Cintas (NASDAQ:CTAS) Hits New 52-Week High at $812.01

Shares of Cintas Co. (NASDAQ:CTAS) hit a new 52-week high during trading on Tuesday . The company traded as high as $812.01 and last traded at $806.50, with a volume of 34213 shares. The stock had previously closed at $805.12.

Analyst Ratings Changes

Several analysts have recently weighed in on CTAS shares. Royal Bank of Canada downgraded Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price for the company. in a research note on Monday, July 15th. Wells Fargo & Company raised Cintas to a “strong sell” rating in a report on Tuesday, August 13th. Citigroup downgraded Cintas from a “neutral” rating to a “sell” rating and increased their target price for the stock from $530.00 to $570.00 in a report on Friday, May 24th. Redburn Atlantic initiated coverage on Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $670.00 price target for the company. Finally, Barclays raised their price objective on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Two research 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $742.36.

Cintas Stock Performance

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 has a market capitalization of $81.43 billion, a P/E ratio of 55.60, a P/E/G ratio of 4.28 and a beta of 1.31. The company’s 50-day moving average is $749.31 and its two-hundred day moving average is $695.00.

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

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.80 by $0.19. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 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 8.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.33 EPS. As a group, sell-side analysts anticipate that Cintas Co. will post 16.64 EPS for the current fiscal year.

Cintas Increases Dividend

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

Cintas declared that its board has approved a stock buyback plan 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 reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Gerald S. Adolph sold 1,100 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 15.10% of the stock is owned by insiders.

Hedge Funds Weigh In On Cintas

Several hedge funds have recently made changes to their positions in the business. LGT Financial Advisors LLC increased its holdings in shares of Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. Atwood & Palmer Inc. acquired a new position in shares of Cintas in the 2nd quarter worth $27,000. Pathway Financial Advisers LLC acquired a new stake in shares of Cintas during the first quarter worth $29,000. Rise Advisors LLC acquired a new position in shares of Cintas in the 1st quarter valued at $30,000. Finally, Meeder Asset Management Inc. increased its stake in Cintas by 226.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after purchasing an additional 34 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

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.