Bridges Investment Management Inc. Purchases 205,790 Shares of Cintas Co. (NASDAQ:CTAS)

by · The Markets Daily

Bridges Investment Management Inc. lifted its holdings in Cintas Co. (NASDAQ:CTAS – Free Report) by 302.3% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 273,855 shares of the business services provider’s stock after purchasing an additional 205,790 shares during the quarter. Bridges Investment Management Inc. owned 0.07% of Cintas worth $56,381,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Impax Asset Management Group plc increased its position in shares of Cintas by 211.1% during the 3rd quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after purchasing an additional 1,648,350 shares during the last quarter. Alecta Tjanstepension Omsesidigt raised its position in Cintas by 300.0% in the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after purchasing an additional 1,222,500 shares during the period. Congress Asset Management Co. lifted its stake in Cintas by 295.6% in the third quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider’s stock worth $161,531,000 after purchasing an additional 586,271 shares during the last quarter. National Pension Service boosted its position in shares of Cintas by 362.8% during the third quarter. National Pension Service now owns 736,193 shares of the business services provider’s stock valued at $151,567,000 after buying an additional 577,135 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Cintas by 3,302.1% during the third quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock valued at $103,194,000 after buying an additional 486,500 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.

Cintas Stock Up 2.8 %

NASDAQ:CTAS opened at $225.72 on Friday. The firm has a market capitalization of $91.03 billion, a P/E ratio of 57.00, a PEG ratio of 4.09 and a beta of 1.32. The company’s fifty day moving average price is $219.35 and its 200-day moving average price is $193.39. Cintas Co. has a 1-year low of $131.24 and a 1-year high of $227.24. 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 (NASDAQ:CTAS – Get Free Report) last announced its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The company 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% on a year-over-year basis. During the same period last year, the business earned $3.70 earnings per share. As a group, equities research analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is presently 39.39%.

Cintas announced that its Board of Directors has approved a stock repurchase 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 buy up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on CTAS shares. Truist Financial upped their price objective on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Barclays boosted their price objective on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a research note on Friday, September 27th. Robert W. Baird increased their target price on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. The Goldman Sachs Group boosted their price target on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, Stifel Nicolaus raised their price objective on Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research report on Friday, July 19th. 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. Based on data from MarketBeat, Cintas presently has a consensus rating of “Hold” and a consensus target price of $199.63.

Read Our Latest Research Report on CTAS

About Cintas

(Free Report)

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.

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