Shares of Cintas Corp. (NASDAQ:CTAS) shot up 2.3% during mid-day trading on Wednesday following a stronger than expected earnings report. The company traded as high as $118.90 and last traded at $116.06, with a volume of 850,608 shares changing hands. The stock had previously closed at $113.43.
The company reported $1.26 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.08 by $0.18. The business had revenue of $1.29 billion for the quarter. Cintas Corp. had a net margin of 14.63% and a return on equity of 24.86%. The company’s revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.93 earnings per share.
Several brokerages have recently weighed in on CTAS. Nomura reiterated a “buy” rating on shares of Cintas Corp. in a report on Sunday, July 17th. Piper Jaffray Cos. restated a “neutral” rating and issued a $106.00 price target (up previously from $95.00) on shares of Cintas Corp. in a report on Wednesday, July 20th. Robert W. Baird upgraded shares of Cintas Corp. from a “neutral” rating to an “outperform” rating and raised their price target for the company from $111.00 to $140.00 in a report on Wednesday, August 17th. Zacks Investment Research lowered shares of Cintas Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, June 15th. Finally, KeyCorp raised their price target on shares of Cintas Corp. from $110.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, August 17th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $116.10.
In other news, Director Gerald S. Adolph sold 2,000 shares of the firm’s stock in a transaction that occurred on Monday, July 25th. The shares were sold at an average price of $108.12, for a total transaction of $216,240.00. Following the completion of the sale, the director now owns 11,590 shares of the company’s stock, valued at $1,253,110.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 19.10% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Aperio Group LLC increased its stake in Cintas Corp. by 12.6% in the first quarter. Aperio Group LLC now owns 28,185 shares of the company’s stock worth $2,531,000 after buying an additional 3,152 shares during the last quarter. Virginia Retirement System bought a new stake in Cintas Corp. during the first quarter worth $6,061,000. IFP Advisors Inc increased its stake in Cintas Corp. by 36.1% in the first quarter. IFP Advisors Inc now owns 2,588 shares of the company’s stock worth $232,000 after buying an additional 687 shares during the last quarter. Pacad Investment Ltd. bought a new stake in Cintas Corp. during the first quarter worth $1,060,000. Finally, TIAA CREF Investment Management LLC increased its stake in Cintas Corp. by 0.7% in the first quarter. TIAA CREF Investment Management LLC now owns 457,069 shares of the company’s stock worth $41,049,000 after buying an additional 2,960 shares during the last quarter. 65.78% of the stock is owned by institutional investors and hedge funds.
The firm has a 50 day moving average price of $114.37 and a 200-day moving average price of $99.68. The company has a market capitalization of $11.60 billion, a price-to-earnings ratio of 17.84 and a beta of 0.85.
About Cintas Corp.
Cintas Corporation is a provider of corporate identity uniforms through rental and sales programs, as well as a provider of related business services, including entrance mats, restroom cleaning services and supplies, carpet and tile cleaning services, first aid and safety services and fire protection products and services.
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