Cintas stock forecast: What's next?

Is Cintas cleaning up or making a mess of things? Let’s look at the Cintas stock forecast


Cintas, the largest business in the United States dealing with mats, mops, cleaning supplies, toilet supplies, safety products, uniforms, first aid and safety courses, might not be as big a household name, but it is a leader in its field and, crucially, it is one of the companies that makes up the Standard & Poor’s 500 index, which makes its results significant to investors. So after the latest company results, what sort of Cintas stock forecast we might be looking at?

Cintas: before the results

Investors will have wanted the company to carry on doing what it was doing after it delivered positive results in the last four quarters, beating estimates every time. The rise in its average earnings per share was 15.53% and, in the quarter ending 31 May, the company’s earnings per share were $2.47. Nasdaq reported that this was higher than the Zacks Consensus Estimate of $2.33 by more than 6%.

There had been tragedy and upheaval over the last few months, though, with company founder Dick Farmer dying at the age of 86 and his son, Scott, stepping down as CEO to be replaced by Todd Schneider. 

In the past three months, shares of the company have gained 5.8% compared with the industry’s growth of 4.4%. It is in light of this news and the changes at the top that we have to take a look at the Cintas quarterly report and see what it might tell us about the Cintas stock price forecast.

Before we do that, though, let’s look at what Nasdaq has said about the company and the Zacks Consensus Estimate. Zacks said that the Cintas First Aid & Safety department would bring in $198m, up 5.9% from the previous quarter but down 2.9% from the previous year. On the other hand, the revenue from Uniform Rental & Facility Services would be up quarterly by 2% and up annually by 7.9% to $1.497bn. In terms of the nebulous All Other segment, Zacks believed that it would be up year on year by 14.2% and down 54.2%  from the previous quarter to $169m. 

Now, let’s take a look at what happened when the company released its latest set of quarterly results on 29 September. 

Cintas quarterly results

There was what looked like very good news for the Ohio-based business when the results came out. The company’s Uniform Rental & Facility Services brought in $1.508bn, which was up 8.2% from the same quarter the previous year’s $1.394bn. Meanwhile, First Aid & Safety’s revenue was $199m, which was slightly more than the experts predicted. Finally, All Other generated just under $189m, smashing the predictions by more than 10% and potentially boosting Cintas stock analyses.

Cintasalso said that it had been able to increase its quarterly dividend to shareholders, paid on 15 September, to $0.95 per share, which was up by 26.7% from what it had paid out three months earlier, and represented something worth noting in regards to a Cintas stock prediction.

The overall net income for the three months ending on 31 August was $331.2m, up more than 10% from the $300m the company recorded in the same quarter last year. One thing, however, that might cause some concern is the matter of assets and current liabilities. The most recent set of unaudited assets stood at just under $7.858bn, down by 4.6% from just under $8.237bn three months earlier. A good part of this was a drop in cash and cash equivalents, which fell more than 83% from $493.64m to just under $79.75m. Meanwhile, the total current liabilities stood at $2.269bn, up 17% over the quarter from $1.934bn.

CTAS going forward

In a statement, Schneider said he was pleased with the way things were going, and acknowledged that the company, like many others, had faced a tough time dealing with lockdowns during the Covid-19 pandemic. He said: “I am proud of the execution of our employee-partners. They continue to navigate an unsettled environment by focusing on providing businesses with the products and services needed to help our customers get ready for the workday. I look forward to another successful fiscal year."

Cintas also expanded its forecast for the coming financial year. Schneider said: “We are raising our annual revenue expectations from a range of $7.53bn to $7.63bn to a range of $7.58bn to $7.67bn and diluted EPS from a range of $10.35 to $10.75 to a range of $10.60 to $10.90.” In a post-earnings call with investors, he explained the company’s reasoning by saying: “We like the momentum that we see in our business. We like the new business as a driver of growth for us, and we're providing more products and services to our customers. So those who are open and hopefully they'll be back to full strength here very shortly. But in general, yeah, we  like the momentum that we see.”

Cintas price chart
Cintas price history chart

What the markets say

The markets took note of the results and responded. When trading stopped on 28 September, the CTAS stock price was $386.07. However, before trading opened on 29 September the results were released and the markets reopened with the Cintas stock price at $393.36, up by a little under 2% as investors gave their quiet approval. There was an intraday high of $399.22 before the CTAS stock price fell to an intraday low of $384.88 before recovering slightly for the day to close with a Cintas stock value of $389.26. Overall, the quarterly report led to some good Cintas stock news. 

CTAS stock forecast

As far as a Cintas stock forecast goes, things are looking cautiously optimistic. A poll of 10 analysts by CNN Money for a Cintas stock forecast for 2021 and 2022 saw a median CTAS stock forecast of $425, up 9.3% from the close on 29 September. The most optimistic Cintas stock prediction was $470, up 20.8% over the course of the next 12 months. There was some negativity, though, as one analyst said that the Cintas stock price would fall 6.2% to $365. Meanwhile, the same site asked 16 experts for their recommendations. Of the analysts, seven said to buy, one said it would outperform expectations, six recommended holding the stock, one said it would underperform expectations and another one suggested selling. 

The real question here should be "why is Cintas stock going up?". The answer to that question looks like it's because Cintas's latest quarterly report was very positive, with the company exceeding predictions and the business expanding its expectations for future results. That said, markets can change instantaneously, so don't think the upward motion will carry on forever.

It might be. The forecasts are relatively optimistic and the company itself thinks it can do well. On the other hand, things can change very quickly, so you need to do your own research, remember that prices can go down as well as up, and never invest more money than you can afford to lose. 

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