Cintas (NASDAQ:CTAS) Issues Earnings Results, Beats Expectations By $0.26 EPS

Cintas (NASDAQ:CTAS) issued its quarterly earnings results on Wednesday. The business services provider reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm posted $3.14 EPS. The firm’s quarterly revenue 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

NASDAQ CTAS opened at $687.03 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.38 and a quick ratio of 1.89. The company has a fifty day moving average price of $620.99 and a 200-day moving average price of $567.53. Cintas has a 1 year low of $438.59 and a 1 year high of $704.84. The firm has a market cap of $69.64 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 3.85 and a beta of 1.27.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Shareholders of record on Thursday, February 15th were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 0.79%. The ex-dividend date of this dividend was Wednesday, February 14th. Cintas’s dividend payout ratio (DPR) is presently 37.29%.

Wall Street Analysts Forecast Growth

CTAS has been the topic of a number of recent research reports. UBS Group lifted their price target on shares of Cintas from $680.00 to $790.00 and gave the stock a “buy” rating in a report on Thursday. Robert W. Baird raised their price objective on Cintas from $660.00 to $750.00 and gave the stock an “outperform” rating in a research report on Thursday. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a report on Monday. Barclays boosted their price target on shares of Cintas from $630.00 to $700.00 and gave the stock an “overweight” rating in a research report on Thursday, February 29th. Finally, Stifel Nicolaus boosted their target price on shares of Cintas from $526.00 to $585.00 and gave the company a “hold” rating in a report on Friday, December 22nd. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $649.60.

Hedge Funds Weigh In On Cintas

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Quarry LP grew its stake in shares of Cintas by 221.1% during the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock worth $28,000 after acquiring an additional 42 shares during the period. Sunbelt Securities Inc. purchased a new position in shares of Cintas in the first quarter worth about $36,000. Harbour Investments Inc. raised its position in shares of Cintas by 315.0% in the fourth quarter. Harbour Investments Inc. now owns 83 shares of the business services provider’s stock valued at $50,000 after purchasing an additional 63 shares during the period. O Dell Group LLC purchased a new stake in shares of Cintas during the 4th quarter valued at approximately $51,000. Finally, Clearstead Advisors LLC bought a new position in shares of Cintas in the third quarter worth $39,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Company Profile

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.