The Manufacturers Life Insurance Company Has $113.25 Million Position in Cintas Co. (NASDAQ:CTAS)

The Manufacturers Life Insurance Company increased its position in Cintas Co. (NASDAQ:CTAS - Free Report) by 260.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 550,089 shares of the business services provider's stock after buying an additional 397,275 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.14% of Cintas worth $113,252,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of CTAS. Impax Asset Management Group plc lifted its stake in Cintas by 211.1% during 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 last quarter. King Luther Capital Management Corp raised its position in shares of Cintas by 293.2% during the third quarter. King Luther Capital Management Corp now owns 1,904,296 shares of the business services provider's stock worth $392,056,000 after purchasing an additional 1,419,975 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cintas by 258.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,894,922 shares of the business services provider's stock valued at $390,127,000 after purchasing an additional 1,365,825 shares during the last quarter. Alecta Tjanstepension Omsesidigt boosted its position in shares of Cintas by 300.0% in the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider's stock valued at $335,552,000 after purchasing an additional 1,222,500 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Cintas by 299.8% in the 3rd quarter. PNC Financial Services Group Inc. now owns 1,286,525 shares of the business services provider's stock worth $264,870,000 after purchasing an additional 964,698 shares in the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Price Performance

Shares of NASDAQ:CTAS traded down $2.42 during midday trading on Wednesday, reaching $224.05. The company's stock had a trading volume of 1,261,258 shares, compared to its average volume of 1,450,925. The business's fifty day simple moving average is $211.92 and its 200-day simple moving average is $198.32. 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 fifty-two week low of $136.87 and a fifty-two week high of $228.12. The company has a market capitalization of $90.36 billion, a P/E ratio of 56.58, a P/E/G ratio of 4.41 and a beta of 1.32.

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 firm had revenue of $2.50 billion during 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%. Cintas's revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.70 EPS. As a group, equities research analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend is Friday, November 15th. Cintas's payout ratio is 39.39%.

Analysts Set New Price Targets

Several research analysts have commented on CTAS shares. Wells Fargo & Company raised their target price on shares of Cintas from $184.00 to $191.00 and gave the stock an "underweight" rating in a report on Thursday, September 26th. Redburn Atlantic initiated coverage on shares of Cintas in a research note on Friday, August 9th. They issued a "neutral" rating and a $167.50 target price for the company. The Goldman Sachs Group raised their price target on shares of Cintas from $212.00 to $236.00 and gave the company a "buy" rating in a report on Thursday, September 26th. Truist Financial increased 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. Finally, Jefferies Financial Group lowered their target price on shares of Cintas from $730.00 to $200.00 and set a "hold" rating on the stock in a research note on Thursday, September 26th. Two 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. According to data from MarketBeat, Cintas has an average rating of "Hold" and a consensus 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.