Cornerstone Advisors LLC Makes New $8.50 Million Investment in Cintas Corporation $CTAS

Cornerstone Advisors LLC acquired a new position in Cintas Corporation (NASDAQ:CTAS) during the second quarter, HoldingsChannel reports. The firm acquired 49,975 shares of the business services provider’s stock, valued at approximately $8,500,000.

Several other hedge funds and other institutional investors have also modified their holdings of CTAS. BlackRock Inc. acquired a new stake in Cintas during the 2nd quarter worth approximately $4,520,425,000. State Street Corp lifted its position in Cintas by 1.4% during the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock valued at $2,879,632,000 after buying an additional 210,477 shares in the last quarter. Geode Capital Management LLC grew its stake in Cintas by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock worth $1,746,453,000 after buying an additional 97,220 shares during the period. Norges Bank purchased a new stake in Cintas during the fourth quarter worth approximately $923,672,000. Finally, Morgan Stanley increased its position in shares of Cintas by 0.8% in the fourth quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider’s stock worth $826,214,000 after acquiring an additional 36,666 shares in the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Stock Down 0.9%

Shares of NASDAQ:CTAS opened at $197.82 on Tuesday. The company has a market capitalization of $79.16 billion, a price-to-earnings ratio of 52.89, a price-to-earnings-growth ratio of 3.22 and a beta of 0.91. The company has a 50 day moving average of $189.33 and a two-hundred day moving average of $184.70. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $219.87. The company has a quick ratio of 1.27, a current ratio of 1.43 and a debt-to-equity ratio of 0.28.

Cintas (NASDAQ:CTAS) last posted its earnings results on Wednesday, July 15th. The business services provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $2.91 billion for the quarter, compared to analysts’ expectations of $2.87 billion. Cintas had a net margin of 17.75% and a return on equity of 42.05%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.09 earnings per share. Cintas has set its FY 2027 guidance at 5.360-5.500 EPS. As a group, analysts forecast that Cintas Corporation will post 5.49 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be paid a dividend of $0.52 per share. This is a positive change from Cintas’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend is Friday, August 14th. This represents a $2.08 annualized dividend and a yield of 1.1%. Cintas’s payout ratio is presently 55.61%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Weiss Ratings raised shares of Cintas from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Robert W. Baird upped their price target on shares of Cintas from $200.00 to $214.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. The Goldman Sachs Group reiterated a “buy” rating and issued a $231.00 price target on shares of Cintas in a report on Wednesday, July 15th. UBS Group reissued a “buy” rating and issued a $230.00 price objective (up from $228.00) on shares of Cintas in a research report on Thursday, July 16th. Finally, Bank of America upgraded Cintas from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $200.00 to $230.00 in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $212.31.

About Cintas

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.