Creative Planning Increases Stock Position in Cintas Co. (NASDAQ:CTAS)

Creative Planning raised its holdings in Cintas Co. (NASDAQ:CTAS) by 34.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,351 shares of the business services provider’s stock after purchasing an additional 4,957 shares during the period. Creative Planning’s holdings in Cintas were worth $13,551,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Checchi Capital Advisers LLC raised its position 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 valued at $1,156,000 after buying an additional 14 shares during the last quarter. Axxcess Wealth Management LLC raised its position in shares of Cintas by 0.5% in the second quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock valued at $2,034,000 after buying an additional 14 shares during the last quarter. Field & Main Bank raised its position in shares of Cintas by 25.0% in the second quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after buying an additional 15 shares during the last quarter. Drive Wealth Management LLC raised its position in shares of Cintas by 3.7% in the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after buying an additional 16 shares during the last quarter. Finally, TIAA Trust National Association raised its position in shares of Cintas by 1.2% in the second quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock valued at $954,000 after buying an additional 16 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Insider Buying and Selling at Cintas

In other news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction dated 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 transaction, the director now owns 125,808 shares in the company, valued at approximately $24,083,425.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 15.10% of the stock is owned by corporate insiders.

Cintas Price Performance

Shares of CTAS stock opened at $205.88 on Tuesday. The company has a market capitalization of $20.89 billion, a PE ratio of 14.22, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. The firm has a fifty day simple moving average of $209.14 and a 200-day simple moving average of $184.71. 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 Co. has a twelve month low of $119.69 and a twelve month high of $211.57.

Cintas (NASDAQ:CTAS) last posted 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. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same period in the prior year, the firm posted $3.70 EPS. The firm’s revenue was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Cintas Co. will post 4.16 earnings per share for the current fiscal year.

Cintas announced that its board has authorized a share buyback program on Tuesday, July 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Cintas Cuts Dividend

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

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. The Goldman Sachs Group boosted their price objective on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird upped their price target on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Royal Bank of Canada upped their price target on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 26th. Redburn Atlantic started coverage on shares of Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $167.50 price target for the company. Finally, Barclays upped their price target on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $199.63.

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.