Cintas (CTAS) Upgraded to Buy by Zacks Investment Research

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Cintas (NASDAQ:CTAS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday, Zacks.com reports. The firm presently has a $248.00 target price on the business services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.73% from the company’s current price.

According to Zacks, “Over the past three months, Cintas' shares have outperformed the industry. Improved product offerings, solid customer base and effective implementation of enterprise resource planning system will benefit the company in the quarters ahead. Further, the company will gain from the G&K Services buyout. For fiscal 2019, Cintas raised earnings estimates from $7.30-$7.38 to $7.42-$7.48 per share. A strong cash position and focus on rewarding shareholders handsomely through dividends and share repurchases will work in its favor. Also, for fiscal 2019, the company expects to continue generating strong cash flow. The company has been witnessing solid activity on the earnings estimate revision front, reflecting bullish sentiment.”

CTAS has been the subject of several other research reports. ValuEngine upgraded Cintas from a “hold” rating to a “buy” rating in a research report on Monday, February 4th. BidaskClub upgraded Cintas from a “buy” rating to a “strong-buy” rating in a research report on Thursday, January 24th. JPMorgan Chase & Co. lifted their price objective on Cintas from $210.00 to $235.00 and gave the company an “overweight” rating in a research report on Friday, March 22nd. Finally, Morgan Stanley lifted their price objective on Cintas from $163.00 to $172.00 and gave the company an “underweight” rating in a research report on Friday, March 22nd. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $200.05.

CTAS stock traded up $2.42 during trading on Thursday, hitting $223.97. The company had a trading volume of 2,088 shares, compared to its average volume of 484,591. The company has a debt-to-equity ratio of 0.80, a current ratio of 2.24 and a quick ratio of 1.89. The firm has a market cap of $22.64 billion, a price-to-earnings ratio of 37.71, a P/E/G ratio of 2.38 and a beta of 1.08. Cintas has a fifty-two week low of $155.98 and a fifty-two week high of $223.99.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Thursday, March 21st. The business services provider reported $1.84 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.71 by $0.13. The business had revenue of $1.68 million for the quarter, compared to analyst estimates of $1.69 billion. Cintas had a return on equity of 25.85% and a net margin of 12.44%. Cintas’s quarterly revenue was down 99.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.37 EPS. On average, research analysts anticipate that Cintas will post 7.46 earnings per share for the current year.

In other news, VP Thomas E. Frooman sold 2,415 shares of the business’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $207.81, for a total transaction of $501,861.15. Following the completion of the sale, the vice president now owns 122,251 shares in the company, valued at $25,404,980.31. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Joseph Scaminace sold 6,255 shares of the business’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $222.20, for a total value of $1,389,861.00. Following the sale, the director now owns 7,973 shares of the company’s stock, valued at approximately $1,771,600.60. The disclosure for this sale can be found here. Insiders own 19.10% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in CTAS. Kore Private Wealth LLC bought a new stake in Cintas in the first quarter valued at about $82,000. Covenant Partners LLC acquired a new position in Cintas in the first quarter valued at about $373,000. CWM Advisors LLC grew its stake in Cintas by 19.0% in the first quarter. CWM Advisors LLC now owns 4,768 shares of the business services provider’s stock valued at $964,000 after acquiring an additional 761 shares during the period. BlueCrest Capital Management Ltd acquired a new position in Cintas in the first quarter valued at about $1,280,000. Finally, Maverick Capital Ltd. acquired a new position in Cintas in the first quarter valued at about $3,767,000. Institutional investors own 67.15% of the company’s stock.

About Cintas

Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.

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