Assenagon Asset Management S.A. Acquires 42,935 Shares of Cintas Corporation $CTAS

Key Points

• Assenagon Asset Management increased its Cintas stake by 3.5%, acquiring 42,935 additional shares and bringing its holdings to 1.26 million shares valued at approximately $245.9 million. Institutional investors collectively own 63.46% of Cintas.
• Analysts maintain a “Moderate Buy” consensus on CTAS, with an average price target of $218.50; several firms recently raised their targets to between $230 and $240.
• Cintas reported quarterly earnings of $1.39 per share and revenue of $3.01 billion, beating estimates, while revenue grew 10.9% year over year. The company also raised its quarterly dividend to $0.52 per share, representing a 1.0% annual yield.

Assenagon Asset Management S.A. raised its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 3.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,260,538 shares of the business services provider's stock after acquiring an additional 42,935 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.32% of Cintas worth $245,881,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in CTAS. BlackRock Inc. bought a new position in Cintas during the 2nd quarter worth $4,520,425,000. Bank of New York Mellon Corp bought a new stake in Cintas during the second quarter valued at $644,334,000. Amundi lifted its stake in shares of Cintas by 6.3% in the 1st quarter. Amundi now owns 2,402,362 shares of the business services provider's stock valued at $406,336,000 after purchasing an additional 142,576 shares during the period. Legal & General Group Plc bought a new stake in Cintas in the second quarter worth approximately $386,159,000. Finally, Pictet Asset Management Holding SA boosted its holdings in shares of Cintas by 8.3% during the 1st quarter. Pictet Asset Management Holding SA now owns 2,167,957 shares of the business services provider's stock worth $366,673,000 after buying an additional 165,752 shares in the last quarter. Institutional investors own 63.46% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Argus lifted their price target on shares of Cintas from $230.00 to $240.00 and gave the company a "buy" rating in a research note on Tuesday, September 29th. The Goldman Sachs Group raised their price objective on Cintas from $231.00 to $239.00 and gave the company a "buy" rating in a research note on Thursday, September 24th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $206.00 price objective on shares of Cintas in a research note on Thursday, September 24th. Truist Financial boosted their price objective on Cintas from $225.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, September 24th. Finally, Jefferies Financial Group upped their target price on Cintas from $200.00 to $210.00 and gave the stock a "hold" rating in a research report on Thursday, July 16th. Ten equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $218.50.

Cintas Trading Up 2.1%

NASDAQ CTAS opened at $213.06 on Friday. Cintas Corporation has a 12 month low of $161.16 and a 12 month high of $219.16. The company has a current ratio of 1.45, a quick ratio of 1.29 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $84.60 billion, a P/E ratio of 42.02, a PEG ratio of 3.32 and a beta of 0.92. The business has a fifty day simple moving average of $200.78 and a 200 day simple moving average of $187.06.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its earnings results on Wednesday, September 23rd. The business services provider reported $1.39 EPS for the quarter, beating the consensus estimate of $1.35 by $0.04. Cintas had a net margin of 17.82% and a return on equity of 42.57%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.98 billion. During the same quarter in the prior year, the company posted $1.20 earnings per share. The firm's revenue for the quarter was up 10.9% on a year-over-year basis. Cintas has set its FY 2027 guidance at 5.450-5.540 EPS. On average, analysts predict that Cintas Corporation will post 5.52 EPS for the current fiscal year.

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th were paid a $0.52 dividend. This is a boost from Cintas's previous quarterly dividend of $0.45. The ex-dividend date was Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a yield of 1.0%. Cintas's dividend payout ratio is currently 41.03%.

Cintas Company Profile

Cintas Corporation NASDAQ: CTAS provides workplace services to businesses and organizations across North America. The company's primary business is uniform rental and facility services, including the design, rental, cleaning and delivery of uniforms, work apparel and related garments.

Its offerings also include restroom and hygiene services, floor-care products, mats, towels, and other facility supplies. Through its First Aid & Safety segment, Cintas provides first-aid products, safety equipment and training.

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