Rhumbline Advisers has decreased its stake in Cintas Corporation (NASDAQ: CTAS) by 0.3%, as indicated in its recent filing with the Securities and Exchange Commission (SEC). The investment firm now holds 726,477 shares after selling 2,332 shares during the second quarter. As of the latest SEC report, Rhumbline’s holdings in the business services provider are valued at approximately $161.91 million.
Several other institutional investors have also adjusted their positions in Cintas. WPG Advisers LLC entered the market with a new position worth about $27,000 in the first quarter. Similarly, the Saudi Central Bank acquired a stake valued at around $29,000 during the same period. Barnes Dennig Private Wealth Management LLC significantly increased its holdings by 800% in the second quarter, now owning 144 shares valued at approximately $32,000 after purchasing an additional 128 shares. Golden State Wealth Management LLC expanded its stake by an astounding 3,925%, holding 161 shares valued at $36,000. Additionally, Addison Advisors LLC raised its holdings by 57%, now owning 168 shares worth about $37,000.
As of now, hedge funds and institutional investors collectively own 63.46% of Cintas stock.
Analysts Adjust Ratings and Price Targets
Research firms have been busy reassessing their ratings and price targets for Cintas. Rothschild & Co Redburn upgraded the stock from a “sell” rating to “neutral” and set a target price of $184.00. In contrast, Royal Bank of Canada reduced its price target from $240.00 to $206.00, assigning a “sector perform” rating. Wells Fargo & Company also lowered its price objective from $221.00 to $218.00, maintaining an “equal weight” rating.
JPMorgan Chase & Co. decreased its price objective from $246.00 to $230.00, while Rothschild Redb upgraded Cintas from a “strong sell” rating to “hold.” Currently, one analyst has rated the stock as a Strong Buy, five have issued Buy ratings, eight have assigned Hold ratings, and two have rated it as a Sell. According to MarketBeat, Cintas has an average rating of “Hold” and a price target of $215.07.
Current Stock Performance and Financial Metrics
On Friday, Cintas stock opened at $185.80. The company maintains a debt-to-equity ratio of 0.51, a current ratio of 2.24, and a quick ratio of 1.94. The stock has experienced a fifty-two-week low of $180.39 and a high of $229.24. Cintas also reports a fifty-day moving average price of $192.15 and a two-hundred-day moving average price of $209.33.
Recently, Cintas announced its quarterly earnings results, reporting earnings per share (EPS) of $1.20 for the quarter, slightly exceeding the consensus estimate of $1.19. The company’s revenue reached $2.72 billion, surpassing the anticipated $2.70 billion, and marking an annual revenue increase of 8.7% compared to the previous year. Cintas has set its FY 2026 EPS guidance between $4.740 and $4.860.
Cintas has also initiated a stock repurchase program, authorized to buy back $1 billion in outstanding shares, equivalent to about 1.3% of its total stock. This initiative typically signals that management believes the stock is undervalued.
In addition, the company recently declared a quarterly dividend of $0.45, set to be paid on December 15, 2024. Shareholders of record on November 14, 2024 will receive this payment, which translates to an annualized dividend of $1.80 and a yield of 1.0%. The current payout ratio stands at 40.82%.
Cintas Corporation specializes in providing corporate identity uniforms and related business services, primarily serving clients in the United States, Canada, and Latin America. Its operations span across various segments, including Uniform Rental and Facility Services, First Aid and Safety Services, and others, contributing to its strong market position.
For those interested in tracking Cintas and its institutional holdings, comprehensive data is available through various financial platforms and services.
