First Trust Direct Indexing L.P. Raises Holdings in Cintas Co. (NASDAQ:CTAS)

First Trust Direct Indexing L.P. grew its holdings in Cintas Co. (NASDAQ:CTAS) by 471.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,185 shares of the business services provider’s stock after purchasing an additional 11,703 shares during the period. First Trust Direct Indexing L.P.’s holdings in Cintas were worth $2,920,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CTAS. Alecta Tjanstepension Omsesidigt boosted 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 valued at $335,552,000 after buying an additional 1,222,500 shares during the period. SG Americas Securities LLC raised its stake in shares of Cintas by 3,302.1% in 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 acquiring an additional 486,500 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its holdings in Cintas by 300.0% in the third quarter. Bank Pictet & Cie Europe AG now owns 510,832 shares of the business services provider’s stock valued at $105,170,000 after purchasing an additional 383,124 shares during the period. Raymond James & Associates grew its stake in Cintas by 305.4% during the 3rd quarter. Raymond James & Associates now owns 484,068 shares of the business services provider’s stock worth $99,660,000 after purchasing an additional 364,659 shares in the last quarter. Finally, New York State Teachers Retirement System increased its holdings in Cintas by 289.6% during the 3rd quarter. New York State Teachers Retirement System now owns 317,255 shares of the business services provider’s stock worth $65,316,000 after purchasing an additional 235,825 shares during the period. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Stock Performance

Shares of Cintas stock opened at $207.85 on Thursday. The firm’s fifty day simple moving average is $217.38 and its 200-day simple moving average is $191.29. Cintas Co. has a 12 month low of $125.62 and a 12 month high of $215.37. The stock has a market capitalization of $21.09 billion, a price-to-earnings ratio of 14.35, a PEG ratio of 4.12 and a beta of 1.32. 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) last posted its quarterly earnings data 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. 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 16.80% and a return on equity of 39.56%. Cintas’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $3.70 earnings per share. As a group, equities analysts forecast that Cintas Co. will post 4.23 earnings per share for the current year.

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 shares. This repurchase authorization authorizes the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Cintas Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. Cintas’s dividend payout ratio is currently 10.77%.

Analyst Ratings Changes

Several analysts recently weighed in on CTAS shares. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Barclays lifted their price objective on shares of 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 increased their target price on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a report on Thursday, September 26th. UBS Group lifted their price target on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Finally, Truist Financial upped their price objective on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $199.63.

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.