CIBC Asset Management Inc Purchases 88,912 Shares of Cintas Co. (NASDAQ:CTAS)

CIBC Asset Management Inc boosted its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 304.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 118,151 shares of the business services provider's stock after acquiring an additional 88,912 shares during the period. CIBC Asset Management Inc's holdings in Cintas were worth $24,325,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of CTAS. LGT Financial Advisors LLC raised its position in shares of 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 purchasing an additional 28 shares during the period. Financial Management Professionals Inc. grew its holdings in Cintas by 341.4% during the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider's stock worth $26,000 after acquiring an additional 99 shares during the period. Hollencrest Capital Management raised its holdings in shares of Cintas by 433.3% in the 3rd quarter. Hollencrest Capital Management now owns 128 shares of the business services provider's stock worth $26,000 after purchasing an additional 104 shares in the last quarter. Atwood & Palmer Inc. acquired a new stake in shares of Cintas during the 2nd quarter valued at $27,000. Finally, Addison Advisors LLC boosted its position in shares of Cintas by 495.7% in the 3rd quarter. Addison Advisors LLC now owns 137 shares of the business services provider's stock valued at $28,000 after purchasing an additional 114 shares during the period. Institutional investors and hedge funds own 63.46% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on CTAS shares. Redburn Atlantic began coverage on Cintas in a research report on Friday, August 9th. They set a "neutral" rating and a $167.50 price target on the stock. The Goldman Sachs Group boosted their target price on Cintas from $212.00 to $236.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Stifel Nicolaus raised 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. Royal Bank of Canada upped their target price on Cintas from $181.00 to $215.00 and gave the stock a "sector perform" rating in a research report on Thursday, September 26th. Finally, Truist Financial boosted their target price on shares of Cintas from $212.50 to $225.00 and gave the stock a "buy" rating in a research report on Tuesday, September 17th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, Cintas has a consensus rating of "Hold" and an average target price of $199.63.

Cintas Price Performance

Shares of Cintas stock traded down $1.46 during trading on Friday, hitting $215.20. 1,792,986 shares of the company's stock traded hands, compared to its average volume of 1,450,435. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. The firm's fifty day moving average price is $221.49 and its 200 day moving average price is $195.28. The company has a market cap of $86.79 billion, a PE ratio of 54.34, a PEG ratio of 4.40 and a beta of 1.32. Cintas Co. has a twelve month low of $136.50 and a twelve month high of $227.35.

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

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.72%. Cintas's payout ratio is 39.39%.

Cintas declared that its board has initiated a share buyback plan on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company's leadership believes its stock is undervalued.

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.