Industrial Alliance Investment Management Inc. Acquires Shares of 73 Cintas Co. (NASDAQ:CTAS)

Industrial Alliance Investment Management Inc. acquired a new stake in Cintas Co. (NASDAQ:CTAS) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 73 shares of the business services provider’s stock, valued at approximately $51,000.

A number of other institutional investors also recently modified their holdings of the company. Braun Stacey Associates Inc. bought a new position in Cintas in the 2nd quarter valued at about $985,000. Crewe Advisors LLC lifted its stake in Cintas by 133.3% during the 2nd quarter. Crewe Advisors LLC now owns 56 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 32 shares in the last quarter. Tobam purchased a new position in Cintas during the 2nd quarter worth $181,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Cintas by 19.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 53,338 shares of the business services provider’s stock worth $37,350,000 after acquiring an additional 8,830 shares during the last quarter. Finally, Banco Santander S.A. grew its stake in shares of Cintas by 46.3% in the 2nd quarter. Banco Santander S.A. now owns 25,708 shares of the business services provider’s stock worth $18,002,000 after acquiring an additional 8,135 shares in the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Price Performance

NASDAQ:CTAS traded up $5.87 during trading hours on Friday, hitting $805.12. The stock had a trading volume of 395,971 shares, compared to its average volume of 370,968. The company has a 50 day simple moving average of $745.49 and a two-hundred day simple moving average of $691.20. The firm has a market capitalization of $81.69 billion, a price-to-earnings ratio of 55.60, a P/E/G ratio of 4.06 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52. Cintas Co. has a one year low of $474.74 and a one year high of $807.98.

Shares of Cintas are scheduled to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be distributed to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 EPS for the quarter, topping the consensus estimate of $3.80 by $0.19. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas’s revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.33 earnings per share. Research analysts forecast that Cintas Co. will post 16.62 earnings per share for the current fiscal year.

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

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be given a dividend of $1.56 per share. This is an increase from Cintas’s previous quarterly dividend of $1.35. The ex-dividend date is Thursday, August 15th. This represents a $6.24 dividend on an annualized basis and a yield of 0.78%. Cintas’s dividend payout ratio (DPR) is presently 43.09%.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 1,100 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total transaction of $842,292.00. Following the transaction, the director now directly owns 31,452 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 15.10% of the company’s stock.

Wall Street Analyst Weigh In

CTAS has been the subject of a number of research analyst reports. Redburn Atlantic began coverage on Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $670.00 price target for the company. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research note on Friday, June 14th. Wells Fargo & Company upgraded shares of Cintas to a “strong sell” rating in a research report on Tuesday, August 13th. Truist Financial raised their price objective on shares of Cintas from $775.00 to $850.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Royal Bank of Canada cut shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price on the stock. in a research note on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Cintas currently has a consensus rating of “Hold” and an average target price of $742.36.

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.