Clarius Group LLC reduces stakes in Cintas Co. (NASDAQ:CTAS)

Clarius Group LLC reduced its position in Cintas Co. (NASDAQ:CTAS – Free Report) by 5.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 542 shares of the business services provider’s stock after selling 32 shares during the period. Clarius Group LLC’s holdings in Cintas were worth $380,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CTAS. Simplicity Solutions LLC increased its position in Cintas by 117.7% during the 4th quarter. Simplicity Solutions LLC now owns 3,224 shares of the business services provider’s stock worth $1,943,000 after buying an additional 1,743 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Cintas during the 4th quarter valued at about $8,015,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cintas by 91.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,642 shares of the business services provider’s stock worth $29,315,000 after buying an additional 23,197 shares in the last quarter. Bleakley Financial Group LLC increased its position in Cintas by 117.7% during the 4th quarter. Bleakley Financial Group LLC now owns 3,224 shares of the business services provider’s stock worth $1,943,000 after buying an additional 1,743 shares in the last quarter. Finally, Swedbank AB purchased a new stake in Cintas in the first quarter worth approximately $37,658,000. Hedge funds and other institutional investors own 63.46% of the company’s shares.

Changes in Analyst Ratings

Several analysts have commented on CTAS shares. Stifel Nicolaus raised their price objective on shares of Cintas from $667.00 to $798.00 and gave the company a “hold” rating in a research note on Friday, July 19th. Royal Bank of Canada lowered shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price objective for the company. in a research note on Monday, July 15th. Redburn Atlantic assumed coverage on shares of Cintas in a research note on Friday. They set a “neutral” rating and a $670.00 price objective for the company. Morgan Stanley upped their target price on shares of Cintas from $575.00 to $625.00 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Finally, Truist Financial upped their target price on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $742.92, according to MarketBeat.com.

See our latest analysis on CTAS

Insider buying and selling at Cintas

In other news, Director Gerald S. Adolph sold 1,100 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total transaction of $842,292.00. Following the sale, the director now owns 31,452 shares of the company’s stock, valued at $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. 15.10% of shares are currently owned by corporate insiders.

Cintas Price Performance

Cintas stock traded up $5.22 during trading hours on Friday, reaching $755.65. 206,701 shares of the company’s stock were exchanged, compared to its average volume of 375,069. Cintas Co. has a 1 year low of $474.74 and a 1 year high of $773.95. The company has a market cap of $76.67 billion, a P/E ratio of 52.19, a price-to-earnings-growth ratio of 4.06 and a beta of 1.31. The company has a fifty day moving average of $721.21 and a two hundred day moving average of $674.76. The company has a quick ratio of 1.52, a current ratio of 1.74, and a debt-to-equity ratio of 0.47.

Cintas shares will split on the morning of Thursday, September 12. The 4-1 split was announced on Thursday, May 2. The newly minted shares will be issued to shareholders after the market closes on Wednesday, September 11.

Cintas (NASDAQ:CTAS – Get Free Report ) last announced its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. In the same quarter last year, the company posted earnings of $3.33 per share. Cintas’s quarterly revenue was up 8.2% on a year-over-year basis. As a group, research analysts predict that Cintas Co. will post 16.62 earnings per share for the current fiscal year.

Cintas raises dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th will be given a $1.56 dividend. The ex-dividend date is Thursday, August 15. This represents a dividend of $6.24 on an annualized basis and a yield of 0.83%. This is an increase from Cintas’ previous quarterly dividend of $1.35. Cintas’s dividend payout ratio is currently 43.09%.

Cintas announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 1.3% of its shares through open market purchases. Stock buyback plans are usually an indication that the company’s management believes its stock is undervalued.

About Cintas

(Free report)

Cintas Corporation provides corporate identity uniforms and related business services primarily in the United States, Canada and Latin America. It operates through Uniform Rental Services and Services, First Aid and Safety Services and all other segments. The company rents and services uniforms and other clothing, including flame retardant clothing, floor mats, mops and shop towels and other ancillary items; and offers restroom cleaning services and supplies as well as sells uniforms.

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