Sterling Investment Counsel LLC Acquires 2,564 Shares of Cintas Co. (NASDAQ:CTAS)

Sterling Investment Counsel LLC boosted its holdings in Cintas Co. (NASDAQ:CTAS) by 286.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,460 shares of the business services provider’s stock after buying an additional 2,564 shares during the period. Sterling Investment Counsel LLC’s holdings in Cintas were worth $712,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the business. LGT Financial Advisors LLC increased its position in shares of Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new position in Cintas during the second quarter worth $27,000. Pathway Financial Advisers LLC bought a new position in Cintas during the first quarter valued at $29,000. Meeder Asset Management Inc. raised its stake in shares of Cintas by 226.7% in the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares during the period. Finally, Webster Bank N. A. bought a new stake in shares of Cintas in the 1st quarter worth about $38,000. Institutional investors own 63.46% of the company’s stock.

Cintas Stock Performance

Cintas stock traded down $1.77 during midday trading on Wednesday, reaching $209.77. 165,940 shares of the stock traded hands, compared to its average volume of 1,464,081. The firm has a fifty day moving average price of $215.48 and a two-hundred day moving average price of $189.75. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50. The firm has a market cap of $21.28 billion, a price-to-earnings ratio of 14.61, a PEG ratio of 4.12 and a beta of 1.32. Cintas Co. has a fifty-two week low of $123.65 and a fifty-two week high of $215.37.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, beating analysts’ consensus estimates 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.70 EPS. On average, equities research analysts forecast that Cintas Co. will post 4.23 earnings per share for the current year.

Cintas declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Redburn Atlantic initiated coverage on shares of Cintas in a report on Friday, August 9th. They set a “neutral” rating and a $167.50 price objective for the company. Stifel Nicolaus increased their price target on Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Baird R W downgraded shares of Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Robert W. Baird raised their target price on Cintas from $194.00 to $209.00 and gave the company a “neutral” rating in a research report on Thursday, September 26th. Finally, Jefferies Financial Group reduced their price objective on shares of Cintas from $730.00 to $200.00 and set a “hold” rating for the company in a research report on Thursday, September 26th. Two equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $199.63.

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.