Oak Asset Management LLC Acquires 6,807 Shares of Cintas Co. (NASDAQ:CTAS)

Oak Asset Management LLC lifted its position in shares of Cintas Co. (NASDAQ:CTAS - Free Report) by 300.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 9,076 shares of the business services provider's stock after acquiring an additional 6,807 shares during the quarter. Oak Asset Management LLC's holdings in Cintas were worth $1,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Checchi Capital Advisers LLC boosted its stake in Cintas by 0.9% in the 2nd quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider's stock worth $1,156,000 after purchasing an additional 14 shares during the period. Axxcess Wealth Management LLC raised its holdings in shares of Cintas by 0.5% in the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider's stock valued at $2,034,000 after acquiring an additional 14 shares in the last quarter. Field & Main Bank raised its holdings in shares of Cintas by 25.0% in the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider's stock valued at $53,000 after acquiring an additional 15 shares in the last quarter. Drive Wealth Management LLC raised its holdings in shares of Cintas by 3.7% in the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider's stock valued at $314,000 after acquiring an additional 16 shares in the last quarter. Finally, TIAA Trust National Association raised its holdings in shares of Cintas by 1.2% in the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider's stock valued at $954,000 after acquiring an additional 16 shares in the last quarter. Institutional investors own 63.46% of the company's stock.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the company's stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the sale, the director now directly owns 125,808 shares in the company, valued at $24,083,425.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 15.10% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Truist Financial raised their price objective on Cintas from $212.50 to $225.00 and gave the company a "buy" rating in a report on Tuesday, September 17th. Stifel Nicolaus lifted their price target on Cintas from $166.75 to $199.50 and gave the stock a "hold" rating in a research note on Friday, July 19th. The Goldman Sachs Group lifted their price target on Cintas from $212.00 to $236.00 and gave the stock a "buy" rating in a research note on Thursday, September 26th. Wells Fargo & Company lifted their price target on Cintas from $184.00 to $191.00 and gave the stock an "underweight" rating in a research note on Thursday, September 26th. Finally, Baird R W cut Cintas from a "strong-buy" rating to a "hold" rating in a research note on Friday, July 19th. 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. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $199.63.

Cintas Stock Performance

Cintas stock traded down $0.44 during mid-day trading on Monday, reaching $204.47. 1,261,059 shares of the stock traded hands, compared to its average volume of 1,491,667. The stock has a market capitalization of $20.75 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. Cintas Co. has a 12-month low of $122.60 and a 12-month high of $211.57. The business's 50-day moving average is $210.38 and its 200-day moving average is $186.05.

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, beating the consensus estimate of $1.00 by $0.10. The business had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.70 earnings per share. As a group, sell-side analysts predict that Cintas Co. will post 4.16 EPS for the current fiscal year.

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

Cintas Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.76%. The ex-dividend date was Thursday, August 15th. Cintas's payout ratio is presently 10.77%.

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.

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