Cintas Co. (NASDAQ:CTAS – Get Free Report) declared a quarterly dividend on Tuesday, January 16th, RTT News reports. Stockholders of record on Thursday, February 15th will be given a dividend of 1.35 per share by the business services provider on Friday, March 15th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 0.87%. The ex-dividend date is Wednesday, February 14th.
Cintas has raised its dividend by an average of 12.5% annually over the last three years and has increased its dividend annually for the last 41 consecutive years. Cintas has a payout ratio of 30.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Cintas to earn $16.05 per share next year, which means the company should continue to be able to cover its $5.40 annual dividend with an expected future payout ratio of 33.6%.
Cintas Stock Up 0.2 %
Cintas stock opened at $618.22 on Monday. The company has a market capitalization of $62.67 billion, a P/E ratio of 44.86, a P/E/G ratio of 3.58 and a beta of 1.28. Cintas has a 1-year low of $425.00 and a 1-year high of $626.18. The company has a current ratio of 2.24, a quick ratio of 1.89 and a debt-to-equity ratio of 0.62. The firm’s fifty day simple moving average is $588.57 and its 200-day simple moving average is $537.28.
Analysts Set New Price Targets
Several research firms have recently issued reports on CTAS. Truist Financial boosted their price objective on shares of Cintas from $645.00 to $660.00 and gave the stock a “buy” rating in a report on Thursday, January 25th. Deutsche Bank Aktiengesellschaft lowered shares of Cintas from a “buy” rating to a “hold” rating and boosted their price target for the company from $551.00 to $590.00 in a research report on Friday, December 8th. Stifel Nicolaus boosted their target price on shares of Cintas from $526.00 to $585.00 and gave the stock a “hold” rating in a research note on Friday, December 22nd. JPMorgan Chase & Co. increased their price objective on shares of Cintas from $540.00 to $640.00 and gave the company an “overweight” rating in a report on Friday, December 22nd. Finally, Royal Bank of Canada increased their price objective on shares of Cintas from $525.00 to $645.00 and gave the company an “outperform” rating in a report on Friday, December 22nd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cintas currently has a consensus rating of “Moderate Buy” and an average target price of $560.57.
Insider Transactions at Cintas
In related news, CFO J. Michael Hansen sold 9,774 shares of the firm’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $596.91, for a total value of $5,834,198.34. Following the completion of the transaction, the chief financial officer now owns 37,732 shares of the company’s stock, valued at $22,522,608.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 14.90% of the stock is owned by insiders.
Institutional Inflows and Outflows
A number of hedge funds have recently added to or reduced their stakes in CTAS. Quarry LP grew its position in shares of Cintas by 221.1% in the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 42 shares during the period. Sunbelt Securities Inc. acquired a new stake in Cintas in the 1st quarter worth about $36,000. Clearstead Advisors LLC acquired a new position in shares of Cintas in the 3rd quarter valued at approximately $39,000. First Horizon Advisors Inc. lifted its holdings in shares of Cintas by 28.6% during the 1st quarter. First Horizon Advisors Inc. now owns 144 shares of the business services provider’s stock worth $67,000 after acquiring an additional 32 shares during the period. Finally, Compass Wealth Management LLC acquired a new stake in shares of Cintas in the 4th quarter valued at $76,000. Institutional investors own 62.26% 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.
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