Empowered Funds LLC Increases Holdings in Cintas Co. (NASDAQ:CTAS)

Empowered Funds LLC grew its holdings in Cintas Co. (NASDAQ:CTAS) by 373.6% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 19,028 shares of the business services provider’s stock after buying an additional 15,010 shares during the quarter. Empowered Funds LLC’s holdings in Cintas were worth $3,917,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in CTAS. LGT Financial Advisors LLC increased its position in Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Financial Management Professionals Inc. boosted its stake in shares of Cintas by 341.4% during the 3rd quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 99 shares in the last quarter. Hollencrest Capital Management increased its position in shares of Cintas by 433.3% during the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock valued at $26,000 after buying an additional 104 shares during the period. Atwood & Palmer Inc. bought a new position in Cintas in the second quarter worth about $27,000. Finally, Addison Advisors LLC raised its stake in Cintas by 495.7% in the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after buying an additional 114 shares in the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

CTAS has been the subject of several research reports. Morgan Stanley increased their target price on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Truist Financial increased their price objective on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Jefferies Financial Group dropped 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. Barclays lifted their price target on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, September 27th. Finally, Wells Fargo & Company upped their price objective on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Price Performance

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 firm has a market capitalization of $87.19 billion, a P/E ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. The company has a 50-day moving average price of $221.79 and a 200-day moving average price of $196.06. Cintas Co. has a 52 week low of $136.50 and a 52 week high of $227.35.

Cintas (NASDAQ:CTAS) last released 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. The business had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm earned $3.70 earnings per share. Equities research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current year.

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

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. Cintas’s payout ratio is currently 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.