Allspring Global Investments Holdings LLC Increases Holdings in Cintas Co. (NASDAQ:CTAS)

Allspring Global Investments Holdings LLC boosted its position in shares of Cintas Co. (NASDAQ:CTAS) by 343.9% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 111,599 shares of the business services provider’s stock after purchasing an additional 86,460 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.11% of Cintas worth $22,976,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of CTAS. Checchi Capital Advisers LLC increased its stake in shares of Cintas by 0.9% during 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 period. Axxcess Wealth Management LLC grew its holdings in Cintas by 0.5% during the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after acquiring an additional 14 shares in the last quarter. Field & Main Bank increased its position in Cintas by 25.0% during the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the period. Drive Wealth Management LLC increased its position in Cintas by 3.7% during the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 16 shares during the period. Finally, TIAA Trust National Association raised its holdings in shares of Cintas by 1.2% in the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock valued at $954,000 after purchasing an additional 16 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Trading Down 0.3 %

Shares of Cintas stock opened at $209.13 on Friday. The firm’s 50 day simple moving average is $215.86 and its two-hundred day simple moving average is $189.89. The firm has a market capitalization of $21.22 billion, a price-to-earnings ratio of 14.44, a PEG ratio of 4.12 and a beta of 1.32. Cintas Co. has a 12-month low of $123.65 and a 12-month high of $215.37. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share 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 net margin of 16.80% and a return on equity of 39.56%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the previous year, the company earned $3.70 earnings per share. Analysts predict that Cintas Co. will post 4.23 EPS for the current year.

Cintas declared that its Board of Directors has initiated a stock repurchase program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price objective 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. Redburn Atlantic started coverage on Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target on the stock. Royal Bank of Canada upped their price objective on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Robert W. Baird lifted their target price on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research note on Thursday, September 26th. Finally, Wells Fargo & Company boosted their target price on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Two investment 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. According to MarketBeat, the company has a consensus rating of “Hold” and an average 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.