Eastern Bank Makes New $894,000 Investment in Cintas Co. (NASDAQ:CTAS)

Eastern Bank bought a new stake in Cintas Co. (NASDAQ:CTAS) in the third quarter, HoldingsChannel.com reports. The institutional investor bought 4,344 shares of the business services provider’s stock, valued at approximately $894,000.

A number of other institutional investors have also made changes to their positions in the business. Alecta Tjanstepension Omsesidigt lifted its holdings in Cintas by 300.0% during the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after buying an additional 1,222,500 shares in the last quarter. Legal & General Group Plc raised its position in shares of Cintas by 0.4% during the second quarter. Legal & General Group Plc now owns 780,265 shares of the business services provider’s stock worth $546,388,000 after acquiring an additional 3,471 shares during the last quarter. Nordea Investment Management AB lifted its stake in shares of Cintas by 6.3% during the first quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock valued at $438,402,000 after acquiring an additional 37,727 shares during the period. SG Americas Securities LLC boosted its holdings in Cintas by 3,302.1% in the third quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock valued at $103,194,000 after acquiring an additional 486,500 shares during the last quarter. Finally, Raymond James & Associates increased its position in Cintas by 305.4% in the third quarter. Raymond James & Associates now owns 484,068 shares of the business services provider’s stock worth $99,660,000 after purchasing an additional 364,659 shares during the period. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

NASDAQ CTAS opened at $209.71 on Thursday. 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 Co. has a 52-week low of $123.65 and a 52-week high of $215.37. The business has a 50 day simple moving average of $215.86 and a 200 day simple moving average of $189.89. The stock has a market cap of $21.28 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 4.12 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (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 the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm’s revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.70 earnings per share. Analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

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

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CTAS shares. UBS Group upped their target price on shares of Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Wells Fargo & Company increased their price objective on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a report on Thursday, September 26th. The Goldman Sachs Group lifted their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Royal Bank of Canada upped their target price on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Finally, Stifel Nicolaus raised their price target on Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target 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.