Assetmark Inc. Raises Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Assetmark Inc. raised its stake in Cintas Co. (NASDAQ:CTAS) by 406.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,343 shares of the business services provider’s stock after purchasing an additional 5,893 shares during the period. Assetmark Inc.’s holdings in Cintas were worth $1,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CTAS. Checchi Capital Advisers LLC grew its position in shares of Cintas by 0.9% in the 2nd quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock worth $1,156,000 after buying an additional 14 shares during the last quarter. Axxcess Wealth Management LLC grew its holdings in Cintas by 0.5% in the second quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock worth $2,034,000 after purchasing an additional 14 shares during the last quarter. Field & Main Bank lifted its holdings in shares of Cintas by 25.0% during the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock valued at $53,000 after purchasing an additional 15 shares during the last quarter. Drive Wealth Management LLC lifted its holdings in shares of Cintas by 3.7% during the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 16 shares during the last quarter. Finally, TIAA Trust National Association boosted its position in shares of Cintas by 1.2% in the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock worth $954,000 after purchasing an additional 16 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. The Goldman Sachs Group upped their target price on Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Jefferies Financial Group cut their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a report on Thursday, September 26th. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Wells Fargo & Company upped their price target on shares of Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Finally, Truist Financial lifted their price objective on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Cintas presently has an average rating of “Hold” and a consensus price target of $199.63.

Cintas Stock Down 2.9 %

Shares of CTAS stock opened at $217.05 on Friday. Cintas Co. has a twelve month low of $136.50 and a twelve month high of $227.35. The stock has a market cap of $87.54 billion, a P/E ratio of 56.47, a P/E/G ratio of 4.43 and a beta of 1.32. The stock has a 50 day moving average of $220.75 and a 200 day moving average of $194.79. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS) last posted 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. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion during the quarter, compared to analyst estimates of $2.49 billion. During the same period in the previous year, the firm earned $3.70 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. As a group, sell-side analysts expect that Cintas Co. will post 4.23 EPS for the current year.

Cintas Dividend Announcement

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 paid a dividend of $0.39 per share. 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 declared that its Board of Directors has authorized a stock buyback plan on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership 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.