Cintas (NASDAQ:CTAS) Announces Quarterly Earnings Results

Cintas (NASDAQ:CTAS) released its quarterly earnings data on Wednesday. The business services provider reported $3.84 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.58 by $0.26, Briefing.com reports. Cintas had a return on equity of 36.78% and a net margin of 15.57%. The firm had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the company posted $3.14 earnings per share. The business’s revenue for the quarter was up 9.9% compared to the same quarter last year. 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

Cintas stock opened at $685.64 on Thursday. The business’s 50-day simple moving average is $619.05 and its 200 day simple moving average is $566.70. The stock has a market cap of $69.50 billion, a price-to-earnings ratio of 49.76, a P/E/G ratio of 3.67 and a beta of 1.27. Cintas has a 12-month low of $436.54 and a 12-month high of $704.84. The company has a quick ratio of 1.89, a current ratio of 2.24 and a debt-to-equity ratio of 0.62.

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 15th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 0.79%. The ex-dividend date was Wednesday, February 14th. Cintas’s dividend payout ratio is 39.19%.

Hedge Funds Weigh In On Cintas

Hedge funds have recently added to or reduced their stakes in the company. Raymond James Trust N.A. boosted its holdings in Cintas by 10.6% during the first quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock worth $314,000 after buying an additional 71 shares during the last quarter. Baird Financial Group Inc. boosted its holdings in Cintas by 16.8% during the first quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after buying an additional 2,541 shares during the last quarter. Covestor Ltd boosted its holdings in Cintas by 84.7% during the first quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock worth $139,000 after buying an additional 150 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Cintas by 9.3% during the first quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock worth $3,009,000 after buying an additional 604 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its holdings in 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 buying an additional 4,037 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on CTAS. JPMorgan Chase & Co. increased their price objective on Cintas from $540.00 to $640.00 and gave the stock an “overweight” rating in a research note on Friday, December 22nd. Stifel Nicolaus raised their target price on Cintas from $526.00 to $585.00 and gave the company a “hold” rating in a research note on Friday, December 22nd. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research note on Monday. Royal Bank of Canada raised their target price on Cintas from $525.00 to $645.00 and gave the company an “outperform” rating in a research note on Friday, December 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered Cintas from a “buy” rating to a “hold” rating and raised their target price for the company from $551.00 to $590.00 in a research note on Friday, December 8th. Six research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cintas has an average rating of “Moderate Buy” and an average target price of $571.29.

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.