Cintas Corporation (NASDAQ: CTAS), an American corporation, has a market cap of $49.76 Billion and its net income for Q3 2022 was nearly $324.48 Million. Its earnings per share (EPS) for the last quarter was $3.14, whereas the estimation was $3.03, which accounts for a 3.47% surprise.
The company released its earnings and revenue report on March 29, which was quite positive. As per its Q3 2022 report, the revenue for the same period amounts to $2.19 Billion despite the estimated figure of $2.15 Billion. Now, the estimated EPS for the next quarter are $3.19, and revenue is expected to reach $2.26 Billion.
The revenue for last year amounted to nearly $7.85 Billion, while around $6.23 Billion came from its highest performing source at the moment, Uniform Rental and Facility Services. However, the greatest contribution to the revenue figure was made by North America, last year, bringing Cintas Corporation $7.85 Billion.
According to Yahoo Finance, nearly 66% of CTAS shares are held by Vanguard Group, Inc. (The), Blackrock Inc., and State Street Corporation as the top-3 institutional holders.
CTAS Stock Price Analysis
CTAS stock price closed at $489.34 showing a nearly 0.38% decline yesterday, June 28 trading’s session. The opening price on yesterday’s trading session was $490.90, while high was $490.93 and low was $487.36. As the stock noted its 52-week high at $497.70, which can be surpassed if the bullish surge in the stock continues, but due to the recent price decline, the stock may take more time to surpass its 52-week high.
With the positive price gain, CTAS stock price crossed its 20-day moving average, while most of the time, the stock showed the potential of bulls in the market. Notably, the RSI further tried to take an upside ride but with recent bearish performance, it started falling down.
Furthermore, the analysts also set their one year price target for CTAS stock. According to them, their price target is at $506.50, which is nearly 3% up from the recent closing price. Additionally, their maximum estimate is at $550.00, while the minimum estimate is at $419.00.
Ahead of its fourth quarter results, CTAS stock may take an upside ride as the trading volume of the stock shows quite good movement. However, this would require a good bull’s strength which may face a strong face-off from the active bulls in the market.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/06/29/ctas-stock-changed-its-trading-track-in-yesterdays-session/