Cintas (NASDAQ:CTAS) PT Raised to $185.00 at Morgan Stanley

Cintas (NASDAQ:CTAS) had its price objective increased by Morgan Stanley from $170.00 to $185.00 in a research report report published on Thursday morning, Benzinga reports. The brokerage currently has an equal weight rating on the business services provider’s stock.

A number of other research analysts have also recently issued reports on CTAS. StockNews.com raised shares of Cintas from a hold rating to a buy rating in a report on Friday, June 14th. Stifel Nicolaus raised their price objective on Cintas from $166.75 to $199.50 and gave the company a hold rating in a research note on Friday, July 19th. Robert W. Baird boosted their target price on Cintas from $194.00 to $209.00 and gave the stock a neutral rating in a research report on Thursday. Truist Financial raised their price target on Cintas from $212.50 to $225.00 and gave the company a buy rating in a research report on Tuesday, September 17th. Finally, Barclays decreased their price objective on shares of Cintas from $850.00 to $210.00 and set an overweight rating on the stock in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and an average price target of $199.63.

Cintas Stock Down 2.3 %

Cintas stock opened at $202.35 on Thursday. The stock’s 50 day moving average price is $208.88 and its 200 day moving average price is $183.98. The company has a market cap of $20.53 billion, a PE ratio of 13.97, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. 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 has a 1-year low of $119.69 and a 1-year high of $211.57.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The business’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the firm earned $3.70 EPS. On average, sell-side analysts predict that Cintas will post 4.16 EPS for the current fiscal year.

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a $0.39 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.77%. Cintas’s payout ratio is currently 10.77%.

Cintas announced that its Board of Directors has initiated a share repurchase program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Transactions at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the completion of the sale, the director now directly owns 125,808 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 15.10% of the company’s stock.

Hedge Funds Weigh In On Cintas

A number of hedge funds have recently made changes to their positions in CTAS. Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of Cintas by 12.8% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 82,314 shares of the business services provider’s stock worth $57,641,000 after buying an additional 9,314 shares during the period. Newbridge Financial Services Group Inc. lifted its stake in shares of Cintas by 56.8% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,041 shares of the business services provider’s stock valued at $729,000 after purchasing an additional 377 shares in the last quarter. Heritage Wealth Management Inc. purchased a new stake in shares of Cintas during the 2nd quarter worth about $2,008,000. Sanctuary Advisors LLC purchased a new stake in shares of Cintas during the 2nd quarter worth about $8,454,000. Finally, Brown Financial Advisors acquired a new stake in Cintas during the 2nd quarter worth approximately $189,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

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.