Raleigh Capital Management Inc. Acquires 518 Shares of Cintas Co. (NASDAQ:CTAS)

Raleigh Capital Management Inc. boosted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 332.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 674 shares of the business services provider’s stock after purchasing an additional 518 shares during the period. Raleigh Capital Management Inc.’s holdings in Cintas were worth $139,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Alecta Tjanstepension Omsesidigt lifted its stake in Cintas by 300.0% during the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after purchasing an additional 1,222,500 shares during the last quarter. Legal & General Group Plc lifted its stake in Cintas by 0.4% during the second quarter. Legal & General Group Plc now owns 780,265 shares of the business services provider’s stock worth $546,388,000 after purchasing an additional 3,471 shares during the last quarter. Nordea Investment Management AB lifted its stake in Cintas by 6.3% during the first quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock worth $438,402,000 after purchasing an additional 37,727 shares during the last quarter. SG Americas Securities LLC lifted its stake in Cintas by 3,302.1% during the third quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock worth $103,194,000 after purchasing an additional 486,500 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in Cintas by 305.4% during the third quarter. Raymond James & Associates now owns 484,068 shares of the business services provider’s stock worth $99,660,000 after purchasing an additional 364,659 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CTAS has been the subject of several research analyst reports. Truist Financial upped their price target on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Stifel Nicolaus upped their price target on shares of Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Barclays upped their price target on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Robert W. Baird upped their price target on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a report on Thursday, September 26th. Finally, The Goldman Sachs Group upped their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $199.63.

Cintas Stock Performance

Shares of CTAS opened at $211.54 on Wednesday. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The stock has a market capitalization of $21.46 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. The firm’s fifty day simple moving average is $215.48 and its two-hundred day simple moving average is $189.75. Cintas Co. has a 12 month low of $123.65 and a 12 month high of $215.37.

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

Cintas declared that its board has initiated a share buyback program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors 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.