Rakuten Securities Inc. Grows Position in Cintas Co. (NASDAQ:CTAS)

Rakuten Securities Inc. raised its position in Cintas Co. (NASDAQ:CTAS) by 987.1% in the third quarter, Holdings Channel.com reports. The institutional investor owned 337 shares of the business services provider’s stock after purchasing an additional 306 shares during the period. Rakuten Securities Inc.’s holdings in Cintas were worth $69,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Impax Asset Management Group plc increased its position in Cintas by 211.1% in the 3rd quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after acquiring an additional 1,648,350 shares during the period. Alecta Tjanstepension Omsesidigt increased its holdings in shares of Cintas by 300.0% in the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock valued at $335,552,000 after purchasing an additional 1,222,500 shares during the period. Los Angeles Capital Management LLC raised its stake in shares of Cintas by 211.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock worth $234,826,000 after purchasing an additional 774,551 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of Cintas by 291.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider’s stock worth $183,110,000 after purchasing an additional 662,431 shares during the period. Finally, Congress Asset Management Co. grew its position in Cintas by 295.6% in the 3rd quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider’s stock valued at $161,531,000 after buying an additional 586,271 shares during the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on CTAS shares. Wells Fargo & Company upped their price objective on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research report on Thursday, September 26th. Morgan Stanley raised their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Truist Financial boosted their target price on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Robert W. Baird raised their price target on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a report on Thursday, September 26th. Finally, Jefferies Financial Group decreased their price target on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Cintas has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Stock Performance

Shares of CTAS opened at $224.73 on Wednesday. The company has a 50-day moving average of $219.80 and a two-hundred day moving average of $194.17. The stock has a market cap of $90.63 billion, a P/E ratio of 56.75, a PEG ratio of 4.45 and a beta of 1.32. Cintas Co. has a 12-month low of $132.65 and a 12-month high of $227.35. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last posted its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. Cintas’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.70 EPS. As a group, research analysts predict that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.69%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s dividend payout ratio is presently 39.39%.

Cintas announced that its board has initiated a stock buyback program on Tuesday, July 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.