Cintas (NASDAQ:CTAS) Price Target Raised to $240.00

Cintas (NASDAQ:CTAS) had its price target increased by UBS Group from $219.00 to $240.00 in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a buy rating on the business services provider’s stock.

A number of other brokerages have also issued reports on CTAS. Redburn Atlantic assumed coverage on shares of Cintas in a research note on Friday, August 9th. They set a neutral rating and a $167.50 target price for the company. Wells Fargo & Company boosted their target price on Cintas from $184.00 to $191.00 and gave the company an underweight rating in a research note on Thursday. StockNews.com raised Cintas from a hold rating to a buy rating in a research note on Friday, June 14th. Royal Bank of Canada boosted their price target on Cintas from $181.00 to $215.00 and gave the company a sector perform rating in a research note on Thursday. Finally, Robert W. Baird lifted their target price on shares of Cintas from $194.00 to $209.00 and gave the company a neutral rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus price target of $199.63.

Cintas Stock Performance

Shares of CTAS stock opened at $202.35 on Thursday. The company has a market capitalization of $20.53 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 4.09 and a beta of 1.32. Cintas has a 1-year low of $119.69 and a 1-year high of $211.57. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The stock’s fifty day simple moving average is $208.88 and its 200-day simple moving average is $184.37.

Cintas (NASDAQ:CTAS) last released its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.70 EPS. On average, sell-side analysts predict that Cintas will post 4.16 earnings per share for the current fiscal year.

Cintas declared that its board has authorized a stock repurchase program on Tuesday, July 23rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Cintas Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.77%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s dividend payout ratio is currently 10.77%.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 15.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cintas

Hedge funds and other institutional investors have recently modified their holdings of the stock. LGT Financial Advisors LLC boosted its holdings in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Atwood & Palmer Inc. acquired a new position in shares of Cintas during the second quarter valued at about $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the first quarter valued at about $29,000. Rise Advisors LLC acquired a new stake in Cintas during the first quarter worth about $30,000. Finally, Meeder Asset Management Inc. increased its stake in Cintas by 226.7% during the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

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.