Norges Bank Acquires New Holdings in Cintas Co. (NASDAQ:CTAS)

Norges Bank bought a new position in Cintas Co. (NASDAQ:CTAS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,801,402 shares of the business services provider’s stock, valued at approximately $877,216,000.

Other hedge funds have also modified their holdings of the company. Sound Income Strategies LLC bought a new position in shares of Cintas during the 4th quarter worth approximately $27,000. Cyrus J. Lawrence LLC acquired a new position in shares of Cintas during the fourth quarter worth $29,000. Endeavor Private Wealth Inc. purchased a new stake in shares of Cintas during the 4th quarter valued at $31,000. IAG Wealth Partners LLC boosted its position in shares of Cintas by 136.8% in the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider’s stock worth $33,000 after purchasing an additional 104 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. acquired a new position in Cintas during the 4th quarter valued at about $34,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CTAS has been the subject of several recent analyst reports. Morgan Stanley raised their price target on Cintas from $195.00 to $213.00 and gave the stock an “equal weight” rating in a report on Thursday. Robert W. Baird lifted their target price on shares of Cintas from $200.00 to $227.00 and gave the stock a “neutral” rating in a research note on Thursday. Royal Bank of Canada restated a “sector perform” rating and set a $215.00 price target on shares of Cintas in a research note on Thursday. Citigroup initiated coverage on shares of Cintas in a research note on Monday, February 24th. They set a “sell” rating and a $161.00 price objective for the company. Finally, Truist Financial boosted their price objective on shares of Cintas from $215.00 to $230.00 and gave the company a “buy” rating in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $207.57.

Cintas Trading Up 0.8 %

Cintas stock opened at $206.25 on Friday. The firm has a market cap of $83.23 billion, a PE ratio of 49.73, a P/E/G ratio of 3.98 and a beta of 1.41. Cintas Co. has a 12 month low of $162.16 and a 12 month high of $228.12. The stock’s 50 day simple moving average is $200.91 and its two-hundred day simple moving average is $208.87. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.60 billion. Cintas had a net margin of 17.23% and a return on equity of 40.62%. The firm’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.84 earnings per share. Analysts anticipate that Cintas Co. will post 4.31 earnings per share for the current year.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date was Friday, February 14th. This represents a $1.56 annualized dividend and a dividend yield of 0.76%. Cintas’s dividend payout ratio is presently 36.11%.

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.