Mirae Asset Global Investments Co. Ltd. Raises Position in Cintas Co. (NASDAQ:CTAS)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 393.8% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 127,964 shares of the business services provider’s stock after purchasing an additional 102,050 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned approximately 0.13% of Cintas worth $25,894,000 at the end of the most recent quarter.

A number of other large investors also recently made changes to their positions in CTAS. Alecta Tjanstepension Omsesidigt lifted its stake in shares of Cintas by 300.0% during the 3rd quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after purchasing an additional 1,222,500 shares during the period. SG Americas Securities LLC raised its position in shares of Cintas by 3,302.1% in the 3rd quarter. SG Americas Securities LLC now owns 501,233 shares of the business services provider’s stock worth $103,194,000 after buying an additional 486,500 shares during the period. Bank Pictet & Cie Europe AG raised its position in shares of Cintas by 300.0% in the 3rd quarter. Bank Pictet & Cie Europe AG now owns 510,832 shares of the business services provider’s stock worth $105,170,000 after buying an additional 383,124 shares during the period. Raymond James & Associates raised its position in shares of Cintas by 305.4% in the 3rd quarter. Raymond James & Associates now owns 484,068 shares of the business services provider’s stock worth $99,660,000 after buying an additional 364,659 shares during the period. Finally, Los Angeles Capital Management LLC raised its position in shares of Cintas by 123.1% in the 2nd quarter. Los Angeles Capital Management LLC now owns 366,044 shares of the business services provider’s stock worth $256,326,000 after buying an additional 201,955 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Stock Down 0.8 %

Shares of Cintas stock opened at $207.41 on Friday. The business has a 50-day moving average of $216.53 and a 200-day moving average of $190.43. 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 market capitalization of $21.04 billion, a PE ratio of 14.32, a P/E/G ratio of 4.12 and a beta of 1.32. Cintas Co. has a 1-year low of $123.65 and a 1-year high of $215.37.

Cintas (NASDAQ:CTAS) last announced its earnings results on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.10. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. Cintas had a return on equity of 39.56% and a net margin of 16.80%. The company’s revenue was up 6.8% on a year-over-year basis. During the same period last year, the firm earned $3.70 earnings per share. As a group, equities analysts forecast that Cintas Co. will post 4.23 EPS for the current fiscal year.

Cintas declared that its Board of Directors has approved a stock repurchase program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on CTAS shares. Robert W. Baird increased their target price on Cintas from $194.00 to $209.00 and gave the stock a “neutral” rating in a research report on Thursday, September 26th. Truist Financial increased their target price on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. The Goldman Sachs Group increased their target price on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research report on Thursday, September 26th. UBS Group increased their price target on Cintas from $219.00 to $240.00 and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, Barclays increased their price target on Cintas from $210.00 to $245.00 and gave the company an “overweight” rating in a report on Friday, September 27th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $199.63.

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.