Cintas Corp. (NASDAQ:CTAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday. The firm presently has a $125.00 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.85% from the company’s current price.
According to Zacks, “Cintas started fiscal 2017 on a positive note, recording solid first-quarter results on the back of healthy top-line growth and adjusted earnings beating the Zacks Consensus Estimate by $0.03. Cintas’ investment strategy takes a holistic view of the rapidly evolving market and deploys a dynamic capital allocation approach to focus on the relative value of the various sectors within the broader industry. The acquisition of rival G&K Services Inc. is likely to fuel its growth momentum, catering to over one billion business customers with an extended product portfolio and additional processing capacity. Buoyed by the healthy first-quarter fiscal 2017 results, Cintas has also increased its guidance for fiscal 2017. However, persistent challenging macroeconomic environment has mostly driven customers to perform certain in-house services instead of outsourcing these services to Cintas, which have resulted in loss of businesses.”
CTAS has been the topic of several other research reports. Barclays PLC decreased their price target on Cintas Corp. from $105.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 20th. Nomura reissued a “buy” rating and set a $102.00 price target on shares of Cintas Corp. in a research note on Friday, July 15th. Robert W. Baird reaffirmed an “outperform” rating and issued a $140.00 target price on shares of Cintas Corp. in a research note on Friday, September 30th. Oppenheimer Holdings Inc. reaffirmed a “market perform” rating on shares of Cintas Corp. in a research note on Wednesday, September 28th. Finally, KeyCorp upped their target price on Cintas Corp. from $130.00 to $135.00 and gave the company an “overweight” rating in a research note on Monday. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $117.10.
Cintas Corp. (NASDAQ:CTAS) opened at 112.02 on Wednesday. The stock has a 50 day moving average price of $114.60 and a 200 day moving average price of $100.47. The stock has a market cap of $11.75 billion, a P/E ratio of 16.84 and a beta of 0.76. Cintas Corp. has a 52-week low of $80.00 and a 52-week high of $119.94.
Cintas Corp. (NASDAQ:CTAS) last announced its quarterly earnings results on Tuesday, September 27th. The company reported $1.26 EPS 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 return on equity of 24.60% and a net margin of 14.63%. Cintas Corp.’s revenue was up 7.6% compared to the same quarter last year. During the same period last year, the firm earned $0.93 EPS. On average, equities research analysts forecast that Cintas Corp. will post $4.60 EPS for the current year.
In other news, Director Gerald S. Adolph sold 2,000 shares of the company’s stock in a transaction on Monday, July 25th. The stock was 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 directly owns 11,590 shares in the company, valued at approximately $1,253,110.80. The transaction was disclosed in a legal filing with the SEC, which is available at 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. First Republic Investment Management Inc. increased its stake in Cintas Corp. by 158.5% in the first quarter. First Republic Investment Management Inc. now owns 326,334 shares of the company’s stock worth $29,307,000 after buying an additional 200,096 shares during the last quarter. Geode Capital Management LLC increased its stake in Cintas Corp. by 2.1% in the first quarter. Geode Capital Management LLC now owns 806,175 shares of the company’s stock worth $72,271,000 after buying an additional 16,574 shares during the last quarter. Callahan Advisors LLC increased its stake in Cintas Corp. by 18.3% in the second quarter. Callahan Advisors LLC now owns 19,010 shares of the company’s stock worth $1,865,000 after buying an additional 2,945 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in Cintas Corp. by 6.7% in the second quarter. Nisa Investment Advisors LLC now owns 53,196 shares of the company’s stock worth $5,220,000 after buying an additional 3,340 shares during the last quarter. Finally, Redwood Investments LLC increased its stake in Cintas Corp. by 3.4% in the second quarter. Redwood Investments LLC now owns 171,406 shares of the company’s stock worth $16,820,000 after buying an additional 5,629 shares during the last quarter. Institutional investors and hedge funds own 65.78% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cintas Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cintas Corp. and related companies with MarketBeat.com's FREE daily email newsletter.