Dearborn Partners LLC Lowers Holdings in Cintas Corporation (NASDAQ:CTAS)

Dearborn Partners LLC lessened its stake in Cintas Corporation (NASDAQ:CTAS) by 19.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 126,732 shares of the business services provider’s stock after selling 30,008 shares during the quarter. Dearborn Partners LLC’s holdings in Cintas were worth $26,047,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Meeder Asset Management Inc. increased its holdings in Cintas by 239.3% in the 4th quarter. Meeder Asset Management Inc. now owns 190 shares of the business services provider’s stock worth $35,000 after buying an additional 134 shares in the last quarter. E Fund Management Hong Kong Co. Ltd. increased its holdings in Cintas by 646.4% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider’s stock worth $43,000 after buying an additional 181 shares in the last quarter. Washington Trust Advisors Inc. bought a new stake in Cintas in the 1st quarter worth about $46,000. Olde Wealth Management LLC bought a new stake in Cintas in the 1st quarter worth about $55,000. Finally, Physician Wealth Advisors Inc. bought a new stake in Cintas in the 4th quarter worth about $59,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Trading Up 1.0%

Shares of NASDAQ:CTAS opened at $222.68 on Wednesday. The stock has a 50 day moving average of $221.39 and a 200 day moving average of $209.85. The company has a market cap of $89.92 billion, a PE ratio of 50.49, a price-to-earnings-growth ratio of 3.46 and a beta of 1.05. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52. Cintas Corporation has a 12-month low of $180.78 and a 12-month high of $229.24.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.07 by $0.02. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The firm’s revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.99 EPS. As a group, equities research analysts expect that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a dividend of $0.45 per share. This is an increase from Cintas’s previous quarterly dividend of $0.39. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.81%. Cintas’s payout ratio is 35.37%.

Insider Buying and Selling

In other Cintas news, Director Martin Mucci purchased 1,200 shares of the stock in a transaction that occurred on Monday, July 21st. The shares were bought at an average cost of $222.55 per share, with a total value of $267,060.00. Following the acquisition, the director owned 2,621 shares in the company, valued at approximately $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd M. Schneider sold 17,301 shares of the business’s stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $220.90, for a total value of $3,821,790.90. Following the completion of the transaction, the chief executive officer directly owned 622,712 shares in the company, valued at approximately $137,557,080.80. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.00% of the company’s stock.

Wall Street Analyst Weigh In

CTAS has been the subject of several research analyst reports. JPMorgan Chase & Co. initiated coverage on Cintas in a report on Monday, July 14th. They issued an “overweight” rating and a $239.00 price objective for the company. Bank of America initiated coverage on Cintas in a research note on Thursday, April 10th. They set a “buy” rating and a $250.00 price target for the company. Argus upgraded Cintas to a “strong-buy” rating in a research note on Wednesday, April 16th. Wells Fargo & Company upgraded Cintas from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. Finally, UBS Group boosted their price target on Cintas from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $224.54.

Cintas 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.