Parnassus Investments LLC Has $13.22 Million Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Parnassus Investments LLC lifted its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 109.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 64,207 shares of the business services provider's stock after acquiring an additional 33,479 shares during the period. Parnassus Investments LLC's holdings in Cintas were worth $13,219,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

A number of research firms recently weighed in on CTAS. Redburn Atlantic started coverage on shares of Cintas in a research note on Friday, August 9th. They issued a "neutral" rating and a $167.50 target price on the stock. UBS Group upped their price objective on Cintas from $219.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, September 26th. Barclays raised their target price on Cintas from $210.00 to $245.00 and gave the stock an "overweight" rating in a research report on Friday, September 27th. Jefferies Financial Group lowered their price target on Cintas from $730.00 to $200.00 and set a "hold" rating on the stock in a research report on Thursday, September 26th. Finally, Truist Financial lifted 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. Two investment 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. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $199.63.

Cintas Trading Up 0.8 %

Shares of CTAS stock traded up $1.77 on Tuesday, reaching $217.97. 1,231,473 shares of the stock were exchanged, compared to its average volume of 1,450,172. The stock has a market cap of $87.91 billion, a PE ratio of 54.92, a P/E/G ratio of 4.24 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. Cintas Co. has a one year low of $136.50 and a one year high of $227.35. The stock has a 50 day moving average price of $221.79 and a 200 day moving average price of $196.06.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 business's revenue for the quarter was up 6.8% on a year-over-year basis. During the same period last year, the firm earned $3.70 earnings per share. Equities research analysts forecast that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

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

Cintas declared that its Board of Directors has authorized a share buyback plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board 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.