Cintas (NASDAQ:CTAS) Announces Quarterly Earnings Results

Cintas (NASDAQ:CTAS) issued its quarterly earnings data on Wednesday. The business services provider reported $3.84 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. The company had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.39 billion. Cintas had a return on equity of 37.19% and a net margin of 15.98%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period last year, the business earned $3.14 earnings per share. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Price Performance

Shares of CTAS stock opened at $687.03 on Friday. The company has a quick ratio of 1.89, a current ratio of 2.38 and a debt-to-equity ratio of 0.58. Cintas has a 12-month low of $438.59 and a 12-month high of $704.84. The firm has a fifty day moving average of $620.99 and a 200-day moving average of $567.53. The firm has a market capitalization of $69.64 billion, a price-to-earnings ratio of 47.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.27.

Cintas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 15th were issued a $1.35 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $5.40 annualized dividend and a yield of 0.79%. Cintas’s dividend payout ratio (DPR) is presently 37.29%.

Institutional Trading of Cintas

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its holdings in shares of Cintas by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock worth $6,206,969,000 after acquiring an additional 112,361 shares in the last quarter. Geode Capital Management LLC increased its stake in Cintas by 2.3% during the 1st quarter. Geode Capital Management LLC now owns 1,871,093 shares of the business services provider’s stock worth $863,795,000 after purchasing an additional 41,237 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cintas by 8.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,419,068 shares of the business services provider’s stock valued at $656,575,000 after buying an additional 115,712 shares during the period. Royal Bank of Canada increased its position in shares of Cintas by 5.2% during the first quarter. Royal Bank of Canada now owns 1,163,413 shares of the business services provider’s stock worth $494,904,000 after acquiring an additional 57,674 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Cintas by 0.4% during the first quarter. Northern Trust Corp now owns 943,641 shares of the business services provider’s stock worth $401,416,000 after acquiring an additional 3,438 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

Analysts Set New Price Targets

CTAS has been the subject of a number of research analyst reports. Truist Financial lifted their target price on shares of Cintas from $660.00 to $775.00 and gave the company a “buy” rating in a research note on Thursday. UBS Group raised their target price on Cintas from $680.00 to $790.00 and gave the company a “buy” rating in a research note on Thursday. StockNews.com upgraded shares of Cintas from a “hold” rating to a “buy” rating in a research report on Monday. Robert W. Baird raised their price objective on shares of Cintas from $660.00 to $750.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, The Goldman Sachs Group upped their target price on shares of Cintas from $673.00 to $765.00 and gave the stock a “buy” rating in a research report on Thursday. Six equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $649.60.

Cintas Company Profile

Cintas Corporation provides 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.