Wolverine Asset Management LLC Invests $618,000 in Cintas Co. (NASDAQ:CTAS)

Wolverine Asset Management LLC purchased a new stake in Cintas Co. (NASDAQ:CTAS) in the 3rd quarter, HoldingsChannel reports. The firm purchased 3,000 shares of the business services provider’s stock, valued at approximately $618,000.

A number of other hedge funds have also recently added to or reduced their stakes in CTAS. Impax Asset Management Group plc raised its holdings in shares of Cintas by 211.1% during the 3rd quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after purchasing an additional 1,648,350 shares in the last quarter. Alecta Tjanstepension Omsesidigt increased its position 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 buying an additional 1,222,500 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in Cintas by 211.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock valued at $234,826,000 after buying an additional 774,551 shares in the last quarter. Congress Asset Management Co. lifted its position in shares of Cintas by 295.6% in the third quarter. Congress Asset Management Co. now owns 784,589 shares of the business services provider’s stock worth $161,531,000 after buying an additional 586,271 shares during the last quarter. Finally, National Pension Service boosted its stake in shares of Cintas by 362.8% during the 3rd quarter. National Pension Service now owns 736,193 shares of the business services provider’s stock worth $151,567,000 after acquiring an additional 577,135 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Stock Down 0.5 %

CTAS opened at $223.62 on Thursday. The company has a market capitalization of $90.19 billion, a P/E ratio of 56.47, a P/E/G ratio of 4.43 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. The firm’s fifty day moving average price is $220.30 and its two-hundred day moving average price is $194.58. Cintas Co. has a fifty-two week low of $135.07 and a fifty-two week high of $227.35.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The business 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 previous year, the business earned $3.70 EPS. On average, analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

Cintas announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding 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 generally a sign that the company’s board believes its shares are undervalued.

Cintas Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.70%. The ex-dividend date of this dividend is Friday, November 15th. Cintas’s dividend payout ratio (DPR) is 39.39%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Truist Financial boosted their target price on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday, September 17th. Royal Bank of Canada boosted their price objective on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Redburn Atlantic started coverage on shares of Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $167.50 target price for the company. Finally, UBS Group upped their price target on shares of Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Cintas has an average rating of “Hold” and a consensus target price of $199.63.

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.