Cintas (NASDAQ:CTAS) Releases Earnings Results, Beats Expectations By $0.26 EPS

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

Cintas Stock Up 0.2 %

Shares of NASDAQ:CTAS opened at $687.03 on Friday. The company has a debt-to-equity ratio of 0.58, a current ratio of 2.38 and a quick ratio of 1.89. The firm has a market capitalization of $69.64 billion, a PE ratio of 47.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.27. The firm’s 50-day moving average is $620.99 and its two-hundred day moving average is $567.53. Cintas has a 1 year low of $438.59 and a 1 year high of $704.84.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Thursday, February 15th were issued a $1.35 dividend. The ex-dividend date of this dividend was Wednesday, February 14th. This represents a $5.40 annualized dividend and a yield of 0.79%. Cintas’s dividend payout ratio (DPR) is currently 37.29%.

Institutional Trading of Cintas

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in Cintas by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock valued at $6,206,969,000 after purchasing an additional 112,361 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Cintas by 2.3% in the first quarter. Geode Capital Management LLC now owns 1,871,093 shares of the business services provider’s stock valued at $863,795,000 after purchasing an additional 41,237 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Cintas by 8.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,419,068 shares of the business services provider’s stock valued at $656,575,000 after purchasing an additional 115,712 shares in the last quarter. Royal Bank of Canada boosted its holdings in Cintas by 5.2% in the first quarter. Royal Bank of Canada now owns 1,163,413 shares of the business services provider’s stock valued at $494,904,000 after purchasing an additional 57,674 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in Cintas by 0.4% in the first quarter. Northern Trust Corp now owns 943,641 shares of the business services provider’s stock valued at $401,416,000 after purchasing an additional 3,438 shares in the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CTAS shares. Robert W. Baird increased their price target on shares of Cintas from $660.00 to $750.00 and gave the stock an “outperform” rating in a report on Thursday. UBS Group increased their price target on shares of Cintas from $680.00 to $790.00 and gave the company a “buy” rating in a research report on Thursday. StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a research report on Monday. Stifel Nicolaus lifted their price target on shares of Cintas from $526.00 to $585.00 and gave the company a “hold” rating in a research report on Friday, December 22nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a research note on Thursday. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $649.60.

About Cintas

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.