Kesler Norman & Wride LLC Increases Stock Position in Cintas Co. (NASDAQ:CTAS)

Kesler Norman & Wride LLC boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 182.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,219 shares of the business services provider’s stock after acquiring an additional 3,373 shares during the quarter. Kesler Norman & Wride LLC’s holdings in Cintas were worth $1,075,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in CTAS. LGT Financial Advisors LLC boosted its position in shares of Cintas by 311.1% during 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 during the last quarter. Atwood & Palmer Inc. purchased a new stake in shares of Cintas during the 2nd quarter valued at about $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the first quarter worth approximately $29,000. Rise Advisors LLC bought a new position in Cintas during the first quarter valued at approximately $30,000. Finally, Meeder Asset Management Inc. grew its position 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 during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Price Performance

CTAS opened at $204.47 on Tuesday. The business has a fifty day moving average of $210.38 and a 200 day moving average of $186.05. The stock has a market cap of $20.75 billion, a P/E ratio of 14.12, a PEG ratio of 4.09 and a beta of 1.32. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. Cintas Co. has a 52-week low of $122.60 and a 52-week high of $211.57.

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

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio (DPR) is 10.77%.

Cintas announced that its Board of Directors has approved a share buyback program on Tuesday, July 23rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

CTAS has been the subject of a number of research reports. Redburn Atlantic assumed coverage on Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective for the company. Morgan Stanley increased their price objective on shares of Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. Truist Financial raised their price objective on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, Barclays lifted their price target on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Cintas presently has an average rating of “Hold” and a consensus target price of $199.63.

Insider Buying and Selling at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the completion of the transaction, the director now directly owns 125,808 shares of the company’s stock, valued at $24,083,425.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.10% of the stock is currently owned by company insiders.

Cintas 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.