Insight Wealth Strategies LLC Grows Position in Cintas Co. (NASDAQ:CTAS)

Insight Wealth Strategies LLC grew its position in shares of Cintas Co. (NASDAQ:CTAS - Free Report) by 308.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,486 shares of the business services provider's stock after acquiring an additional 16,226 shares during the quarter. Insight Wealth Strategies LLC's holdings in Cintas were worth $4,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of CTAS. LGT Financial Advisors LLC boosted its holdings in shares of Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider's stock worth $26,000 after buying an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Cintas in the 2nd quarter worth about $27,000. Pathway Financial Advisers LLC purchased a new position in shares of Cintas in the 1st quarter worth about $29,000. Rise Advisors LLC purchased a new position in shares of Cintas in the 1st quarter worth about $30,000. Finally, Meeder Asset Management Inc. boosted its holdings in shares of Cintas by 226.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider's stock worth $34,000 after buying an additional 34 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on CTAS. Morgan Stanley upped their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an "equal weight" rating in a report on Thursday, September 26th. Wells Fargo & Company upped their price objective on shares of Cintas from $184.00 to $191.00 and gave the company an "underweight" rating in a report on Thursday, September 26th. The Goldman Sachs Group upped their price objective on shares of Cintas from $212.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, September 26th. UBS Group upped their price objective on shares of Cintas from $219.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Finally, StockNews.com raised shares of Cintas from a "hold" rating to a "buy" rating in a report on Friday, June 14th. Two 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. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $199.63.

Insider Buying and Selling

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 value of $842,292.00. Following the completion of the sale, the director now owns 125,808 shares of the company's stock, valued at $24,083,425.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 15.10% of the stock is owned by company insiders.

Cintas Price Performance

Shares of CTAS stock traded up $2.55 during trading on Tuesday, hitting $207.02. The company had a trading volume of 1,050,811 shares, compared to its average volume of 1,489,396. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The stock's 50-day moving average is $210.65 and its two-hundred day moving average is $186.36. The stock has a market capitalization of $21.00 billion, a price-to-earnings ratio of 14.30, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. Cintas Co. has a 52 week low of $122.60 and a 52 week high of $211.57.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its quarterly earnings data 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 company had revenue of $2.50 billion for the quarter, compared to analysts' expectations of $2.49 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. Cintas's revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the business earned $3.70 earnings per share. As a group, analysts predict that Cintas Co. will post 4.16 EPS for the current fiscal year.

Cintas Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. The ex-dividend date was Thursday, August 15th. Cintas's dividend payout ratio (DPR) is 10.77%.

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

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.