Cintas (NASDAQ:CTAS) Reaches New 52-Week Low – Here’s What Happened

Cintas Corporation (NASDAQ:CTAS)’s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $165.46 and last traded at $167.8160, with a volume of 192230 shares traded. The stock had previously closed at $166.89.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Weiss Ratings cut Cintas from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 1st. Bank of America assumed coverage on Cintas in a report on Tuesday, February 17th. They set a “neutral” rating and a $215.00 price target for the company. Argus upgraded Cintas to a “strong-buy” rating in a report on Wednesday, January 21st. Stifel Nicolaus reduced their price target on Cintas from $222.00 to $190.00 and set a “hold” rating for the company in a report on Thursday, March 26th. Finally, Robert W. Baird upgraded Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price target for the company in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $215.17.

Cintas Trading Up 1.4%

The company has a market cap of $67.74 billion, a P/E ratio of 47.91, a PEG ratio of 2.99 and a beta of 0.96. The business has a fifty day moving average price of $183.59 and a 200-day moving average price of $187.21. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.24 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $1.24. Cintas had a return on equity of 41.47% and a net margin of 17.57%.The company had revenue of $2.84 billion during the quarter, compared to analysts’ expectations of $2.82 billion. During the same quarter in the previous year, the company posted $1.13 earnings per share. The business’s revenue was up 8.9% on a year-over-year basis. On average, analysts forecast that Cintas Corporation will post 4.89 earnings per share for the current year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, May 15th. Cintas’s payout ratio is currently 50.85%.

Insider Activity

In other news, Director Ronald W. Tysoe sold 4,666 shares of the business’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the sale, the director owned 22,448 shares in the company, valued at $4,015,273.76. The trade was a 17.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 14.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cintas

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its position in shares of Cintas by 1.5% in the third quarter. Vanguard Group Inc. now owns 38,948,620 shares of the business services provider’s stock valued at $7,994,594,000 after buying an additional 564,487 shares in the last quarter. State Street Corp raised its position in shares of Cintas by 1.4% in the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock valued at $2,879,632,000 after buying an additional 210,477 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Cintas by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock valued at $1,746,453,000 after buying an additional 97,220 shares in the last quarter. Norges Bank acquired a new stake in shares of Cintas in the fourth quarter valued at approximately $923,672,000. Finally, Morgan Stanley raised its position 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 buying an additional 36,666 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Company Profile

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.