Palmer Knight Co Has $9.43 Million Stock Position in Cintas Co. (NASDAQ:CTAS)

Palmer Knight Co increased its holdings in Cintas Co. (NASDAQ:CTAS) by 296.5% in the 3rd quarter, Holdings Channel reports. The fund owned 45,780 shares of the business services provider’s stock after buying an additional 34,235 shares during the quarter. Cintas accounts for about 4.1% of Palmer Knight Co’s investment portfolio, making the stock its 2nd biggest position. Palmer Knight Co’s holdings in Cintas were worth $9,425,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Reik & CO. LLC increased its stake in shares of Cintas by 296.1% in the 3rd quarter. Reik & CO. LLC now owns 245,873 shares of the business services provider’s stock worth $50,620,000 after acquiring an additional 183,796 shares in the last quarter. Summit Global Investments increased its stake in shares of Cintas by 117.4% in the 3rd quarter. Summit Global Investments now owns 1,085 shares of the business services provider’s stock worth $224,000 after acquiring an additional 586 shares in the last quarter. Bensler LLC increased its stake in shares of Cintas by 314.0% in the 3rd quarter. Bensler LLC now owns 59,403 shares of the business services provider’s stock worth $12,230,000 after acquiring an additional 45,054 shares in the last quarter. Winthrop Advisory Group LLC increased its stake in shares of Cintas by 289.1% in the 3rd quarter. Winthrop Advisory Group LLC now owns 1,572 shares of the business services provider’s stock worth $324,000 after acquiring an additional 1,168 shares in the last quarter. Finally, LS Investment Advisors LLC bought a new position in shares of Cintas in the 3rd quarter worth about $217,000. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Baird R W downgraded shares of Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Royal Bank of Canada increased their price objective on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. Morgan Stanley increased their price objective on shares of Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research report on Thursday, September 26th. Stifel Nicolaus increased their price objective on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research report on Friday, July 19th. Finally, The Goldman Sachs Group increased their price objective on shares of Cintas from $212.00 to $236.00 and gave the company a “buy” rating in a research report on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $219.52 on Friday. The company has a quick ratio of 1.33, a current ratio of 1.53 and a debt-to-equity ratio of 0.50. The company has a market cap of $88.53 billion, a PE ratio of 55.43, a PEG ratio of 4.09 and a beta of 1.32. The firm’s 50-day moving average price is $218.46 and its 200-day moving average price is $192.79. Cintas Co. has a 52-week low of $131.01 and a 52-week high of $219.87.

Cintas (NASDAQ:CTAS) last announced its earnings results on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. The business had revenue of $2.50 billion during the quarter, compared to analysts’ expectations of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm’s revenue was up 6.8% on a year-over-year basis. During the same period in the prior year, the company earned $3.70 earnings per share. As a group, analysts anticipate that Cintas Co. will post 4.23 EPS for the current year.

Cintas Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be issued a $0.39 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. Cintas’s dividend payout ratio is currently 39.39%.

Cintas declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Cintas Company Profile

Cintas Corporation engages in the provision of 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.