Cintas Co. (NASDAQ:CTAS) Shares Bought by ICICI Prudential Asset Management Co Ltd

ICICI Prudential Asset Management Co Ltd lifted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 372.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,261 shares of the business services provider’s stock after buying an additional 4,147 shares during the period. ICICI Prudential Asset Management Co Ltd’s holdings in Cintas were worth $1,083,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in CTAS. LGT Financial Advisors LLC boosted its position in shares of Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after buying an additional 28 shares during the period. Financial Management Professionals Inc. boosted its position in shares of Cintas by 341.4% during the third quarter. Financial Management Professionals Inc. now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 99 shares during the period. Hollencrest Capital Management boosted its position in shares of Cintas by 433.3% during the third quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock worth $26,000 after buying an additional 104 shares during the period. Atwood & Palmer Inc. acquired a new position in shares of Cintas during the second quarter worth approximately $27,000. Finally, Addison Advisors LLC boosted its position in shares of Cintas by 495.7% during the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock worth $28,000 after buying an additional 114 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Price Performance

Shares of NASDAQ CTAS traded up $0.44 during trading on Wednesday, hitting $225.17. The company had a trading volume of 163,905 shares, compared to its average volume of 1,444,373. The company has a market cap of $90.81 billion, a P/E ratio of 56.75, a PEG ratio of 4.41 and a beta of 1.32. Cintas Co. has a 52 week low of $135.07 and a 52 week high of $227.35. The business’s 50-day moving average is $220.30 and its 200 day moving average is $194.58. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period in the previous year, the company posted $3.70 EPS. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. Equities research analysts predict that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas declared that its board has authorized a stock repurchase 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 repurchase up to 1.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

Cintas Announces Dividend

The company 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 dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s payout ratio is 39.39%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on CTAS shares. UBS Group boosted their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Robert W. Baird boosted their target price on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. The Goldman Sachs Group boosted their target price on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Redburn Atlantic started coverage on Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 target price on the stock. Finally, Wells Fargo & Company boosted their target price on Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, Cintas currently has a consensus rating of “Hold” and an average target price of $199.63.

Cintas 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.