Algert Global LLC Purchases New Position in Cintas Co. (NASDAQ:CTAS)

Algert Global LLC acquired a new position in shares of Cintas Co. (NASDAQ:CTAS) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 469 shares of the business services provider’s stock, valued at approximately $328,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. LGT Financial Advisors LLC lifted its holdings in Cintas by 311.1% during 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 last quarter. Atwood & Palmer Inc. bought a new position in shares of Cintas in the second quarter valued at about $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas during the 1st quarter worth about $29,000. Rise Advisors LLC bought a new stake in Cintas during the 1st quarter worth about $30,000. Finally, Meeder Asset Management Inc. increased 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 valued at $34,000 after acquiring an additional 34 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

CTAS opened at $207.02 on Wednesday. The company has a fifty day simple moving average of $210.65 and a 200 day simple moving average of $186.36. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The stock has a market cap of $21.00 billion, a P/E ratio of 14.30, a P/E/G ratio of 4.09 and a beta of 1.32. Cintas Co. has a 12 month low of $122.60 and a 12 month high of $211.57.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.10. The business had revenue of $2.50 billion during 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%. Cintas’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.70 EPS. On average, research analysts expect that Cintas Co. will post 4.16 EPS for the current year.

Cintas Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is presently 10.77%.

Cintas declared that its board has approved a share buyback 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CTAS. The Goldman Sachs Group increased their price target on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Royal Bank of Canada raised their price target on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a report on Thursday, September 26th. UBS Group boosted their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Stifel Nicolaus raised their target price on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Two 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. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $199.63.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction 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 represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 15.10% 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.