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Avantax Advisory Services Inc. acquired a new position in Cintas Co. (NASDAQ:CTAS – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 439 shares of the business services provider’s stock, valued at approximately $203,000.
Several other hedge funds have also recently made changes to their positions in the business. Geode Capital Management LLC grew its stake in shares of Cintas by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 1,829,856 shares of the business services provider’s stock valued at $824,922,000 after buying an additional 51,587 shares during the period. Royal Bank of Canada boosted its stake in Cintas by 5.2% during the 1st 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 during the last quarter. Impax Asset Management Group plc boosted its stake in Cintas by 3.2% during the 4th quarter. Impax Asset Management Group plc now owns 1,027,507 shares of the business services provider’s stock valued at $463,376,000 after purchasing an additional 32,297 shares during the last quarter. Northern Trust Corp boosted its stake in Cintas by 0.4% during the 1st 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 during the last quarter. Finally, Norges Bank acquired a new position in Cintas during the 4th quarter valued at about $379,291,000. 62.04% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of research firms have issued reports on CTAS. Citigroup downgraded Cintas from a “buy” rating to a “neutral” rating and lifted their price target for the company from $540.00 to $550.00 in a research note on Monday, July 24th. Stifel Nicolaus boosted their target price on Cintas from $512.00 to $521.00 in a research note on Friday, July 14th. StockNews.com began coverage on Cintas in a research note on Thursday, May 18th. They issued a “buy” rating on the stock. Morgan Stanley lifted their price target on shares of Cintas from $419.00 to $441.00 and gave the stock an “equal weight” rating in a report on Friday, July 14th. Finally, UBS Group lifted their price target on shares of Cintas from $550.00 to $575.00 in a report on Friday, July 14th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $524.00.
Cintas Stock Down 0.4 %
CTAS stock opened at $502.64 on Monday. The firm’s fifty day simple moving average is $488.02 and its 200-day simple moving average is $461.97. The company has a market capitalization of $51.12 billion, a P/E ratio of 38.72, a price-to-earnings-growth ratio of 3.27 and a beta of 1.32. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.39 and a quick ratio of 1.98. Cintas Co. has a 12 month low of $370.93 and a 12 month high of $518.71.
Cintas (NASDAQ:CTAS – Get Free Report) last posted its quarterly earnings data on Thursday, July 13th. The business services provider reported $3.33 earnings per share for the quarter, topping analysts’ consensus estimates of $3.19 by $0.14. The company had revenue of $2.28 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Cintas had a net margin of 15.29% and a return on equity of 38.09%. The firm’s revenue for the quarter was up 10.1% on a year-over-year basis. During the same period in the prior year, the business posted $2.81 earnings per share. As a group, equities research analysts forecast that Cintas Co. will post 14.14 earnings per share for the current year.
Cintas Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 15th will be issued a $1.35 dividend. The ex-dividend date is Monday, August 14th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 1.07%. This is a boost from Cintas’s previous quarterly dividend of $1.15. Cintas’s payout ratio is 35.44%.
Insider Activity at Cintas
In other Cintas news, Director Joseph Scaminace sold 2,084 shares of the business’s stock in a transaction that occurred on Wednesday, July 26th. The shares were sold at an average price of $516.86, for a total transaction of $1,077,136.24. Following the completion of the transaction, the director now owns 11,001 shares in the company, valued at approximately $5,685,976.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Gerald S. Adolph sold 2,686 shares of the company’s stock in a transaction on Friday, July 14th. The shares were sold at an average price of $496.25, for a total value of $1,332,927.50. Following the completion of the sale, the director now owns 30,066 shares in the company, valued at approximately $14,920,252.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Scaminace sold 2,084 shares of the company’s stock in a transaction on Wednesday, July 26th. The shares were sold at an average price of $516.86, for a total transaction of $1,077,136.24. Following the completion of the sale, the director now owns 11,001 shares of the company’s stock, valued at approximately $5,685,976.86. The disclosure for this sale can be found here. Company insiders own 15.10% of the company’s stock.
Cintas 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.
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