Harel Insurance Investments & Financial Services Ltd. Buys New Stake in Cintas Co. (NASDAQ:CTAS)

Harel Insurance Investments & Financial Services Ltd. purchased a new stake in Cintas Co. (NASDAQ:CTAS) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 469 shares of the business services provider’s stock, valued at approximately $334,000.

Several other institutional investors also recently bought and sold shares of the business. Vanguard Group Inc. raised its holdings in Cintas by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock valued at $6,206,969,000 after acquiring an additional 112,361 shares during the last quarter. Norges Bank acquired a new position in Cintas in the 4th quarter valued at $872,895,000. Bank of New York Mellon Corp raised its holdings in Cintas by 3.5% in the 1st quarter. Bank of New York Mellon Corp now owns 806,369 shares of the business services provider’s stock valued at $554,000,000 after acquiring an additional 27,470 shares during the last quarter. Brown Advisory Inc. raised its holdings in Cintas by 2.2% in the 4th quarter. Brown Advisory Inc. now owns 726,515 shares of the business services provider’s stock valued at $437,842,000 after acquiring an additional 15,444 shares during the last quarter. Finally, Nordea Investment Management AB raised its holdings in Cintas by 6.3% in the 1st quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock valued at $438,402,000 after acquiring an additional 37,727 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Up 0.5 %

NASDAQ CTAS traded up $4.24 during trading hours on Tuesday, hitting $777.22. The company had a trading volume of 74,521 shares, compared to its average volume of 371,514. Cintas Co. has a fifty-two week low of $474.74 and a fifty-two week high of $777.50. The company has a market capitalization of $78.86 billion, a price-to-earnings ratio of 53.38, a P/E/G ratio of 4.06 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. The firm’s 50 day moving average is $731.13 and its 200 day moving average is $682.55.

Cintas’s stock is set to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be issued to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period in the prior year, the company posted $3.33 EPS. Sell-side analysts anticipate that Cintas Co. will post 16.62 earnings per share for the current fiscal year.

Cintas declared that its Board of Directors has approved a stock repurchase program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be given a $1.56 dividend. This is a boost from Cintas’s previous quarterly dividend of $1.35. This represents a $6.24 dividend on an annualized basis and a yield of 0.80%. The ex-dividend date is Thursday, August 15th. Cintas’s dividend payout ratio is presently 43.09%.

Insider Buying and Selling at Cintas

In other news, Director Gerald S. Adolph sold 1,100 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total transaction of $842,292.00. Following the transaction, the director now owns 31,452 shares of the company’s stock, valued at $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.10% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on CTAS shares. Truist Financial boosted their price target on Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a report on Friday, July 19th. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. UBS Group upped their price objective on Cintas from $790.00 to $874.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Robert W. Baird restated a “neutral” rating and set a $775.00 price objective (up from $750.00) on shares of Cintas in a report on Friday, July 19th. Finally, Stifel Nicolaus upped their price objective on Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $742.36.

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.