Zions Bancorporation N.A. Increases Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Zions Bancorporation N.A. lifted its position in Cintas Co. (NASDAQ:CTAS) by 398.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,558 shares of the business services provider’s stock after purchasing an additional 6,842 shares during the quarter. Zions Bancorporation N.A.’s holdings in Cintas were worth $1,762,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. LGT Financial Advisors LLC grew its holdings in shares of Cintas by 311.1% in the second 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 second quarter valued at about $27,000. Pathway Financial Advisers LLC purchased a new stake in shares of Cintas in the first quarter valued at about $29,000. Meeder Asset Management Inc. boosted its stake in Cintas by 226.7% during the second 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, Crewe Advisors LLC boosted its stake in Cintas by 133.3% during the second quarter. Crewe Advisors LLC now owns 56 shares of the business services provider’s stock worth $39,000 after buying an additional 32 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analyst Ratings Changes

CTAS has been the subject of a number of research analyst reports. Wells Fargo & Company increased their price objective on shares of Cintas from $184.00 to $191.00 and gave the stock an “underweight” rating in a research report on Thursday, September 26th. UBS Group lifted their price objective on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, September 26th. Redburn Atlantic assumed coverage on Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 target price on the stock. Truist Financial lifted their target price on Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research report on Tuesday, September 17th. Finally, Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Trading Down 2.9 %

CTAS opened at $217.05 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. Cintas Co. has a one year low of $136.50 and a one year high of $227.35. The company has a market cap of $87.54 billion, a P/E ratio of 54.81, a PEG ratio of 4.43 and a beta of 1.32. The business’s 50-day simple moving average is $220.75 and its 200-day simple moving average is $194.79.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the firm posted $3.70 earnings per share. As a group, equities research analysts expect that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.72%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s payout ratio is currently 39.39%.

Cintas announced that its Board of Directors has authorized a share buyback plan 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 plans are usually an indication that the company’s management believes its shares are undervalued.

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.