Cintas (NASDAQ:CTAS) Given New $185.00 Price Target at Morgan Stanley

Cintas (NASDAQ:CTAS) had its price target increased by Morgan Stanley from $170.00 to $185.00 in a research report sent to investors on Thursday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the business services provider’s stock.

Several other brokerages have also commented on CTAS. UBS Group increased their price target on shares of Cintas from $197.50 to $218.50 and gave the stock a buy rating in a research note on Friday, July 19th. StockNews.com upgraded Cintas from a hold rating to a buy rating in a report on Friday, June 14th. Royal Bank of Canada increased their price objective on Cintas from $181.00 to $215.00 and gave the company a sector perform rating in a report on Thursday. Stifel Nicolaus boosted their target price on Cintas from $166.75 to $199.50 and gave the stock a hold rating in a report on Friday, July 19th. Finally, Baird R W cut Cintas from a strong-buy rating to a hold rating in a research report on Friday, July 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Cintas has a consensus rating of Hold and an average price target of $199.63.

Cintas Price Performance

Shares of NASDAQ:CTAS opened at $202.35 on Thursday. The firm has a market cap of $20.53 billion, a price-to-earnings ratio of 13.97, a P/E/G ratio of 4.09 and a beta of 1.32. Cintas has a 1 year low of $119.69 and a 1 year high of $211.57. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The business has a fifty day simple moving average of $208.88 and a 200 day simple moving average of $184.37.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, topping analysts’ consensus estimates of $1.00 by $0.10. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same period last year, the business earned $3.70 EPS. As a group, sell-side analysts predict that Cintas will post 4.16 earnings per share for the current fiscal year.

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

Cintas Cuts Dividend

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

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the sale, the director now directly owns 125,808 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Cintas

Institutional investors and hedge funds have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC boosted its position in shares of Cintas by 2,063.6% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 23,800 shares of the business services provider’s stock valued at $16,666,000 after acquiring an additional 22,700 shares in the last quarter. Nisa Investment Advisors LLC grew its stake in shares of Cintas by 2.2% in the 2nd quarter. Nisa Investment Advisors LLC now owns 39,097 shares of the business services provider’s stock valued at $27,378,000 after purchasing an additional 838 shares during the period. QRG Capital Management Inc. raised its holdings in shares of Cintas by 111.5% in the 2nd quarter. QRG Capital Management Inc. now owns 7,355 shares of the business services provider’s stock worth $5,151,000 after buying an additional 3,878 shares in the last quarter. Thoroughbred Financial Services LLC lifted its position in shares of Cintas by 105.7% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,020 shares of the business services provider’s stock worth $3,515,000 after buying an additional 2,580 shares during the period. Finally, Journey Advisory Group LLC boosted its stake in Cintas by 17.1% in the 2nd quarter. Journey Advisory Group LLC now owns 6,442 shares of the business services provider’s stock valued at $4,511,000 after buying an additional 940 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Cintas Company 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.