Exchange Traded Concepts LLC Purchases 8,475 Shares of Cintas Co. (NASDAQ:CTAS)

Exchange Traded Concepts LLC boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 295.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,344 shares of the business services provider’s stock after acquiring an additional 8,475 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Cintas were worth $2,336,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Syon Capital LLC increased its holdings in Cintas by 16.1% in the 4th quarter. Syon Capital LLC now owns 685 shares of the business services provider’s stock worth $413,000 after buying an additional 95 shares in the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Cintas by 12.6% in the fourth quarter. B. Riley Wealth Advisors Inc. now owns 520 shares of the business services provider’s stock worth $313,000 after acquiring an additional 58 shares during the period. Quadrature Capital Ltd purchased a new position in shares of Cintas during the fourth quarter valued at approximately $3,509,000. HighPoint Advisor Group LLC bought a new position in Cintas during the fourth quarter valued at approximately $343,000. Finally, Nomura Holdings Inc. boosted its holdings in Cintas by 26.4% in the fourth quarter. Nomura Holdings Inc. now owns 1,734 shares of the business services provider’s stock worth $1,045,000 after purchasing an additional 362 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Trading Up 1.7 %

Shares of CTAS opened at $211.50 on Tuesday. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.53 and a quick ratio of 1.33. The company has a 50 day simple moving average of $212.54 and a two-hundred day simple moving average of $187.92. Cintas Co. has a 1 year low of $123.65 and a 1 year high of $212.22. The firm has a market cap of $21.46 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results 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. The company had revenue of $2.50 billion for the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a net margin of 16.80% and a return on equity of 39.56%. Cintas’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $3.70 earnings per share. On average, equities analysts expect that Cintas Co. will post 4.23 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.74%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is presently 10.77%.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on CTAS shares. Baird R W cut Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Redburn Atlantic assumed coverage on Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 price target for the company. Stifel Nicolaus raised their price objective on shares of Cintas from $166.75 to $199.50 and gave the stock a “hold” rating in a report on Friday, July 19th. Jefferies Financial Group reduced their target price on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a report on Thursday, September 26th. Finally, The Goldman Sachs Group lifted their price target on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, Cintas currently has an average rating of “Hold” and an average price target of $199.63.

Insider Buying and Selling

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now directly owns 125,808 shares in the company, valued at $24,083,425.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.10% of the stock is currently owned by insiders.

Cintas 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.