Kentucky Retirement Systems Grows Position in Cintas Co. (NASDAQ:CTAS)

Kentucky Retirement Systems raised its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 267.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 23,868 shares of the business services provider's stock after purchasing an additional 17,369 shares during the quarter. Kentucky Retirement Systems' holdings in Cintas were worth $4,914,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Impax Asset Management Group plc lifted its position in Cintas by 211.1% in the third quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider's stock valued at $499,236,000 after purchasing an additional 1,648,350 shares during the period. Alecta Tjanstepension Omsesidigt raised its stake in shares of Cintas by 300.0% during the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider's stock worth $335,552,000 after buying an additional 1,222,500 shares in the last quarter. Los Angeles Capital Management LLC lifted its holdings in shares of Cintas by 211.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider's stock valued at $234,826,000 after buying an additional 774,551 shares during the period. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Cintas by 291.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider's stock valued at $183,110,000 after buying an additional 662,431 shares in the last quarter. Finally, Congress Asset Management Co. boosted its stake in shares of Cintas by 295.6% in the third quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider's stock valued at $161,531,000 after buying an additional 586,271 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Cintas Price Performance

Shares of CTAS traded down $1.46 during trading hours on Friday, reaching $215.20. 1,792,986 shares of the company traded hands, compared to its average volume of 1,168,020. The stock has a fifty day simple moving average of $221.49 and a 200 day simple moving average of $195.70. Cintas Co. has a fifty-two week low of $136.50 and a fifty-two week high of $227.35. The stock has a market capitalization of $86.79 billion, a PE ratio of 54.34, a price-to-earnings-growth ratio of 4.24 and a beta of 1.32. 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 (NASDAQ:CTAS - Get Free Report) last released its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.10. The company 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 firm's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $3.70 EPS. As a group, research analysts predict that Cintas Co. will post 4.23 EPS 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 dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. The ex-dividend date is Friday, November 15th. Cintas's dividend payout ratio is presently 39.39%.

Cintas announced that its board has approved a stock repurchase 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their target price on Cintas from $184.00 to $191.00 and gave the company an "underweight" rating in a report on Thursday, September 26th. Royal Bank of Canada raised their price objective on shares of Cintas from $181.00 to $215.00 and gave the company a "sector perform" rating in a research note on Thursday, September 26th. Barclays upped their target price on shares of Cintas from $210.00 to $245.00 and gave the stock an "overweight" rating in a research report on Friday, September 27th. Truist Financial lifted their price target on shares of Cintas from $212.50 to $225.00 and gave the company a "buy" rating in a research report on Tuesday, September 17th. Finally, UBS Group boosted their price target on Cintas from $219.00 to $240.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $199.63.

Cintas Company 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.