Cintas (NASDAQ:CTAS) Announces Quarterly Earnings Results

Cintas (NASDAQ:CTAS) released its quarterly earnings data on Wednesday. The business services provider reported $3.84 earnings per share for the quarter, beating 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 firm had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the firm earned $3.14 earnings per share. The business’s quarterly revenue was up 9.9% compared to the same quarter last year. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Trading Up 0.2 %

Shares of CTAS opened at $687.03 on Friday. The business’s 50-day moving average price is $620.99 and its 200-day moving average price is $567.53. The stock has a market cap of $69.64 billion, a PE ratio of 47.45, a P/E/G ratio of 3.85 and a beta of 1.27. Cintas has a twelve month low of $438.59 and a twelve month high of $704.84. The company has a quick ratio of 1.89, a current ratio of 2.38 and a debt-to-equity ratio of 0.58.

Cintas Announces Dividend

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Cintas by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock valued at $6,206,969,000 after acquiring an additional 112,361 shares during the last quarter. Geode Capital Management LLC grew its stake in Cintas by 2.3% in the 1st quarter. Geode Capital Management LLC now owns 1,871,093 shares of the business services provider’s stock worth $863,795,000 after buying an additional 41,237 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Cintas by 8.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,419,068 shares of the business services provider’s stock worth $656,575,000 after buying an additional 115,712 shares during the last quarter. Royal Bank of Canada lifted its holdings in shares of Cintas by 5.2% during the 1st quarter. Royal Bank of Canada now owns 1,163,413 shares of the business services provider’s stock worth $494,904,000 after acquiring an additional 57,674 shares during the last quarter. Finally, Northern Trust Corp raised its position in Cintas by 0.4% during the first quarter. Northern Trust Corp now owns 943,641 shares of the business services provider’s stock valued at $401,416,000 after purchasing an additional 3,438 shares in the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on CTAS shares. Barclays boosted their price objective on Cintas from $630.00 to $700.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. JPMorgan Chase & Co. increased their target price on shares of Cintas from $540.00 to $640.00 and gave the company an “overweight” rating in a report on Friday, December 22nd. StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a research report on Monday. The Goldman Sachs Group lifted their target price on shares of Cintas from $673.00 to $765.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Stifel Nicolaus upped their target price on Cintas from $526.00 to $585.00 and gave the company a “hold” rating in a report on Friday, December 22nd. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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.