Zurcher Kantonalbank Zurich Cantonalbank Boosts Holdings in Cintas Co. (NASDAQ:CTAS)

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cintas Co. (NASDAQ:CTAS) by 19.8% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 53,338 shares of the business services provider’s stock after purchasing an additional 8,830 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of Cintas worth $37,350,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. Banco Santander S.A. raised its stake in shares of Cintas by 46.3% during the second quarter. Banco Santander S.A. now owns 25,708 shares of the business services provider’s stock valued at $18,002,000 after purchasing an additional 8,135 shares during the period. Financial Advocates Investment Management increased its stake in shares of Cintas by 30.5% in the second quarter. Financial Advocates Investment Management now owns 834 shares of the business services provider’s stock worth $584,000 after buying an additional 195 shares during the last quarter. HB Wealth Management LLC increased its stake in shares of Cintas by 7.8% in the second quarter. HB Wealth Management LLC now owns 1,594 shares of the business services provider’s stock worth $1,116,000 after buying an additional 116 shares during the last quarter. Ballast Advisors LLC increased its stake in shares of Cintas by 8.2% in the second quarter. Ballast Advisors LLC now owns 658 shares of the business services provider’s stock worth $461,000 after buying an additional 50 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its stake in shares of Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock worth $1,156,000 after buying an additional 14 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

CTAS stock traded up $1.46 during trading on Thursday, hitting $799.25. The company had a trading volume of 281,465 shares, compared to its average volume of 370,818. The firm has a market capitalization of $81.09 billion, a price-to-earnings ratio of 55.20, a P/E/G ratio of 4.06 and a beta of 1.31. The business has a 50 day moving average of $743.64 and a 200 day moving average of $690.45. Cintas Co. has a fifty-two week low of $474.74 and a fifty-two week high of $807.98. 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 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 distributed to shareholders after the closing bell on Wednesday, September 11th.

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

Cintas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be given a $1.56 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This is a boost from Cintas’s previous quarterly dividend of $1.35. This represents a $6.24 annualized dividend and a yield of 0.78%. Cintas’s payout ratio is 43.09%.

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

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Stifel Nicolaus lifted their price target on shares of Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Redburn Atlantic began coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $670.00 price objective for the company. Barclays lifted their price objective on shares of Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Royal Bank of Canada downgraded shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price objective for the company. in a report on Monday, July 15th. Finally, UBS Group lifted their price objective on shares of Cintas from $790.00 to $874.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $742.36.

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 sale, the director now owns 31,452 shares in the company, valued at approximately $24,083,425.44. The transaction was disclosed in a filing with the SEC, which is available through this link. 15.10% of the stock is owned by company insiders.

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.