Cintas (NASDAQ:CTAS) Issues FY 2024 Earnings Guidance

Cintas (NASDAQ:CTAS) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 14.800-15.000 for the period, compared to the consensus EPS estimate of 14.600. The company issued revenue guidance of $9.6 billion-$9.6 billion, compared to the consensus revenue estimate of $9.6 billion. Cintas also updated its FY24 guidance to $14.80-15.00 EPS.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $687.03 on Friday. The company’s fifty day moving average price is $622.88 and its 200 day moving average price is $568.36. Cintas has a 1 year low of $438.59 and a 1 year high of $704.84. The company has a market capitalization of $69.64 billion, a PE ratio of 47.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.89 and a current ratio of 2.38.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Wednesday, March 27th. The business services provider reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The firm had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the firm posted $3.14 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. On average, research analysts predict that Cintas will post 15.05 earnings per share for the current year.

Cintas Announces Dividend

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

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Cintas from $629.00 to $726.00 and gave the company a hold rating in a report on Thursday. The Goldman Sachs Group increased their price objective on shares of Cintas from $673.00 to $765.00 and gave the company a buy rating in a report on Thursday. Truist Financial increased their price objective on shares of Cintas from $660.00 to $775.00 and gave the company a buy rating in a report on Thursday. Barclays increased their price objective on shares of Cintas from $630.00 to $700.00 and gave the company an overweight rating in a report on Thursday, February 29th. Finally, Royal Bank of Canada increased their target price on shares of Cintas from $675.00 to $725.00 and gave the company an outperform rating in a research report on Thursday. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $649.60.

Institutional Investors Weigh In On Cintas

Hedge funds and other institutional investors have recently bought and sold shares of the company. SageView Advisory Group LLC boosted its stake in shares of Cintas by 32.1% in the fourth quarter. SageView Advisory Group LLC now owns 4,506 shares of the business services provider’s stock valued at $2,743,000 after purchasing an additional 1,094 shares during the period. Sanibel Captiva Trust Company Inc. acquired a new stake in Cintas during the 4th quarter worth approximately $268,000. DRW Securities LLC purchased a new position in Cintas in the 4th quarter valued at approximately $201,000. Oarsman Capital Inc. acquired a new position in shares of Cintas in the fourth quarter worth $210,000. Finally, Harbour Investments Inc. increased its position in shares of Cintas by 315.0% during the fourth quarter. Harbour Investments Inc. now owns 83 shares of the business services provider’s stock worth $50,000 after acquiring an additional 63 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

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.