Harbour Capital Advisors LLC Grows Holdings in Cintas Co. (NASDAQ:CTAS)

Harbour Capital Advisors LLC boosted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 283.3% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,600 shares of the business services provider’s stock after acquiring an additional 3,400 shares during the period. Harbour Capital Advisors LLC’s holdings in Cintas were worth $962,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of CTAS. SG Americas Securities LLC lifted its holdings in shares of Cintas by 3,302.1% during the third quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock valued at $103,194,000 after purchasing an additional 486,500 shares during the last quarter. Los Angeles Capital Management LLC increased its position in Cintas by 123.1% during the 2nd quarter. Los Angeles Capital Management LLC now owns 366,044 shares of the business services provider’s stock valued at $256,326,000 after buying an additional 201,955 shares in the last quarter. Swedbank AB raised its stake in Cintas by 308.3% during the third quarter. Swedbank AB now owns 221,336 shares of the business services provider’s stock valued at $45,569,000 after buying an additional 167,123 shares during the last quarter. Randolph Co Inc boosted its holdings in Cintas by 300.0% in the third quarter. Randolph Co Inc now owns 166,676 shares of the business services provider’s stock worth $34,315,000 after acquiring an additional 125,003 shares in the last quarter. Finally, Global Assets Advisory LLC purchased a new stake in shares of Cintas in the first quarter worth $84,646,000. Institutional investors own 63.46% of the company’s stock.

Insider Activity

In related news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the completion of the sale, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 15.10% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on CTAS shares. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Royal Bank of Canada upped their target price on shares of Cintas from $181.00 to $215.00 and gave the stock a “sector perform” rating in a research note on Thursday, September 26th. Barclays increased their price target on shares of Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Robert W. Baird upped their price objective on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, Morgan Stanley increased their target price on Cintas from $170.00 to $185.00 and gave the company an “equal weight” rating in a research note on Thursday, September 26th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $199.63.

Cintas Price Performance

NASDAQ CTAS opened at $213.82 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 firm has a market capitalization of $21.69 billion, a P/E ratio of 14.77, a PEG ratio of 4.12 and a beta of 1.32. The company has a 50-day moving average price of $214.11 and a 200-day moving average price of $188.54. Cintas Co. has a 52 week low of $123.65 and a 52 week high of $215.37.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The firm had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same quarter in the previous year, the firm posted $3.70 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities research analysts anticipate that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas announced that its board has approved a share buyback plan on Tuesday, July 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Cintas Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.73%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s dividend payout ratio (DPR) is currently 10.77%.

About Cintas

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.