3Chopt Investment Partners LLC Purchases Shares of 793 Cintas Co. (NASDAQ:CTAS)

3Chopt Investment Partners LLC acquired a new position in shares of Cintas Co. (NASDAQ:CTAS) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 793 shares of the business services provider’s stock, valued at approximately $555,000.

A number of other institutional investors and hedge funds have also modified their holdings of CTAS. Vantage Financial Partners LLC acquired a new stake in Cintas during the fourth quarter worth $1,029,000. CWA Asset Management Group LLC lifted its holdings in shares of Cintas by 22.1% during the 4th quarter. CWA Asset Management Group LLC now owns 2,510 shares of the business services provider’s stock worth $1,513,000 after acquiring an additional 455 shares during the period. CIBC Asset Management Inc boosted its position in shares of Cintas by 0.6% during the 4th quarter. CIBC Asset Management Inc now owns 27,825 shares of the business services provider’s stock valued at $16,769,000 after acquiring an additional 167 shares in the last quarter. Rafferty Asset Management LLC increased its stake in Cintas by 14.6% in the fourth quarter. Rafferty Asset Management LLC now owns 26,631 shares of the business services provider’s stock valued at $16,049,000 after acquiring an additional 3,383 shares during the period. Finally, Belpointe Asset Management LLC raised its position in Cintas by 65.5% in the fourth quarter. Belpointe Asset Management LLC now owns 705 shares of the business services provider’s stock worth $425,000 after purchasing an additional 279 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Cintas Price Performance

CTAS opened at $205.88 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. The stock has a market capitalization of $20.89 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. The company’s 50 day simple moving average is $209.14 and its 200-day simple moving average is $184.71. Cintas Co. has a one year low of $119.69 and a one year high of $211.57.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company earned $3.70 EPS. Sell-side analysts anticipate that Cintas Co. will post 4.16 earnings per share for the current fiscal year.

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

Cintas Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio is currently 10.77%.

Insider Buying and Selling at Cintas

In other news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the sale, the director now owns 125,808 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 15.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CTAS. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Truist Financial boosted their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Robert W. Baird increased their price objective on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Baird R W cut Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group upped their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $199.63.

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.