Parnassus Investments LLC Purchases 33,479 Shares of Cintas Co. (NASDAQ:CTAS)

Parnassus Investments LLC increased its stake in shares of Cintas Co. (NASDAQ:CTAS) by 109.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 64,207 shares of the business services provider’s stock after buying an additional 33,479 shares during the quarter. Parnassus Investments LLC’s holdings in Cintas were worth $13,219,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. LGT Financial Advisors LLC boosted its stake in 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 acquiring an additional 28 shares during the last quarter. Financial Management Professionals Inc. grew its holdings in shares of Cintas by 341.4% during the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 99 shares in the last quarter. Hollencrest Capital Management raised its holdings in shares of Cintas by 433.3% in the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 104 shares during the last quarter. Atwood & Palmer Inc. acquired a new stake in shares of Cintas in the second quarter valued at about $27,000. Finally, Addison Advisors LLC raised its stake in shares of Cintas by 495.7% during the 3rd quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after purchasing an additional 114 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Cintas Stock Up 0.5 %

CTAS opened at $216.20 on Tuesday. Cintas Co. has a 12 month low of $136.50 and a 12 month high of $227.35. The company has a market cap of $87.19 billion, a PE ratio of 54.60, a price-to-earnings-growth ratio of 4.24 and a beta of 1.32. 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 50 day moving average of $221.79 and a 200 day moving average of $196.06.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS 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 firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period last year, the company earned $3.70 earnings per share. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, sell-side analysts expect that Cintas Co. will post 4.23 EPS 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 outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Cintas Announces Dividend

The company 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 $0.39 dividend. 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 dividend payout ratio (DPR) is currently 39.39%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on CTAS shares. Wells Fargo & Company increased their price target on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Royal Bank of Canada raised their target price on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a report on Thursday, September 26th. UBS Group raised their price target on shares of Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Morgan Stanley increased their target price on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Finally, The Goldman Sachs Group boosted their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target 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.