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

Cintas (NASDAQ:CTAS) announced its quarterly 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 net margin of 15.98% and a return on equity of 37.19%. The company had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the firm posted $3.14 earnings per share. The business’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 Stock Performance

CTAS opened at $687.03 on Friday. The firm has a market cap of $69.64 billion, a P/E ratio of 47.45, a price-to-earnings-growth ratio of 3.85 and a beta of 1.27. The business’s fifty day moving average is $620.99 and its 200-day moving average is $567.53. Cintas has a 52-week low of $438.59 and a 52-week high of $704.84. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.89 and a current ratio of 2.38.

Cintas Dividend Announcement

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

Analyst Upgrades and Downgrades

CTAS has been the subject of a number of research reports. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a report on Monday. Deutsche Bank Aktiengesellschaft boosted their target price on Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a research note on Thursday. Truist Financial lifted their price objective on shares of Cintas from $660.00 to $775.00 and gave the company a “buy” rating in a report on Thursday. The Goldman Sachs Group increased their target price on shares of Cintas from $673.00 to $765.00 and gave the stock a “buy” rating in a report on Thursday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cintas from $540.00 to $640.00 and gave the stock an “overweight” rating in a research report on Friday, December 22nd. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $649.60.

Institutional Investors Weigh In On Cintas

Several institutional investors and hedge funds have recently bought and sold shares of CTAS. Quarry LP boosted its position in shares of Cintas by 221.1% during the 1st quarter. Quarry LP now owns 61 shares of the business services provider’s stock worth $28,000 after acquiring an additional 42 shares in the last quarter. Sunbelt Securities Inc. acquired a new stake in shares of Cintas in the 1st quarter valued at $36,000. Clearstead Advisors LLC bought a new stake in shares of Cintas during the 3rd quarter worth $39,000. Harbour Investments Inc. boosted its stake in Cintas by 315.0% in 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 in the last quarter. Finally, O Dell Group LLC bought a new position in Cintas in the fourth quarter valued at about $51,000. Institutional investors own 63.46% of the company’s stock.

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.