Parnassus Investments LLC Acquires 33,479 Shares of Cintas Co. (NASDAQ:CTAS)

Parnassus Investments LLC grew its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 109.0% in the third quarter, HoldingsChannel.com reports. The fund owned 64,207 shares of the business services provider’s stock after purchasing an additional 33,479 shares during the period. Parnassus Investments LLC’s holdings in Cintas were worth $13,219,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of CTAS. Checchi Capital Advisers LLC boosted its stake in Cintas by 0.9% during the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock worth $1,156,000 after acquiring an additional 14 shares in the last quarter. Axxcess Wealth Management LLC boosted its position in shares of Cintas by 0.5% in the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after purchasing an additional 14 shares in the last quarter. Field & Main Bank grew its stake in shares of Cintas by 25.0% in the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock worth $53,000 after buying an additional 15 shares during the last quarter. Drive Wealth Management LLC grew its stake in shares of Cintas by 3.7% in the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock worth $314,000 after buying an additional 16 shares during the last quarter. Finally, TIAA Trust National Association increased its position in Cintas by 1.2% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Trading Up 0.5 %

Shares of NASDAQ:CTAS opened at $216.20 on Tuesday. The stock’s 50-day simple moving average is $221.79 and its two-hundred day simple moving average is $196.06. The stock has a market capitalization of $87.19 billion, a price-to-earnings ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. Cintas Co. has a 52-week low of $136.50 and a 52-week high of $227.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter last year, the firm posted $3.70 earnings per share. The firm’s revenue was up 6.8% compared to the same quarter last year. Analysts expect that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. Cintas’s dividend payout ratio (DPR) is 39.39%.

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

Analyst Upgrades and Downgrades

CTAS has been the subject of several analyst reports. 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. Redburn Atlantic assumed coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price for the company. The Goldman Sachs Group upped their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Jefferies Financial Group reduced their price target on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Finally, Morgan Stanley upped their price objective on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $199.63.

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.