CNB Bank Grows Holdings in Cintas Co. (NASDAQ:CTAS)

CNB Bank lifted its position in shares of Cintas Co. (NASDAQ:CTAS) by 186.1% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,188 shares of the business services provider’s stock after buying an additional 2,724 shares during the quarter. CNB Bank’s holdings in Cintas were worth $862,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of CTAS. Cedrus LLC boosted its position in Cintas by 280.6% during the third quarter. Cedrus LLC now owns 2,752 shares of the business services provider’s stock worth $567,000 after acquiring an additional 2,029 shares during the last quarter. New Century Financial Group LLC purchased a new position in shares of Cintas during the 3rd quarter worth $224,000. Resonant Capital Advisors LLC acquired a new stake in shares of Cintas during the third quarter worth $325,000. Verde Capital Management purchased a new stake in shares of Cintas in the third quarter valued at $491,000. Finally, Alta Wealth Advisors LLC acquired a new position in Cintas in the third quarter valued at $222,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Price Performance

Shares of NASDAQ CTAS opened at $214.02 on Friday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. Cintas Co. has a 1-year low of $123.65 and a 1-year high of $215.37. The company has a market capitalization of $21.72 billion, a price-to-earnings ratio of 14.78, a PEG ratio of 4.12 and a beta of 1.32. The business has a 50-day moving average of $214.61 and a 200-day moving average of $188.99.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results 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. The firm had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. Cintas’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $3.70 EPS. On average, equities analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Cuts Dividend

The company also recently declared 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. This represents a $1.56 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s dividend payout ratio (DPR) is 10.77%.

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

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Morgan Stanley raised their price target on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Thursday, September 26th. Wells Fargo & Company boosted their target price on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a report on Thursday, September 26th. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Stifel Nicolaus lifted their price target on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a report on Friday, July 19th. Finally, Truist Financial upped their price objective on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $199.63.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the firm’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 sale, the director now directly owns 125,808 shares in the company, valued at $24,083,425.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at 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.