Eastern Bank Invests $894,000 in Cintas Co. (NASDAQ:CTAS)

Eastern Bank acquired a new stake in Cintas Co. (NASDAQ:CTAS) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 4,344 shares of the business services provider’s stock, valued at approximately $894,000.

A number of other large investors have also recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. raised its position in shares of Cintas by 12.6% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 520 shares of the business services provider’s stock valued at $313,000 after purchasing an additional 58 shares during the period. RFG Advisory LLC bought a new position in Cintas in the 1st quarter worth $228,000. Sunbelt Securities Inc. raised its holdings in Cintas by 233.3% in the 1st quarter. Sunbelt Securities Inc. now owns 90 shares of the business services provider’s stock worth $62,000 after acquiring an additional 63 shares during the period. Brookstone Capital Management acquired a new position in Cintas during the 1st quarter worth $233,000. Finally, GoalVest Advisory LLC boosted its holdings in Cintas by 74.2% during the first quarter. GoalVest Advisory LLC now owns 270 shares of the business services provider’s stock valued at $185,000 after acquiring an additional 115 shares during the period. 63.46% of the stock is currently owned by institutional investors.

Cintas Price Performance

Shares of CTAS stock opened at $209.71 on Thursday. The stock’s fifty day simple moving average is $215.86 and its 200 day simple moving average is $189.89. Cintas Co. has a one year low of $123.65 and a one year high of $215.37. The firm has a market cap of $21.28 billion, a price-to-earnings ratio of 14.48, a P/E/G ratio of 4.12 and a beta of 1.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33.

Cintas (NASDAQ:CTAS) last issued its 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 the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.70 EPS. On average, analysts expect that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas announced that its board has authorized a stock buyback program on Tuesday, July 23rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on CTAS. UBS Group boosted their price objective on Cintas from $219.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. Morgan Stanley upped their price target on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a report on Thursday, September 26th. The Goldman Sachs Group raised their price objective on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Truist Financial upped their target price on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday, September 17th. Finally, Robert W. Baird raised their price target on shares of Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Two equities research 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. According to data from MarketBeat, Cintas presently has a consensus rating of “Hold” and a consensus target price of $199.63.

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.