Bartlett & CO. Wealth Management LLC Purchases 23,562 Shares of Cintas Co. (NASDAQ:CTAS)

Bartlett & CO. Wealth Management LLC lifted its position in Cintas Co. (NASDAQ:CTAS) by 284.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 31,857 shares of the business services provider’s stock after buying an additional 23,562 shares during the period. Bartlett & CO. Wealth Management LLC’s holdings in Cintas were worth $6,559,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LGT Financial Advisors LLC boosted its holdings in shares of Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares during the period. Atwood & Palmer Inc. bought a new position in Cintas during the 2nd quarter worth about $27,000. Pathway Financial Advisers LLC acquired a new stake in shares of Cintas in the 1st quarter valued at about $29,000. Rise Advisors LLC acquired a new position in shares of Cintas during the first quarter worth about $30,000. Finally, Meeder Asset Management Inc. grew its stake in shares of Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after acquiring an additional 34 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Stock Up 0.1 %

Shares of NASDAQ CTAS opened at $214.02 on Friday. Cintas Co. has a 12-month low of $123.65 and a 12-month high of $215.37. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The firm has a market cap of $21.72 billion, a PE ratio of 14.78, a P/E/G ratio of 4.12 and a beta of 1.32. The company’s fifty day simple moving average is $214.61 and its 200 day simple moving average is $188.85.

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

Cintas Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.73%. Cintas’s payout ratio is 10.77%.

Cintas declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CTAS. Stifel Nicolaus increased their price objective 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. Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Barclays increased their price objective on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research note on Friday, September 27th. Truist Financial boosted 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. Finally, Redburn Atlantic assumed coverage on Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 price target on the stock. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Cintas presently has an average rating of “Hold” and a consensus price target of $199.63.

Insider Buying and Selling at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the sale, the director now owns 125,808 shares in the company, valued at $24,083,425.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 15.10% 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.