Empowered Funds LLC Purchases 15,010 Shares of Cintas Co. (NASDAQ:CTAS)

Empowered Funds LLC raised its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 373.6% during the third quarter, Holdings Channel.com reports. The fund owned 19,028 shares of the business services provider’s stock after buying an additional 15,010 shares during the period. Empowered Funds LLC’s holdings in Cintas were worth $3,917,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Atria Investments Inc increased its stake in Cintas by 291.7% in the 3rd quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock worth $4,595,000 after acquiring an additional 16,623 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Cintas by 343.9% in the third quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock worth $22,976,000 after purchasing an additional 86,460 shares during the last quarter. Creative Planning raised its stake in Cintas by 34.4% during the second quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock valued at $13,551,000 after purchasing an additional 4,957 shares in the last quarter. Western Financial Corp CA increased its holdings in shares of Cintas by 628.2% in the 3rd quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock worth $2,429,000 after buying an additional 10,177 shares during the last quarter. Finally, Portside Wealth Group LLC raised its position in shares of Cintas by 361.9% during the 3rd quarter. Portside Wealth Group LLC now owns 1,395 shares of the business services provider’s stock valued at $287,000 after buying an additional 1,093 shares in the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms recently commented on CTAS. Morgan Stanley lifted their price target on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Truist Financial increased their price target on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Barclays raised their price target on Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday, September 27th. The Goldman Sachs Group boosted their price objective on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Finally, Royal Bank of Canada lifted their price target on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Two equities 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. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $199.63.

Cintas Price Performance

CTAS opened at $216.20 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $221.79 and its 200-day simple moving average is $196.06. The company 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 12-month low of $136.50 and a 12-month high of $227.35.

Cintas (NASDAQ:CTAS) last posted its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating 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 business 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 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.72%. Cintas’s dividend payout ratio is currently 39.39%.

Cintas declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management 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.