Harbour Capital Advisors LLC Acquires 3,400 Shares of Cintas Co. (NASDAQ:CTAS)

Harbour Capital Advisors LLC grew its stake in shares of Cintas Co. (NASDAQ:CTAS) by 283.3% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 4,600 shares of the business services provider’s stock after purchasing an additional 3,400 shares during the quarter. Harbour Capital Advisors LLC’s holdings in Cintas were worth $962,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of CTAS. LGT Financial Advisors LLC increased its holdings in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Cintas during the second quarter valued at about $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the first quarter worth about $29,000. Rise Advisors LLC purchased a new stake in shares of Cintas in the first quarter worth about $30,000. Finally, Grove Bank & Trust boosted its stake in Cintas by 1,340.0% during the third quarter. Grove Bank & Trust now owns 144 shares of the business services provider’s stock valued at $30,000 after buying an additional 134 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

CTAS opened at $213.82 on Friday. The business has a fifty day moving average of $214.11 and a 200 day moving average of $188.54. The stock has a market cap of $21.69 billion, a P/E ratio of 14.77, a PEG ratio of 4.12 and a beta of 1.32. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. Cintas Co. has a 52-week low of $123.65 and a 52-week high of $215.37.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $2.50 billion during 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%. 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 earnings per share. As a group, sell-side analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

Cintas declared that its Board of Directors has initiated a stock buyback program on Tuesday, July 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Cintas Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid 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 0.73%. Cintas’s dividend payout ratio is currently 10.77%.

Insider Transactions at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now owns 125,808 shares of the company’s stock, valued at $24,083,425.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.10% of the company’s stock.

Analyst Ratings Changes

CTAS has been the topic of a number of research reports. Stifel Nicolaus lifted their price objective on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a research note on Friday, July 19th. Truist Financial boosted their price target on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Royal Bank of Canada increased their price objective on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Jefferies Financial Group reduced their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Finally, UBS Group upped their target price on shares of Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $199.63.

Cintas 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.