Plato Investment Management Ltd Raises Stake in Cintas Co. (NASDAQ:CTAS)

Plato Investment Management Ltd increased its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 25.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,118 shares of the business services provider’s stock after acquiring an additional 432 shares during the period. Plato Investment Management Ltd’s holdings in Cintas were worth $1,483,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. LGT Financial Advisors LLC boosted its position in shares of Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. Atwood & Palmer Inc. purchased a new position in Cintas during the second quarter valued at $27,000. Pathway Financial Advisers LLC bought a new stake in Cintas in the first quarter worth $29,000. Rise Advisors LLC purchased a new stake in shares of Cintas in the first quarter worth $30,000. Finally, Meeder Asset Management Inc. increased its holdings in shares of Cintas by 226.7% during the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. UBS Group upped their price target on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a research note on Friday, July 19th. Redburn Atlantic began coverage on shares of Cintas in a research note on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price on the stock. Stifel Nicolaus raised their price target on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research report on Friday, July 19th. Robert W. Baird restated a “neutral” rating and issued a $193.75 price objective (up from $187.50) on shares of Cintas in a report on Friday, July 19th. Finally, Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a research note on Tuesday, August 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cintas presently has an average rating of “Hold” and an average target price of $185.41.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total transaction of $842,292.00. Following the sale, the director now owns 125,808 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a document filed with the SEC, which is available at this link. 15.10% of the stock is currently owned by corporate insiders.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $207.77 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. Cintas Co. has a 1 year low of $118.68 and a 1 year high of $209.12. The firm has a fifty day moving average price of $204.28 and a 200-day moving average price of $181.01. The stock has a market cap of $20.94 billion, a PE ratio of 14.35, a price-to-earnings-growth ratio of 4.36 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Thursday, July 18th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business posted $0.83 EPS. Cintas’s revenue for the quarter was up 8.2% compared to the same quarter last year. Equities analysts anticipate that Cintas Co. will post 16.64 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $0.39 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.75%. Cintas’s dividend payout ratio is presently 43.09%.

Cintas announced that its Board of Directors has initiated a share repurchase 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

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.