Forum Financial Management LP Increases Stake in Cintas Co. (NASDAQ:CTAS)

Forum Financial Management LP increased its position in shares of Cintas Co. (NASDAQ:CTAS) by 301.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,057 shares of the business services provider’s stock after buying an additional 2,295 shares during the period. Forum Financial Management LP’s holdings in Cintas were worth $629,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC boosted its position in Cintas by 343.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock valued at $22,976,000 after purchasing an additional 86,460 shares in the last quarter. Creative Planning boosted its position in Cintas by 34.4% during the second quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock valued at $13,551,000 after purchasing an additional 4,957 shares in the last quarter. Western Financial Corp CA boosted its position in Cintas by 628.2% during the third quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock valued at $2,429,000 after purchasing an additional 10,177 shares in the last quarter. Susquehanna Fundamental Investments LLC boosted its holdings in Cintas by 2,063.6% in the second quarter. Susquehanna Fundamental Investments LLC now owns 23,800 shares of the business services provider’s stock worth $16,666,000 after acquiring an additional 22,700 shares in the last quarter. Finally, Searle & CO. boosted its holdings in Cintas by 300.0% in the third quarter. Searle & CO. now owns 7,200 shares of the business services provider’s stock worth $1,482,000 after acquiring an additional 5,400 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on CTAS. Stifel Nicolaus raised their price target on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Wells Fargo & Company raised their price target on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Royal Bank of Canada raised their price target on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a report on Thursday, September 26th. Barclays lifted their target price on Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Finally, UBS Group lifted their target price on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two 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’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $199.63.

Cintas Price Performance

CTAS stock opened at $207.56 on Tuesday. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $83.71 billion, a PE ratio of 52.41, a P/E/G ratio of 4.05 and a beta of 1.32. Cintas Co. has a 12-month low of $128.92 and a 12-month high of $215.37. The business’s fifty day moving average price is $217.93 and its 200 day moving average price is $192.31.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the prior year, the business earned $3.70 EPS. Cintas’s revenue was up 6.8% on a year-over-year basis. On average, sell-side analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

Cintas declared that its board has approved a share repurchase plan 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 reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its stock is undervalued.

Cintas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.75%. Cintas’s dividend payout ratio (DPR) is 39.39%.

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.