Huntington National Bank lessened its stake in shares of Cintas Co. (NASDAQ:CTAS) by 2.3% during the 3rd quarter, Holdings Channel reports. The fund owned 3,397 shares of the business services provider’s stock after selling 80 shares during the period. Huntington National Bank’s holdings in Cintas were worth $911,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in CTAS. Boston Private Wealth LLC lifted its holdings in shares of Cintas by 4.5% during the 3rd quarter. Boston Private Wealth LLC now owns 2,050 shares of the business services provider’s stock valued at $550,000 after purchasing an additional 89 shares during the last quarter. Parallel Advisors LLC lifted its holdings in shares of Cintas by 5.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,566 shares of the business services provider’s stock valued at $420,000 after purchasing an additional 77 shares during the last quarter. Cullen Frost Bankers Inc. purchased a new stake in shares of Cintas during the 3rd quarter valued at $134,000. Creative Planning lifted its holdings in shares of Cintas by 14.3% during the 3rd quarter. Creative Planning now owns 3,639 shares of the business services provider’s stock valued at $976,000 after purchasing an additional 456 shares during the last quarter. Finally, Synovus Financial Corp lifted its holdings in shares of Cintas by 5.9% during the 3rd quarter. Synovus Financial Corp now owns 13,433 shares of the business services provider’s stock valued at $3,602,000 after purchasing an additional 749 shares during the last quarter. 67.04% of the stock is currently owned by institutional investors and hedge funds.
Several analysts have recently commented on CTAS shares. BidaskClub lowered Cintas from a “buy” rating to a “hold” rating in a report on Wednesday, September 11th. Barclays set a $295.00 price objective on Cintas and gave the company a “buy” rating in a report on Friday, September 27th. Morgan Stanley increased their price objective on Cintas from $217.00 to $223.00 and gave the company an “underweight” rating in a report on Thursday, October 10th. ValuEngine lowered Cintas from a “buy” rating to a “hold” rating in a research note on Wednesday, October 2nd. Finally, Bank of America restated a “buy” rating and issued a $287.00 target price (up previously from $261.00) on shares of Cintas in a research note on Tuesday, August 13th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $262.40.
In other Cintas news, CAO Michael Lawrence Thompson sold 2,000 shares of Cintas stock in a transaction dated Friday, October 11th. The stock was sold at an average price of $268.23, for a total transaction of $536,460.00. Following the completion of the transaction, the chief accounting officer now owns 62,906 shares in the company, valued at approximately $16,873,276.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 15.90% of the company’s stock.
CTAS stock traded down $1.20 during midday trading on Friday, reaching $260.80. The stock had a trading volume of 16,335 shares, compared to its average volume of 411,145. The stock has a market cap of $27.63 billion, a PE ratio of 34.33, a P/E/G ratio of 3.00 and a beta of 0.99. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.74 and a current ratio of 2.04. The firm has a fifty day simple moving average of $265.28 and a two-hundred day simple moving average of $247.43. Cintas Co. has a 52-week low of $155.98 and a 52-week high of $277.85.
Cintas (NASDAQ:CTAS) last issued its earnings results on Tuesday, September 24th. The business services provider reported $2.32 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.15 by $0.17. The company had revenue of $1.81 billion during the quarter, compared to analyst estimates of $1.79 billion. Cintas had a return on equity of 28.61% and a net margin of 13.18%. The firm’s quarterly revenue was up 6.7% on a year-over-year basis. During the same quarter last year, the business posted $1.93 EPS. On average, sell-side analysts predict that Cintas Co. will post 8.57 EPS for the current fiscal year.
The business also recently disclosed an annual dividend, which will be paid on Friday, December 6th. Shareholders of record on Friday, November 8th will be paid a dividend of $2.55 per share. The ex-dividend date of this dividend is Thursday, November 7th. Cintas’s payout ratio is currently 26.97%.
Cintas declared that its board has authorized a share buyback plan on Tuesday, October 29th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to buy up to 3.5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.
Cintas Company Profile
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.
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