Baron Wealth Management LLC Takes Position in Cintas Co. (NASDAQ:CTAS)

Baron Wealth Management LLC acquired a new stake in shares of Cintas Co. (NASDAQ:CTAS) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 2,736 shares of the business services provider’s stock, valued at approximately $563,000.

A number of other hedge funds also recently made changes to their positions in CTAS. Impax Asset Management Group plc grew its stake in shares of Cintas by 211.1% during the 3rd quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after acquiring an additional 1,648,350 shares during the period. Alecta Tjanstepension Omsesidigt boosted its stake 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 worth $335,552,000 after purchasing an additional 1,222,500 shares during the period. Swiss National Bank boosted its stake in Cintas by 301.0% in the 3rd quarter. Swiss National Bank now owns 1,084,400 shares of the business services provider’s stock worth $223,256,000 after purchasing an additional 814,000 shares during the period. Los Angeles Capital Management LLC boosted its stake in Cintas by 211.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock worth $234,826,000 after purchasing an additional 774,551 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. boosted its stake in Cintas by 291.9% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider’s stock worth $183,110,000 after purchasing an additional 662,431 shares during the period. 63.46% of the stock is currently owned by institutional investors.

Cintas Stock Up 0.5 %

Shares of NASDAQ:CTAS opened at $216.20 on Tuesday. 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 business has a fifty day moving average of $221.79 and a two-hundred day moving average of $196.06. The stock has a market cap of $87.19 billion, a P/E ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. Cintas Co. has a 52-week low of $136.50 and a 52-week high of $227.35.

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 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 during the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the prior year, the business earned $3.70 EPS. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. On average, research analysts expect that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.72%. The ex-dividend date is Friday, November 15th. Cintas’s payout ratio is 39.39%.

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

Wall Street Analyst Weigh In

CTAS has been the subject of several recent analyst reports. Wells Fargo & Company upped their price target on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research note on Thursday, September 26th. Robert W. Baird upped their price objective on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. UBS Group upped their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Jefferies Financial Group decreased their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Finally, Royal Bank of Canada upped their price objective on Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a report on Thursday, September 26th. Two research 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average 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.