Truist Financial Increases Cintas (NASDAQ:CTAS) Price Target to $225.00

Cintas (NASDAQ:CTAS) had its price target lifted by Truist Financial from $212.50 to $225.00 in a research note released on Tuesday, Benzinga reports. They currently have a buy rating on the business services provider’s stock.

Other analysts also recently issued reports about the company. Royal Bank of Canada downgraded Cintas from an outperform rating to a sector perform rating and set a $181.25 price target for the company. in a research report on Monday, July 15th. StockNews.com raised shares of Cintas from a hold rating to a buy rating in a research note on Friday, June 14th. Baird R W lowered shares of Cintas from a strong-buy rating to a hold rating in a research report on Friday, July 19th. Robert W. Baird restated a neutral rating and set a $193.75 target price (up previously from $187.50) on shares of Cintas in a research report on Friday, July 19th. Finally, Citigroup downgraded Cintas from a neutral rating to a sell rating and increased their price target for the stock from $132.50 to $142.50 in a report on Friday, May 24th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average target price of $186.30.

Cintas Stock Performance

Shares of NASDAQ:CTAS opened at $203.74 on Tuesday. The firm has a fifty day simple moving average of $206.29 and a two-hundred day simple moving average of $181.97. Cintas has a 52 week low of $118.68 and a 52 week high of $209.12. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $20.67 billion, a P/E ratio of 14.07, a PEG ratio of 4.36 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Thursday, July 18th. The business services provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.95 by $0.05. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the business posted $0.83 earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis. On average, analysts expect that Cintas will post 16.64 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.39 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.77%. Cintas’s dividend payout ratio is presently 10.77%.

Cintas declared that its board has initiated a stock repurchase plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the business services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the sale, the director now directly owns 125,808 shares in the company, valued at approximately $24,083,425.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 15.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Cintas

A number of institutional investors have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. boosted its stake in Cintas by 56.8% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 1,041 shares of the business services provider’s stock worth $729,000 after purchasing an additional 377 shares in the last quarter. Heritage Wealth Management Inc. acquired a new position in shares of Cintas in the second quarter valued at about $2,008,000. Sanctuary Advisors LLC purchased a new position in shares of Cintas in the second quarter worth about $8,454,000. Brown Financial Advisors acquired a new stake in shares of Cintas during the second quarter worth about $189,000. Finally, KPP Advisory Services LLC lifted its holdings in shares of Cintas by 19.6% during the second quarter. KPP Advisory Services LLC now owns 434 shares of the business services provider’s stock worth $304,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.

About Cintas

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.