Plato Investment Management Ltd Purchases 432 Shares of Cintas Co. (NASDAQ:CTAS)

Plato Investment Management Ltd boosted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 25.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,118 shares of the business services provider’s stock after buying an additional 432 shares during the period. Plato Investment Management Ltd’s holdings in Cintas were worth $1,483,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LGT Financial Advisors LLC boosted its position in shares of 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 acquiring an additional 28 shares during the last quarter. Atwood & Palmer Inc. bought a new stake in Cintas during the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC purchased a new position in Cintas in the 1st quarter worth approximately $29,000. Rise Advisors LLC bought a new position in shares of Cintas in the 1st quarter worth $30,000. Finally, Meeder Asset Management Inc. raised its position in shares of Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after buying an additional 34 shares in the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTAS has been the subject of several research reports. Barclays cut their target price on shares of Cintas from $850.00 to $210.00 and set an “overweight” rating for the company in a research report on Friday. Robert W. Baird reissued a “neutral” rating and set a $193.75 price objective (up from $187.50) on shares of Cintas in a report on Friday, July 19th. Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a research report on Tuesday, August 13th. Citigroup downgraded shares of Cintas from a “neutral” rating to a “sell” rating and lifted their price target for the stock from $132.50 to $142.50 in a research note on Friday, May 24th. Finally, Truist Financial boosted their price objective on shares of Cintas from $193.75 to $212.50 and gave the stock a “buy” rating in a report on Friday, July 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cintas has a consensus rating of “Hold” and a consensus target price of $185.41.

Insider Buying and Selling

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

Cintas Stock Up 0.8 %

Shares of NASDAQ:CTAS opened at $207.77 on Monday. The stock’s 50-day moving average is $204.28 and its 200 day moving average is $181.01. The company has a market cap of $20.94 billion, a PE ratio of 14.35, a P/E/G ratio of 4.36 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. Cintas Co. has a 1 year low of $118.68 and a 1 year high of $209.12.

Cintas (NASDAQ:CTAS) last posted its earnings results on Thursday, July 18th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.05. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.83 earnings per share. Sell-side analysts anticipate that Cintas Co. will post 16.64 EPS for the current year.

Cintas Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s dividend payout ratio is currently 43.09%.

Cintas announced that its board has authorized a stock buyback plan on Tuesday, July 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.