Cintas (NASDAQ:CTAS) Issues Earnings Results

Cintas (NASDAQ:CTAS) issued its earnings results on Wednesday. The business services provider reported $3.84 EPS for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.39 billion. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The company’s revenue for the quarter was up 9.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $3.14 EPS. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Stock Up 0.2 %

Shares of NASDAQ CTAS opened at $687.03 on Friday. Cintas has a 12-month low of $438.59 and a 12-month high of $704.84. The stock has a market cap of $69.64 billion, a PE ratio of 47.45, a P/E/G ratio of 3.85 and a beta of 1.27. The company has a current ratio of 2.38, a quick ratio of 1.89 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average of $620.99 and a 200 day moving average of $567.53.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 15th were paid a dividend of $1.35 per share. The ex-dividend date was Wednesday, February 14th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 0.79%. Cintas’s dividend payout ratio is currently 37.29%.

Hedge Funds Weigh In On Cintas

Institutional investors and hedge funds have recently bought and sold shares of the company. Quarry LP lifted its holdings in Cintas by 221.1% during the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock worth $28,000 after buying an additional 42 shares in the last quarter. Sunbelt Securities Inc. purchased a new position in Cintas during the 1st quarter worth $36,000. Clearstead Advisors LLC acquired a new stake in shares of Cintas in the 3rd quarter worth $39,000. Harbour Investments Inc. lifted its stake in shares of Cintas by 315.0% in the 4th quarter. Harbour Investments Inc. now owns 83 shares of the business services provider’s stock worth $50,000 after acquiring an additional 63 shares during the period. Finally, O Dell Group LLC acquired a new stake in shares of Cintas in the 4th quarter worth $51,000. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a research note on Thursday. Barclays raised their target price on shares of Cintas from $630.00 to $700.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. UBS Group raised their target price on shares of Cintas from $680.00 to $790.00 and gave the company a “buy” rating in a research note on Thursday. Stifel Nicolaus raised their price target on shares of Cintas from $526.00 to $585.00 and gave the stock a “hold” rating in a report on Friday, December 22nd. Finally, Royal Bank of Canada raised their target price on shares of Cintas from $675.00 to $725.00 and gave the stock an “outperform” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $649.60.

Cintas Company Profile

Cintas Corporation provides 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.