Raymond James & Associates Purchases 6,611 Shares of Cintas Co. (NASDAQ:CTAS)

Raymond James & Associates boosted its position in Cintas Co. (NASDAQ:CTAS) by 5.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,409 shares of the business services provider’s stock after purchasing an additional 6,611 shares during the period. Raymond James & Associates owned approximately 0.12% of Cintas worth $83,617,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of CTAS. Vanguard Group Inc. increased its holdings in Cintas by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock worth $6,206,969,000 after purchasing an additional 112,361 shares during the period. Norges Bank purchased a new position in shares of Cintas during the fourth quarter valued at $872,895,000. Bank of New York Mellon Corp raised its holdings in shares of Cintas by 3.5% in the first quarter. Bank of New York Mellon Corp now owns 806,369 shares of the business services provider’s stock valued at $554,000,000 after acquiring an additional 27,470 shares in the last quarter. Brown Advisory Inc. lifted its stake in Cintas by 2.2% in the fourth quarter. Brown Advisory Inc. now owns 726,515 shares of the business services provider’s stock worth $437,842,000 after acquiring an additional 15,444 shares during the period. Finally, Nordea Investment Management AB grew its holdings in Cintas by 6.3% during the 1st quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock worth $438,402,000 after acquiring an additional 37,727 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Stock Performance

Shares of NASDAQ:CTAS traded down $2.88 on Friday, hitting $764.86. 267,647 shares of the company were exchanged, compared to its average volume of 372,777. The firm has a market capitalization of $77.60 billion, a P/E ratio of 52.82, a price-to-earnings-growth ratio of 4.06 and a beta of 1.31. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. Cintas Co. has a 1-year low of $474.74 and a 1-year high of $773.95. The stock’s 50 day moving average price is $729.36 and its 200 day moving average price is $680.92.

Cintas shares are set to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly issued shares will be issued to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data 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 business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the company earned $3.33 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. Sell-side analysts predict that Cintas Co. will post 16.62 EPS for the current year.

Cintas announced that its board has approved a stock buyback plan on Tuesday, July 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Cintas Increases Dividend

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

Insider Transactions at Cintas

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of Cintas 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 completion of the transaction, the director now owns 31,452 shares in the company, valued at approximately $24,083,425.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Redburn Atlantic initiated coverage on shares of Cintas in a research report on Friday, August 9th. They issued a “neutral” rating and a $670.00 price target for the company. Morgan Stanley upped their target price on Cintas from $575.00 to $625.00 and gave the stock an “equal weight” rating in a report on Friday, July 19th. UBS Group lifted their price target on Cintas from $790.00 to $874.00 and gave the company a “buy” rating in a report on Friday, July 19th. Robert W. Baird restated a “neutral” rating and set a $775.00 price objective (up from $750.00) on shares of Cintas in a research note on Friday, July 19th. Finally, StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Cintas has an average rating of “Hold” and an average price target of $742.36.

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.