Red Cedar Investment Management LLC Buys 6,843 Shares of Cintas Co. (NASDAQ:CTAS)

Red Cedar Investment Management LLC boosted its stake in shares of Cintas Co. (NASDAQ:CTAS) by 300.0% in the third quarter, HoldingsChannel reports. The firm owned 9,124 shares of the business services provider’s stock after purchasing an additional 6,843 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Cintas were worth $1,878,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Quintet Private Bank Europe S.A. boosted its position in shares of Cintas by 357.1% in the third quarter. Quintet Private Bank Europe S.A. now owns 160 shares of the business services provider’s stock valued at $33,000 after acquiring an additional 125 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in shares of Cintas by 292.9% in the third quarter. Mn Services Vermogensbeheer B.V. now owns 143,000 shares of the business services provider’s stock valued at $29,441,000 after acquiring an additional 106,600 shares during the period. PDS Planning Inc boosted its position in shares of Cintas by 281.6% in the third quarter. PDS Planning Inc now owns 1,904 shares of the business services provider’s stock valued at $392,000 after acquiring an additional 1,405 shares during the period. Garrison Asset Management LLC raised its stake in Cintas by 295.8% in the third quarter. Garrison Asset Management LLC now owns 1,801 shares of the business services provider’s stock valued at $371,000 after purchasing an additional 1,346 shares in the last quarter. Finally, QRG Capital Management Inc. raised its stake in Cintas by 364.6% in the third quarter. QRG Capital Management Inc. now owns 34,171 shares of the business services provider’s stock valued at $7,035,000 after purchasing an additional 26,816 shares in the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

Shares of NASDAQ CTAS traded up $0.52 during midday trading on Monday, hitting $206.14. 167,032 shares of the company’s stock were exchanged, compared to its average volume of 1,448,429. Cintas Co. has a 12-month low of $128.92 and a 12-month high of $215.37. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The company has a market cap of $83.14 billion, a price-to-earnings ratio of 52.06, a PEG ratio of 4.05 and a beta of 1.32. The business’s fifty day moving average price is $217.75 and its two-hundred day moving average price is $192.01.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion during 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 previous year, the firm earned $3.70 earnings per share. As a group, research analysts forecast 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. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s payout ratio is currently 39.39%.

Cintas declared that its Board of Directors has approved a share repurchase plan on Tuesday, July 23rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the business services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

CTAS has been the subject of a number of analyst reports. Jefferies Financial Group dropped their price target on Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research note on Thursday, September 26th. Royal Bank of Canada boosted their price target on Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research note on Thursday, September 26th. Baird R W downgraded Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Wells Fargo & Company boosted their price target on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Finally, Morgan Stanley boosted their target price on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating 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 company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $199.63.

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.