Fmr LLC Purchases 6,571,128 Shares of Cintas Co. (NASDAQ:CTAS)

Fmr LLC lifted its position in shares of Cintas Co. (NASDAQ:CTAS) by 297.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,781,132 shares of the business services provider’s stock after acquiring an additional 6,571,128 shares during the period. Fmr LLC’s holdings in Cintas were worth $1,807,860,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Atria Investments Inc lifted its holdings in shares of Cintas by 291.7% during the third quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock valued at $4,595,000 after purchasing an additional 16,623 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its position in Cintas by 343.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 111,599 shares of the business services provider’s stock valued at $22,976,000 after purchasing an additional 86,460 shares during the period. Creative Planning grew its position in Cintas by 34.4% in the 2nd quarter. Creative Planning now owns 19,351 shares of the business services provider’s stock worth $13,551,000 after purchasing an additional 4,957 shares during the period. Western Financial Corp CA lifted its holdings in shares of Cintas by 628.2% during the 3rd quarter. Western Financial Corp CA now owns 11,797 shares of the business services provider’s stock valued at $2,429,000 after buying an additional 10,177 shares during the period. Finally, Portside Wealth Group LLC grew its holdings in shares of Cintas by 361.9% in the third quarter. Portside Wealth Group LLC now owns 1,395 shares of the business services provider’s stock worth $287,000 after acquiring an additional 1,093 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on CTAS shares. Truist Financial increased their target price on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a report on Tuesday, September 17th. Robert W. Baird increased their price objective on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research note on Thursday, September 26th. Jefferies Financial Group cut their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. The Goldman Sachs Group increased their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Finally, UBS Group boosted their price objective 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 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, the stock currently has a consensus rating of “Hold” and a consensus price target of $199.63.

Cintas Price Performance

CTAS stock opened at $226.47 on Wednesday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The company’s fifty day moving average price is $211.47 and its 200-day moving average price is $198.14. Cintas Co. has a one year low of $136.87 and a one year high of $228.12. The company has a market capitalization of $91.34 billion, a PE ratio of 57.19, a price-to-earnings-growth ratio of 4.37 and a beta of 1.32.

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, topping 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 firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the firm posted $3.70 earnings per share. The business’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts anticipate that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a dividend of $0.39 per share. The ex-dividend date is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.69%. Cintas’s payout ratio is presently 39.39%.

About Cintas

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.