McKinley Carter Wealth Services Inc. Raises Position in Cintas Co. (NASDAQ:CTAS)

McKinley Carter Wealth Services Inc. lifted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 299.5% in the third quarter, HoldingsChannel.com reports. The fund owned 4,602 shares of the business services provider’s stock after acquiring an additional 3,450 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Cintas were worth $948,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. LGT Financial Advisors LLC increased its position in Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after buying an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new stake in Cintas in the second quarter worth $27,000. Pathway Financial Advisers LLC purchased a new stake in Cintas in the first quarter worth $29,000. Rise Advisors LLC purchased a new stake in Cintas in the first quarter worth $30,000. Finally, Meeder Asset Management Inc. increased its position in Cintas by 226.7% in the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after buying an additional 34 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Price Performance

NASDAQ:CTAS opened at $212.93 on Thursday. The firm has a market capitalization of $21.60 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 4.12 and a beta of 1.32. Cintas Co. has a 52-week low of $123.65 and a 52-week high of $213.40. The stock has a fifty day moving average of $213.58 and a 200 day moving average of $188.37. 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, beating the consensus estimate of $1.00 by $0.10. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The company had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the company earned $3.70 earnings per share. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

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

Cintas Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders 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 was Thursday, August 15th. Cintas’s dividend payout ratio (DPR) is currently 10.77%.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of Cintas 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 owns 125,808 shares of the company’s stock, valued at $24,083,425.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 15.10% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on CTAS shares. Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Barclays raised their target price on Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. UBS Group raised their price target on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Robert W. Baird raised their price target on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Finally, Royal Bank of Canada raised their price target on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Cintas 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.