Cintas (NASDAQ:CTAS) Issues FY24 Earnings Guidance

Cintas (NASDAQ:CTAS) issued an update on its FY24 earnings guidance on Wednesday morning. The company provided EPS guidance of $14.80-15.00 for the period, compared to the consensus EPS estimate of $14.59. The company issued revenue guidance of $9.57-9.60 billion, compared to the consensus revenue estimate of $9.56 billion. Cintas also updated its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Stock Up 8.2 %

Shares of CTAS stock opened at $685.64 on Thursday. The stock’s 50 day simple moving average is $619.05 and its 200 day simple moving average is $566.70. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.89 and a current ratio of 2.24. Cintas has a twelve month low of $436.54 and a twelve month high of $704.84. The company has a market capitalization of $69.50 billion, a price-to-earnings ratio of 49.76, a PEG ratio of 3.67 and a beta of 1.27.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, March 27th. The business services provider reported $3.84 earnings per share for the quarter, beating analysts’ consensus estimates of $3.58 by $0.26. Cintas had a return on equity of 36.78% and a net margin of 15.57%. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the business earned $3.14 EPS. The firm’s revenue was up 9.9% compared to the same quarter last year. As a group, research analysts predict that Cintas will post 14.57 EPS for the current year.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 15th were given a $1.35 dividend. 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 dividend payout ratio is currently 39.19%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CTAS shares. Stifel Nicolaus boosted their price objective on Cintas from $526.00 to $585.00 and gave the company a hold rating in a research report on Friday, December 22nd. Royal Bank of Canada boosted their price target on Cintas from $525.00 to $645.00 and gave the company an outperform rating in a research note on Friday, December 22nd. Deutsche Bank Aktiengesellschaft lowered Cintas from a buy rating to a hold rating and boosted their price target for the company from $551.00 to $590.00 in a research note on Friday, December 8th. Truist Financial boosted their price objective on Cintas from $645.00 to $660.00 and gave the stock a buy rating in a research note on Thursday, January 25th. Finally, StockNews.com raised Cintas from a hold rating to a buy rating in a research note on Monday. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $571.29.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Icon Wealth Advisors LLC acquired a new position in Cintas during the fourth quarter valued at approximately $143,000. Covestor Ltd lifted its position in shares of Cintas by 84.7% in the first quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock valued at $139,000 after buying an additional 150 shares during the last quarter. Coppell Advisory Solutions Corp. acquired a new stake in shares of Cintas in the fourth quarter valued at approximately $117,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Cintas in the fourth quarter valued at approximately $116,000. Finally, Coppell Advisory Solutions LLC acquired a new stake in shares of Cintas in the second quarter valued at approximately $109,000. 63.46% of the stock is owned by institutional investors and hedge funds.

About Cintas

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.