Cintas (NASDAQ:CTAS) Posts Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Cintas (NASDAQ:CTAS) announced its earnings results on Wednesday. The business services provider reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26, Briefing.com reports. Cintas had a return on equity of 37.19% and a net margin of 15.98%. The company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter last year, the company earned $3.14 earnings per share. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. Cintas updated its FY24 guidance to $14.80-15.00 EPS and its FY 2024 guidance to 14.800-15.000 EPS.

Cintas Trading Up 0.2 %

NASDAQ CTAS opened at $687.03 on Friday. The business’s fifty day moving average is $620.99 and its 200-day moving average is $567.53. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.38 and a quick ratio of 1.89. Cintas has a one year low of $438.59 and a one year high of $704.84. The stock has a market capitalization of $69.64 billion, a price-to-earnings ratio of 47.45, a PEG ratio of 3.85 and a beta of 1.27.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Thursday, February 15th were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 0.79%. The ex-dividend date was Wednesday, February 14th. Cintas’s dividend payout ratio is presently 37.29%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a research report on Monday. JPMorgan Chase & Co. lifted their price objective on shares of Cintas from $540.00 to $640.00 and gave the company an “overweight” rating in a research note on Friday, December 22nd. Royal Bank of Canada upped their target price on Cintas from $675.00 to $725.00 and gave the stock an “outperform” rating in a research note on Thursday. Bank of America raised their target price on Cintas from $700.00 to $790.00 and gave the company a “buy” rating in a report on Thursday. Finally, Robert W. Baird boosted their price target on Cintas from $660.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $649.60.

Institutional Investors Weigh In On Cintas

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP boosted its stake in Cintas by 221.1% in the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock worth $28,000 after purchasing an additional 42 shares during the period. Sunbelt Securities Inc. bought a new position in shares of Cintas in the first quarter valued at approximately $36,000. Clearstead Advisors LLC purchased a new stake in shares of Cintas in the third quarter worth $39,000. Harbour Investments Inc. boosted its stake in Cintas by 315.0% during the fourth quarter. Harbour Investments Inc. now owns 83 shares of the business services provider’s stock valued at $50,000 after buying an additional 63 shares during the period. Finally, O Dell Group LLC bought a new position in Cintas in the 4th quarter worth about $51,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Company Profile

Cintas Corporation provides 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.