Cintas (NASDAQ:CTAS) Posts Quarterly Earnings Results, Beats Expectations By $0.26 EPS

Cintas (NASDAQ:CTASGet Free Report) announced its earnings results on Wednesday. The business services provider reported $3.84 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. The business had revenue of $2.41 billion during 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 firm’s revenue for the quarter was up 9.9% on a year-over-year basis. During the same quarter last year, the company posted $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 Trading Up 0.2 %

Cintas stock opened at $687.03 on Friday. The stock has a 50-day simple moving average of $620.99 and a 200 day simple moving average of $567.53. The stock has a market capitalization of $69.64 billion, a P/E ratio of 47.45, a PEG ratio of 3.85 and a beta of 1.27. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.89 and a current ratio of 2.38. Cintas has a 52 week low of $438.59 and a 52 week high of $704.84.

Cintas Announces Dividend

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Raymond James Trust N.A. increased its holdings in shares of Cintas by 10.6% in the first quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 71 shares during the last quarter. Baird Financial Group Inc. raised its stake in Cintas by 16.8% in the 1st quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after purchasing an additional 2,541 shares in the last quarter. Covestor Ltd boosted its holdings in Cintas by 84.7% in the 1st quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock valued at $139,000 after purchasing an additional 150 shares during the period. Mackenzie Financial Corp grew its position in shares of Cintas by 9.3% during the 1st quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock worth $3,009,000 after purchasing an additional 604 shares in the last quarter. Finally, Fuller & Thaler Asset Management Inc. increased its holdings in shares of Cintas by 19.8% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock worth $10,410,000 after purchasing an additional 4,037 shares during the period. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CTAS has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft lifted their price objective on Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a research report on Thursday. Truist Financial upped their target price on shares of Cintas from $660.00 to $775.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group lifted their price target on shares of Cintas from $680.00 to $790.00 and gave the stock a “buy” rating in a research report on Thursday. Barclays increased their price target on Cintas from $630.00 to $700.00 and gave the company an “overweight” rating in a research note on Thursday, February 29th. Finally, 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 research report on Thursday. Six analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Cintas currently has a consensus rating of “Moderate Buy” and an average target price of $649.60.

Get Our Latest Research Report on CTAS

About Cintas

(Get Free Report)

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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Earnings History for Cintas (NASDAQ:CTAS)

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