Cintas Co. (NASDAQ:CTAS) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC cut its stake in Cintas Co. (NASDAQ:CTAS) by 29.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 70,439 shares of the business services provider’s stock after selling 29,292 shares during the period. Cresset Asset Management LLC’s holdings in Cintas were worth $12,869,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Norges Bank acquired a new stake in Cintas in the fourth quarter valued at $877,216,000. JPMorgan Chase & Co. boosted its position in shares of Cintas by 137.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,222,527 shares of the business services provider’s stock worth $457,574,000 after buying an additional 1,286,668 shares in the last quarter. Winslow Capital Management LLC acquired a new stake in Cintas in the 4th quarter valued at about $196,057,000. Barclays PLC increased its holdings in Cintas by 340.1% during the 3rd quarter. Barclays PLC now owns 1,089,535 shares of the business services provider’s stock valued at $224,312,000 after acquiring an additional 841,952 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its position in Cintas by 2,729.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 617,285 shares of the business services provider’s stock worth $112,778,000 after acquiring an additional 595,469 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently commented on CTAS shares. UBS Group increased their price target on shares of Cintas from $218.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. The Goldman Sachs Group increased their target price on Cintas from $211.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, March 27th. Argus raised Cintas to a “strong-buy” rating in a report on Wednesday, April 16th. Wells Fargo & Company upped their price objective on Cintas from $184.00 to $196.00 and gave the company an “underweight” rating in a research report on Thursday, March 27th. Finally, Redburn Atlantic downgraded shares of Cintas from a “neutral” rating to a “sell” rating and set a $171.00 target price for the company. in a research note on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $213.88.

Cintas Stock Performance

NASDAQ:CTAS opened at $213.57 on Wednesday. The company has a market cap of $86.24 billion, a P/E ratio of 51.49, a P/E/G ratio of 3.98 and a beta of 1.09. The firm’s 50 day moving average is $202.41 and its two-hundred day moving average is $204.32. Cintas Co. has a fifty-two week low of $164.93 and a fifty-two week high of $228.12. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 0.47.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.08. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.60 billion. During the same period last year, the company posted $3.84 EPS. The business’s quarterly revenue was up 8.4% on a year-over-year basis. Analysts expect that Cintas Co. will post 4.31 EPS for the current year.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, May 15th. Cintas’s dividend payout ratio (DPR) is presently 36.11%.

Insider Activity at Cintas

In related news, COO Jim Rozakis sold 2,000 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the completion of the sale, the chief operating officer now directly owns 256,528 shares of the company’s stock, valued at approximately $48,835,235.36. This represents a 0.77 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the firm’s stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $208.96, for a total value of $1,780,548.16. Following the completion of the transaction, the director now directly owns 27,029 shares in the company, valued at $5,647,979.84. This trade represents a 23.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by insiders.

About Cintas

Cintas Corporation engages in the provision of 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.