Avanza Fonder AB Buys New Shares in Cintas Co. (NASDAQ:CTAS)

Avanza Fonder AB bought a new position in shares of Cintas Co. (NASDAQ:CTAS) in the fourth quarter, Holdings Channel reports. The fund bought 37,039 shares of the business services provider’s stock, valued at approximately $6,767,000.

Several other hedge funds have also recently added to or reduced their stakes in CTAS. Wellington Management Group LLP boosted its stake in shares of Cintas by 211.7% during the 3rd quarter. Wellington Management Group LLP now owns 778,884 shares of the business services provider’s stock worth $160,357,000 after acquiring an additional 529,005 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Cintas by 137.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,222,527 shares of the business services provider’s stock valued at $457,574,000 after purchasing an additional 1,286,668 shares during the period. LVM Capital Management Ltd. MI increased its stake in Cintas by 292.7% in the 4th quarter. LVM Capital Management Ltd. MI now owns 5,482 shares of the business services provider’s stock worth $1,002,000 after purchasing an additional 4,086 shares in the last quarter. Atria Investments Inc raised its holdings in Cintas by 291.7% during the 3rd quarter. Atria Investments Inc now owns 22,321 shares of the business services provider’s stock worth $4,595,000 after buying an additional 16,623 shares during the period. Finally, Allspring Global Investments Holdings LLC lifted its stake 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 buying an additional 86,460 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Stock Up 0.7 %

Cintas stock opened at $199.50 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. Cintas Co. has a 1-year low of $146.63 and a 1-year high of $228.12. The firm’s fifty day simple moving average is $206.18 and its 200-day simple moving average is $204.81. The company has a market capitalization of $80.51 billion, a P/E ratio of 48.08, a P/E/G ratio of 3.65 and a beta of 1.37.

Cintas (NASDAQ:CTAS) last posted its earnings results on Thursday, December 19th. The business services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.01 by $0.08. The company had revenue of $2.56 billion for the quarter, compared to analyst estimates of $2.56 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The business’s revenue was up 7.8% compared to the same quarter last year. During the same period last year, the company earned $3.61 earnings per share. Sell-side analysts forecast that Cintas Co. will post 4.31 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 14th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.78%. The ex-dividend date is Friday, February 14th. Cintas’s dividend payout ratio is 37.61%.

Analysts Set New Price Targets

CTAS has been the topic of several analyst reports. Royal Bank of Canada reissued a “sector perform” rating and issued a $215.00 target price on shares of Cintas in a research report on Friday, December 20th. Truist Financial lowered their price objective on shares of Cintas from $225.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Barclays increased their target price on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Jefferies Financial Group lowered their price target on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Finally, UBS Group decreased their price objective on Cintas from $240.00 to $218.00 and set a “buy” rating for the company in a research report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $198.46.

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.