Cintas (NASDAQ:CTAS) Upgraded to Buy at Bank of America

Bank of America upgraded shares of Cintas (NASDAQ:CTAS) from a neutral rating to a buy rating in a report published on Tuesday morning, Marketbeat Ratings reports. Bank of America currently has $580.00 price target on the business services provider’s stock, up from their prior price target of $523.00.

CTAS has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their price target on shares of Cintas from $510.00 to $540.00 in a research note on Friday, July 14th. Barclays upped their price target on shares of Cintas from $500.00 to $550.00 and gave the company an overweight rating in a research report on Friday, July 14th. Stifel Nicolaus increased their price objective on shares of Cintas from $512.00 to $521.00 in a research report on Friday, July 14th. StockNews.com initiated coverage on shares of Cintas in a report on Thursday, August 17th. They issued a buy rating for the company. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Cintas from $524.00 to $542.00 in a report on Monday, July 10th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $528.07.

Cintas Trading Up 2.8 %

CTAS opened at $511.79 on Tuesday. The firm’s fifty day simple moving average is $497.03 and its 200 day simple moving average is $474.25. The company has a current ratio of 2.39, a quick ratio of 1.98 and a debt-to-equity ratio of 0.64. Cintas has a 12 month low of $370.93 and a 12 month high of $518.71. The stock has a market capitalization of $52.07 billion, a P/E ratio of 39.43, a P/E/G ratio of 3.23 and a beta of 1.31.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Thursday, July 13th. The business services provider reported $3.33 EPS for the quarter, topping the consensus estimate of $3.19 by $0.14. The firm had revenue of $2.28 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Cintas had a net margin of 15.29% and a return on equity of 38.09%. The company’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.81 EPS. As a group, research analysts anticipate that Cintas will post 14.18 EPS for the current fiscal year.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 15th will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, August 14th. This is an increase from Cintas’s previous quarterly dividend of $1.15. Cintas’s dividend payout ratio (DPR) is 41.60%.

Insider Transactions at Cintas

In related news, Director Joseph Scaminace sold 2,084 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $516.86, for a total transaction of $1,077,136.24. Following the completion of the transaction, the director now owns 11,001 shares of the company’s stock, valued at $5,685,976.86. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Cintas news, Director Joseph Scaminace sold 2,084 shares of Cintas stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $516.86, for a total transaction of $1,077,136.24. Following the completion of the sale, the director now directly owns 11,001 shares in the company, valued at $5,685,976.86. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Gerald S. Adolph sold 2,686 shares of Cintas stock in a transaction that occurred on Friday, July 14th. The shares were sold at an average price of $496.25, for a total transaction of $1,332,927.50. Following the sale, the director now owns 30,066 shares of the company’s stock, valued at $14,920,252.50. The disclosure for this sale can be found here. Insiders sold 9,820 shares of company stock worth $4,926,731 over the last quarter. Corporate insiders own 15.10% of the company’s stock.

Institutional Investors Weigh In On Cintas

A number of hedge funds have recently made changes to their positions in CTAS. Fiduciary Alliance LLC purchased a new position in Cintas during the 2nd quarter valued at $29,000. Newbridge Financial Services Group Inc. raised its stake in Cintas by 321.4% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 59 shares of the business services provider’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Quarry LP raised its stake in Cintas by 221.1% during the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock valued at $28,000 after buying an additional 42 shares during the last quarter. Arlington Partners LLC increased its stake in shares of Cintas by 1,700.0% in the 2nd quarter. Arlington Partners LLC now owns 72 shares of the business services provider’s stock worth $36,000 after purchasing an additional 68 shares in the last quarter. Finally, Sunbelt Securities Inc. purchased a new stake in shares of Cintas in the 1st quarter worth $36,000. 62.26% of the stock is currently owned by institutional investors.

Cintas Company Profile

Cintas Corporation provides 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.