Shares of Cintas Corp. (NASDAQ:CTAS) were up 2.3% on Wednesday following a stronger than expected earnings report. The stock traded as high as $118.90 and last traded at $116.06, with a volume of 850,608 shares. The stock had previously closed at $113.43.
The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.08 by $0.18. The firm earned $1.29 billion during the quarter. Cintas Corp. had a return on equity of 24.16% and a net margin of 14.14%. The firm’s revenue for the quarter was up 7.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.93 EPS.
Several research analysts have recently weighed in on CTAS shares. Zacks Investment Research downgraded Cintas Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, September 20th. Macquarie started coverage on Cintas Corp. in a research note on Thursday, August 25th. They set a “neutral” rating and a $130.00 price target for the company. Robert W. Baird upgraded Cintas Corp. from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $111.00 to $140.00 in a research note on Wednesday, August 17th. Piper Jaffray Cos. reiterated a “neutral” rating and set a $106.00 price target (up previously from $95.00) on shares of Cintas Corp. in a research note on Wednesday, July 20th. Finally, Barclays PLC upgraded Cintas Corp. from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $130.00 in a research note on Wednesday, August 17th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $116.10.
In other Cintas Corp. news, Director Gerald S. Adolph sold 2,000 shares of the firm’s stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $108.12, for a total value of $216,240.00. Following the sale, the director now owns 11,590 shares of the company’s stock, valued at approximately $1,253,110.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 19.10% of the stock is owned by company insiders.
Several institutional investors have recently made changes to their positions in CTAS. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in shares of Cintas Corp. by 11.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 21,274 shares of the company’s stock worth $1,911,000 after buying an additional 2,246 shares in the last quarter. Aperio Group LLC boosted its position in shares of Cintas Corp. by 12.6% in the first quarter. Aperio Group LLC now owns 28,185 shares of the company’s stock worth $2,531,000 after buying an additional 3,152 shares in the last quarter. Virginia Retirement System purchased a new position in shares of Cintas Corp. during the first quarter worth $6,061,000. IFP Advisors Inc boosted its position in shares of Cintas Corp. by 36.1% in the first quarter. IFP Advisors Inc now owns 2,588 shares of the company’s stock worth $232,000 after buying an additional 687 shares in the last quarter. Finally, Pacad Investment Ltd. purchased a new position in shares of Cintas Corp. during the first quarter worth $1,060,000. 65.78% of the stock is currently owned by institutional investors.
The firm’s 50-day moving average price is $114.25 and its 200 day moving average price is $99.60. The stock has a market cap of $12.11 billion, a P/E ratio of 18.61 and a beta of 0.85.
About Cintas Corp.
Cintas Corporation is a provider of corporate identity uniforms through rental and sales programs, as well as a provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid and safety services and fire protection products and services.
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