Fifth Third Wealth Advisors LLC Raises Position in Cintas Co. (NASDAQ:CTAS)

Fifth Third Wealth Advisors LLC grew its holdings in Cintas Co. (NASDAQ:CTAS - Free Report) by 297.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,021 shares of the business services provider's stock after buying an additional 3,009 shares during the period. Fifth Third Wealth Advisors LLC's holdings in Cintas were worth $828,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Edgestream Partners L.P. purchased a new stake in shares of Cintas in the first quarter valued at approximately $972,000. Bessemer Group Inc. raised its holdings in shares of Cintas by 88.8% during the 1st quarter. Bessemer Group Inc. now owns 3,864 shares of the business services provider's stock worth $2,656,000 after acquiring an additional 1,817 shares during the period. Lake Street Advisors Group LLC boosted its holdings in Cintas by 41.1% in the 1st quarter. Lake Street Advisors Group LLC now owns 515 shares of the business services provider's stock valued at $354,000 after purchasing an additional 150 shares during the last quarter. Natixis acquired a new position in shares of Cintas in the 1st quarter valued at $346,000. Finally, LGT Group Foundation acquired a new stake in shares of Cintas during the first quarter valued at about $170,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Stock Up 0.4 %

NASDAQ CTAS traded up $0.78 on Wednesday, reaching $218.75. The company had a trading volume of 1,016,020 shares, compared to its average volume of 1,448,242. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $88.22 billion, a P/E ratio of 55.04, a P/E/G ratio of 4.24 and a beta of 1.32. The company's fifty day moving average is $222.07 and its 200 day moving average is $196.41. Cintas Co. has a 52-week low of $136.87 and a 52-week 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 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. The firm had revenue of $2.50 billion for the quarter, compared to analysts' expectations of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company's quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter last year, the firm earned $3.70 EPS. Sell-side analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors 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 0.71%. The ex-dividend date of this dividend is Friday, November 15th. Cintas's dividend payout ratio (DPR) is currently 39.39%.

Cintas announced that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company's leadership believes its stock is undervalued.

Analyst Ratings Changes

CTAS has been the subject of several recent research reports. UBS Group raised their price target on shares of Cintas from $219.00 to $240.00 and gave the company a "buy" rating in a research report on Thursday, September 26th. Truist Financial boosted their price objective on shares of Cintas from $212.50 to $225.00 and gave the company a "buy" rating in a research note on Tuesday, September 17th. Morgan Stanley lifted their price target on shares of Cintas from $170.00 to $185.00 and gave the company an "equal weight" rating in a research report on Thursday, September 26th. The Goldman Sachs Group raised their price objective on shares of Cintas from $212.00 to $236.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Finally, Barclays boosted their target price on shares of Cintas from $210.00 to $245.00 and gave the company an "overweight" rating in a report on Friday, September 27th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $199.63.

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.