Cintas (NASDAQ:CTAS) Posts Earnings Results, Beats Expectations By $0.26 EPS

Cintas (NASDAQ:CTAS) announced its quarterly earnings results on Wednesday. The business services provider reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. The business had revenue of $2.41 billion for 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 quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $3.14 EPS. 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

NASDAQ CTAS traded up $1.39 on Friday, reaching $687.03. 572,438 shares of the stock traded hands, compared to its average volume of 371,309. The firm’s fifty day simple moving average is $620.99 and its 200 day simple moving average is $567.53. The company has a quick ratio of 1.89, a current ratio of 2.38 and a debt-to-equity ratio of 0.58. The company has a market cap of $69.64 billion, a price-to-earnings ratio of 47.45, a P/E/G ratio of 3.85 and a beta of 1.27. Cintas has a 12 month low of $438.59 and a 12 month high of $704.84.

Cintas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 15th were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 14th. Cintas’s payout ratio is currently 37.29%.

Institutional Investors Weigh In On Cintas

Large investors have recently modified their holdings of the stock. Quarry LP boosted its stake in shares of Cintas by 221.1% during the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock worth $28,000 after acquiring an additional 42 shares in the last quarter. Sunbelt Securities Inc. bought a new stake in shares of Cintas during the 1st quarter worth $36,000. Clearstead Advisors LLC bought a new stake in shares of Cintas during the 3rd quarter worth $39,000. Harbour Investments Inc. boosted its stake in shares of Cintas by 315.0% during the 4th quarter. Harbour Investments Inc. now owns 83 shares of the business services provider’s stock worth $50,000 after acquiring an additional 63 shares in the last quarter. Finally, O Dell Group LLC bought a new stake in shares of Cintas during the 4th quarter worth $51,000. 63.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CTAS has been the topic of a number of research reports. Truist Financial increased their price target on Cintas from $660.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday. UBS Group increased their price target on Cintas from $680.00 to $790.00 and gave the stock a “buy” rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft increased their price target on Cintas from $629.00 to $726.00 and gave the stock a “hold” rating in a research report on Thursday. JPMorgan Chase & Co. raised their target price on Cintas from $540.00 to $640.00 and gave the company an “overweight” rating in a research report on Friday, December 22nd. Finally, Stifel Nicolaus raised their target price on Cintas from $526.00 to $585.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target 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.