49,490 Shares in Cintas Corporation $CTAS Acquired by Palmer Knight Co

Palmer Knight Co purchased a new position in shares of Cintas Corporation (NASDAQ:CTAS) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 49,490 shares of the business services provider’s stock, valued at approximately $8,417,000. Cintas comprises about 3.2% of Palmer Knight Co’s holdings, making the stock its 15th biggest holding.

Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Cintas in the 2nd quarter valued at $4,520,425,000. Norges Bank purchased a new position in shares of Cintas during the fourth quarter worth $923,672,000. Bank of New York Mellon Corp acquired a new position in Cintas during the second quarter valued at $644,334,000. Deutsche Bank AG acquired a new position in Cintas during the second quarter valued at $204,831,000. Finally, Two Sigma Investments LP boosted its holdings in Cintas by 5,641.3% in the third quarter. Two Sigma Investments LP now owns 1,016,671 shares of the business services provider’s stock valued at $208,682,000 after purchasing an additional 998,963 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. The Goldman Sachs Group reaffirmed a “buy” rating and set a $231.00 price target on shares of Cintas in a research report on Wednesday, July 15th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $206.00 price objective on shares of Cintas in a report on Thursday, July 16th. Truist Financial lowered their target price on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. Bank of America raised Cintas from a “neutral” rating to a “buy” rating and raised their target price for the stock from $200.00 to $230.00 in a report on Thursday, July 16th. Finally, Weiss Ratings upgraded Cintas from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, July 10th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $212.31.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $199.45 on Wednesday. The company’s fifty day moving average price is $189.72 and its 200 day moving average price is $184.77. Cintas Corporation has a 1 year low of $161.16 and a 1 year high of $219.87. The company has a market capitalization of $79.81 billion, a PE ratio of 53.33, a price-to-earnings-growth ratio of 3.22 and a beta of 0.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.27 and a current ratio of 1.43.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Wednesday, July 15th. The business services provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.24 by $0.05. Cintas had a net margin of 17.75% and a return on equity of 42.05%. The company had revenue of $2.91 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same quarter last year, the business earned $1.09 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Cintas has set its FY 2027 guidance at 5.360-5.500 EPS. On average, research analysts predict that Cintas Corporation will post 5.49 earnings per share for the current year.

Cintas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be given a dividend of $0.52 per share. This is a boost from Cintas’s previous quarterly dividend of $0.45. The ex-dividend date is Friday, August 14th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 1.0%. Cintas’s payout ratio is 55.61%.

Cintas Profile

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.