PNC Financial Services Group Inc. Grows Position in Cintas Co. (NASDAQ:CTAS)

PNC Financial Services Group Inc. boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 299.8% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,286,525 shares of the business services provider’s stock after buying an additional 964,698 shares during the quarter. PNC Financial Services Group Inc. owned 0.32% of Cintas worth $264,870,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Impax Asset Management Group plc lifted its holdings in Cintas by 211.1% in the third quarter. Impax Asset Management Group plc now owns 2,429,272 shares of the business services provider’s stock valued at $499,236,000 after acquiring an additional 1,648,350 shares during the period. Alecta Tjanstepension Omsesidigt boosted its holdings in shares of Cintas by 300.0% in the third quarter. Alecta Tjanstepension Omsesidigt now owns 1,630,000 shares of the business services provider’s stock worth $335,552,000 after buying an additional 1,222,500 shares during the last quarter. Swiss National Bank boosted its holdings in shares of Cintas by 301.0% in the third quarter. Swiss National Bank now owns 1,084,400 shares of the business services provider’s stock worth $223,256,000 after buying an additional 814,000 shares during the last quarter. Los Angeles Capital Management LLC grew its position in Cintas by 211.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,140,595 shares of the business services provider’s stock valued at $234,826,000 after buying an additional 774,551 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Cintas by 291.9% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 889,402 shares of the business services provider’s stock valued at $183,110,000 after buying an additional 662,431 shares during the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Stock Performance

CTAS opened at $216.20 on Tuesday. The stock has a market capitalization of $87.19 billion, a price-to-earnings ratio of 54.60, a PEG ratio of 4.24 and a beta of 1.32. Cintas Co. has a fifty-two week low of $136.50 and a fifty-two week high of $227.35. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.33 and a current ratio of 1.53. The company has a fifty day moving average of $221.79 and a 200 day moving average of $196.06.

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

Cintas announced that its board has initiated 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 reacquire 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.72%. Cintas’s dividend payout ratio is currently 39.39%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on CTAS shares. Royal Bank of Canada boosted their price objective on shares of Cintas from $181.00 to $215.00 and gave the company a “sector perform” rating in a research report on Thursday, September 26th. UBS Group boosted 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. Jefferies Financial Group decreased their price objective on Cintas from $730.00 to $200.00 and set a “hold” rating on the stock in a research note on Thursday, September 26th. Wells Fargo & Company boosted their price objective on Cintas from $184.00 to $191.00 and gave the company an “underweight” rating in a research note on Thursday, September 26th. Finally, Redburn Atlantic assumed coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price for the company. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $199.63.

Cintas Company 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.