Cintas (NASDAQ:CTAS) Posts Earnings Results, Beats Estimates By $0.26 EPS

Cintas (NASDAQ:CTAS) issued its quarterly earnings results on Wednesday. The business services provider reported $3.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.58 by $0.26, Briefing.com reports. Cintas had a return on equity of 37.19% and a net margin of 15.98%. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same quarter in the previous year, the firm posted $3.14 EPS. The firm’s revenue for the quarter was up 9.9% on a year-over-year basis. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Stock Performance

Cintas stock opened at $687.03 on Friday. The company has a market capitalization of $69.64 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 3.85 and a beta of 1.27. The stock has a fifty day moving average of $620.99 and a two-hundred day moving average of $567.53. Cintas has a fifty-two week low of $438.59 and a fifty-two week high of $704.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.89 and a current ratio of 2.38.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 15th were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 14th. Cintas’s payout ratio is currently 37.29%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Raymond James Trust N.A. lifted its stake in shares of Cintas by 10.6% during the 1st quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock worth $314,000 after purchasing an additional 71 shares during the period. Baird Financial Group Inc. increased its position in Cintas by 16.8% during the first quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after purchasing an additional 2,541 shares during the last quarter. Covestor Ltd boosted its holdings in shares of Cintas by 84.7% in the 1st quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock valued at $139,000 after purchasing an additional 150 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in shares of Cintas by 9.3% in the 1st quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock valued at $3,009,000 after purchasing an additional 604 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. grew its stake in shares of Cintas by 19.8% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock valued at $10,410,000 after buying an additional 4,037 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CTAS shares. The Goldman Sachs Group upped their price target on Cintas from $673.00 to $765.00 and gave the stock a “buy” rating in a research note on Thursday. Deutsche Bank Aktiengesellschaft raised their target price on shares of Cintas from $629.00 to $726.00 and gave the stock a “hold” rating in a research note on Thursday. UBS Group lifted their target price on shares of Cintas from $680.00 to $790.00 and gave the company a “buy” rating in a report on Thursday. Royal Bank of Canada increased their price target on shares of Cintas from $675.00 to $725.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, Truist Financial lifted their price objective on Cintas from $660.00 to $775.00 and gave the company a “buy” rating in a report on Thursday. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $649.60.

About Cintas

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.