Private Advisor Group LLC Raises Stock Position in Cintas Co. (NASDAQ:CTAS)

Private Advisor Group LLC raised its stake in shares of Cintas Co. (NASDAQ:CTAS) by 273.6% during the third quarter, Holdings Channel reports. The firm owned 30,361 shares of the business services provider’s stock after buying an additional 22,235 shares during the quarter. Private Advisor Group LLC’s holdings in Cintas were worth $6,250,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. LGT Financial Advisors LLC increased its position in Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Atwood & Palmer Inc. purchased a new stake in shares of Cintas in the 2nd quarter worth about $27,000. Pathway Financial Advisers LLC purchased a new stake in shares of Cintas in the 1st quarter worth about $29,000. Meeder Asset Management Inc. grew its position in shares of Cintas by 226.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after buying an additional 34 shares during the period. Finally, Webster Bank N. A. purchased a new stake in shares of Cintas in the 1st quarter worth about $38,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Price Performance

CTAS opened at $207.41 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The stock has a market capitalization of $21.04 billion, a P/E ratio of 14.32, a P/E/G ratio of 4.12 and a beta of 1.32. The company’s 50-day simple moving average is $216.20 and its two-hundred day simple moving average is $190.02. Cintas Co. has a 52-week low of $123.65 and a 52-week high of $215.37.

Cintas (NASDAQ:CTAS) last issued 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 quarter in the prior year, the business earned $3.70 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, analysts predict that Cintas Co. will post 4.23 EPS for the current year.

Cintas declared that its Board of Directors has authorized a stock buyback program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.

Analyst Upgrades and Downgrades

CTAS has been the topic of a number of recent research reports. Jefferies Financial Group reduced their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research report on Thursday, September 26th. Redburn Atlantic initiated coverage on shares of Cintas in a research report on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price on the stock. Royal Bank of Canada upped their target price on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research report on Thursday, September 26th. Morgan Stanley increased their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Finally, 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 research report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus 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.