Sound Income Strategies LLC Takes Position in Cintas Co. (NASDAQ:CTAS)

Sound Income Strategies LLC acquired a new stake in Cintas Co. (NASDAQ:CTAS) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 147 shares of the business services provider’s stock, valued at approximately $27,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP lifted its position in shares of Cintas by 500.0% in the second quarter. Quarry LP now owns 108 shares of the business services provider’s stock valued at $76,000 after acquiring an additional 90 shares in the last quarter. Financial Management Professionals Inc. lifted its position in Cintas by 341.4% during the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 99 shares during the period. Hollencrest Capital Management lifted its position in Cintas by 433.3% during the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 104 shares during the period. Addison Advisors LLC lifted its position in Cintas by 495.7% during the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after buying an additional 114 shares during the period. Finally, Grove Bank & Trust lifted its position in Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock worth $30,000 after buying an additional 134 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CTAS shares. The Goldman Sachs Group reduced their target price on Cintas from $236.00 to $211.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $215.00 target price on shares of Cintas in a research report on Friday, December 20th. Wells Fargo & Company reduced their target price on Cintas from $191.00 to $184.00 and set an “underweight” rating on the stock in a research report on Friday, December 20th. UBS Group dropped their price target on Cintas from $240.00 to $218.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Finally, Truist Financial dropped their price target on Cintas from $225.00 to $215.00 and set a “buy” rating for the company in a research note on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $198.46.

Cintas Price Performance

CTAS stock opened at $197.39 on Monday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.58. Cintas Co. has a 1 year low of $148.75 and a 1 year high of $228.12. The firm has a market cap of $79.65 billion, a P/E ratio of 47.59, a price-to-earnings-growth ratio of 3.84 and a beta of 1.37. The stock has a 50-day simple moving average of $202.99 and a 200-day simple moving average of $205.90.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Thursday, December 19th. The business services provider reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.08. The firm had revenue of $2.56 billion during the quarter, compared to the consensus estimate of $2.56 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. Cintas’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $3.61 earnings per share. On average, equities analysts predict that Cintas Co. will post 4.31 earnings per share for the current fiscal year.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend is Friday, February 14th. Cintas’s dividend payout ratio is currently 37.61%.

Cintas Company 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.