Cintas (NASDAQ:CTAS) Announces Quarterly Earnings Results

Cintas (NASDAQ:CTAS) released its quarterly earnings results on Wednesday. The business services provider reported $3.84 earnings per share for the quarter, beating the consensus estimate of $3.58 by $0.26, Briefing.com reports. The firm had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.39 billion. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The business’s revenue was up 9.9% on a year-over-year basis. During the same period in the prior year, the firm earned $3.14 EPS. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Price Performance

Shares of NASDAQ CTAS traded up $1.39 during midday trading on Friday, reaching $687.03. 572,438 shares of the company were exchanged, compared to its average volume of 371,309. The stock’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 P/E ratio of 47.45, a PEG ratio of 3.85 and a beta of 1.27. Cintas has a one year low of $438.59 and a one year 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 Dividend Announcement

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

Wall Street Analysts Forecast Growth

CTAS has been the topic of several research analyst reports. Royal Bank of Canada increased their price target on shares of Cintas from $675.00 to $725.00 and gave the company an “outperform” rating in a report on Thursday. JPMorgan Chase & Co. increased their target price on shares of Cintas from $540.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, December 22nd. Truist Financial increased their target price on shares of Cintas from $660.00 to $775.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group increased 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, Barclays increased their target price 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. Six 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 currently has an average rating of “Moderate Buy” and a consensus price target of $649.60.

Institutional Trading of Cintas

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. RMB Capital Management LLC grew its stake in shares of Cintas by 2.9% during the fourth quarter. RMB Capital Management LLC now owns 680 shares of the business services provider’s stock worth $410,000 after buying an additional 19 shares during the last quarter. Stokes Family Office LLC grew its stake in shares of Cintas by 0.4% during the fourth quarter. Stokes Family Office LLC now owns 6,897 shares of the business services provider’s stock worth $3,115,000 after buying an additional 25 shares during the last quarter. SVB Wealth LLC grew its stake in shares of Cintas by 1.2% during the second quarter. SVB Wealth LLC now owns 2,157 shares of the business services provider’s stock worth $806,000 after buying an additional 26 shares during the last quarter. Buckingham Strategic Wealth LLC grew its stake in shares of Cintas by 1.5% during the fourth quarter. Buckingham Strategic Wealth LLC now owns 1,847 shares of the business services provider’s stock worth $1,113,000 after buying an additional 27 shares during the last quarter. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Cintas by 2.6% during the third quarter. Integrated Wealth Concepts LLC now owns 1,176 shares of the business services provider’s stock worth $566,000 after buying an additional 30 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.

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.