Salem Investment Counselors Inc. Has $119,000 Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Salem Investment Counselors Inc. raised its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 11.0% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 577 shares of the business services provider’s stock after acquiring an additional 57 shares during the period. Salem Investment Counselors Inc.’s holdings in Cintas were worth $119,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC increased its holdings in Cintas by 9.3% during the 4th quarter. Brighton Jones LLC now owns 1,268 shares of the business services provider’s stock worth $232,000 after purchasing an additional 108 shares in the last quarter. Gladstone Institutional Advisory LLC raised its holdings in Cintas by 11.5% in the 4th quarter. Gladstone Institutional Advisory LLC now owns 2,360 shares of the business services provider’s stock valued at $431,000 after acquiring an additional 244 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Cintas by 43.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 160,319 shares of the business services provider’s stock worth $29,192,000 after purchasing an additional 48,720 shares during the period. Van ECK Associates Corp increased its holdings in shares of Cintas by 1.7% during the fourth quarter. Van ECK Associates Corp now owns 79,988 shares of the business services provider’s stock worth $14,614,000 after purchasing an additional 1,326 shares during the period. Finally, Asset Management One Co. Ltd. increased its holdings in shares of Cintas by 4.7% during the fourth quarter. Asset Management One Co. Ltd. now owns 171,656 shares of the business services provider’s stock worth $31,474,000 after purchasing an additional 7,663 shares during the period. Institutional investors own 63.46% of the company’s stock.

Insider Activity

In related news, Director Ronald W. Tysoe sold 8,521 shares of the company’s stock in a transaction on 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 approximately $5,647,979.84. The trade was a 23.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jim Rozakis sold 2,000 shares of the company’s stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the sale, the chief operating officer now owns 256,528 shares of the company’s stock, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 15.00% of the company’s stock.

Cintas Trading Down 0.7%

CTAS opened at $221.98 on Friday. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. The company has a fifty day moving average price of $215.30 and a two-hundred day moving average price of $205.54. The company has a market cap of $89.63 billion, a P/E ratio of 53.52, a price-to-earnings-growth ratio of 3.98 and a beta of 1.08. Cintas Co. has a 1-year low of $172.20 and a 1-year high of $229.24.

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

Cintas Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.70%. Cintas’s dividend payout ratio (DPR) is currently 36.11%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on CTAS shares. Wells Fargo & Company raised their target price on shares of Cintas from $184.00 to $196.00 and gave the stock an “underweight” rating in a report on Thursday, March 27th. Robert W. Baird raised their target price on shares of Cintas from $200.00 to $227.00 and gave the stock a “neutral” rating in a report on Thursday, March 27th. Bank of America started coverage on shares of Cintas in a research note on Thursday, April 10th. They issued a “buy” rating and a $250.00 price objective on the stock. Truist Financial lifted their price objective on shares of Cintas from $215.00 to $230.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $240.00 target price (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Cintas currently has a consensus rating of “Hold” and a consensus price target of $215.81.

Cintas Company Profile

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.