Palisade Capital Management LP Takes $12.20 Million Position in Cintas Corporation $CTAS

Palisade Capital Management LP purchased a new position in Cintas Corporation (NASDAQ:CTAS) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 71,699 shares of the business services provider’s stock, valued at approximately $12,195,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Cintas in the 2nd quarter valued at about $4,520,425,000. State Street Corp boosted its holdings in shares of Cintas by 1.4% during the 4th quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock worth $2,879,632,000 after purchasing an additional 210,477 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Cintas by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock worth $1,746,453,000 after purchasing an additional 97,220 shares during the last quarter. Norges Bank purchased a new stake in shares of Cintas in the fourth quarter valued at approximately $923,672,000. Finally, Morgan Stanley increased its holdings in shares of Cintas by 0.8% in the fourth quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider’s stock valued at $826,214,000 after purchasing an additional 36,666 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Bank of America upgraded Cintas from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $200.00 to $230.00 in a research report on Thursday, July 16th. Robert W. Baird raised their target price on Cintas from $200.00 to $214.00 and gave the stock an “outperform” rating in a research note on Thursday, July 16th. Truist Financial reduced their price target on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a report on Monday, June 15th. Weiss Ratings raised shares of Cintas from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $206.00 price target on shares of Cintas in a research report on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $212.31.

Cintas Stock Down 1.3%

CTAS stock opened at $204.76 on Wednesday. Cintas Corporation has a one year low of $161.16 and a one year high of $219.16. The firm has a market cap of $81.94 billion, a PE ratio of 54.75, a PEG ratio of 3.35 and a beta of 0.92. The firm’s 50 day moving average price is $192.37 and its 200-day moving average price is $185.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.43.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, July 15th. The business services provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.24 by $0.05. The company had revenue of $2.91 billion during the quarter, compared to analyst estimates of $2.87 billion. Cintas had a return on equity of 42.05% and a net margin of 17.75%.The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $1.09 earnings per share. Cintas has set its FY 2027 guidance at 5.360-5.500 EPS. On average, equities research analysts anticipate that Cintas Corporation will post 5.49 EPS for the current year.

Cintas Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.52 per share. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. This is a boost from Cintas’s previous quarterly dividend of $0.45. Cintas’s dividend payout ratio (DPR) is currently 55.61%.

About Cintas

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.