Coastline Trust Co Takes Position in Cintas Co. (NASDAQ:CTAS)

Coastline Trust Co acquired a new stake in Cintas Co. (NASDAQ:CTAS) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 360 shares of the business services provider’s stock, valued at approximately $252,000.

A number of other hedge funds have also made changes to their positions in CTAS. Atwood & Palmer Inc. purchased a new position in Cintas during the 2nd quarter worth approximately $27,000. Pathway Financial Advisers LLC purchased a new position in Cintas during the 1st quarter worth approximately $29,000. Janiczek Wealth Management LLC grew its stake in Cintas by 113.0% during the 4th quarter. Janiczek Wealth Management LLC now owns 49 shares of the business services provider’s stock worth $30,000 after buying an additional 26 shares during the last quarter. Rise Advisors LLC purchased a new position in Cintas during the 1st quarter worth approximately $30,000. Finally, Webster Bank N. A. purchased a new position in Cintas during the 1st quarter worth approximately $38,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

Cintas stock traded up $0.95 during mid-day trading on Monday, hitting $756.60. 71,250 shares of the company were exchanged, compared to its average volume of 373,096. The company has a market capitalization of $76.77 billion, a P/E ratio of 52.19, a PEG ratio of 4.06 and a beta of 1.31. 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 $474.74 and a 12-month high of $773.95. The business’s 50 day simple moving average is $721.21 and its two-hundred day simple moving average is $675.80.

Shares of Cintas are going to split on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be issued to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last issued its earnings results on Thursday, July 18th. The business services provider reported $3.99 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the firm earned $3.33 earnings per share. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. Analysts forecast that Cintas Co. will post 16.62 earnings per share for the current fiscal year.

Cintas declared that its board has approved a stock buyback 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be paid a dividend of $1.56 per share. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date is Thursday, August 15th. This is a boost from Cintas’s previous quarterly dividend of $1.35. Cintas’s payout ratio is currently 43.09%.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total transaction of $842,292.00. Following the transaction, the director now owns 31,452 shares in the company, valued at $24,083,425.44. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 15.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

CTAS has been the topic of a number of research reports. UBS Group raised their price target on Cintas from $790.00 to $874.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Robert W. Baird reaffirmed a “neutral” rating and set a $775.00 price objective (up from $750.00) on shares of Cintas in a research report on Friday, July 19th. Citigroup cut Cintas from a “neutral” rating to a “sell” rating and increased their price objective for the stock from $530.00 to $570.00 in a research report on Friday, May 24th. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Finally, Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $742.92.

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.