922. Cintas Co. has a one year low of $131.24 and a one year high of $227.24. The stock has a 50 day simple moving average of $219.35 and a 200 day simple moving average of $193.39. The stock has a market capitalization of $91.03 billion, a price-to-earnings ratio of 57.00, a P/E/G ratio of 4.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53.

Cintas (NASDAQ:CTAS - Get Free Report) last issued its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.00 by $0.10. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. Cintas's quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $3.70 EPS. Sell-side analysts predict that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders 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 dividend yield of 0.69%. The ex-dividend date is Friday, November 15th. Cintas's payout ratio is presently 39.39%.

Cintas announced that its board has authorized a stock buyback plan 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 shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

CTAS has been the topic of a number of recent analyst reports. Redburn Atlantic initiated coverage on Cintas in a research report on Friday, August 9th. They issued a "neutral" rating and a $167.50 price objective on the stock. Wells Fargo & Company boosted 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. Robert W. Baird upped their price target on Cintas from $194.00 to $209.00 and gave the stock a "neutral" rating in a research note on Thursday, September 26th. Baird R W cut shares of Cintas from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 19th. Finally, Morgan Stanley upped their target price on shares of Cintas from $170.00 to $185.00 and gave the stock an "equal weight" rating in a research report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Cintas has an average rating of "Hold" and an average target price of $199.63.

About Cintas

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.