1,510 Shares in Cintas Co. (NASDAQ:CTAS) Acquired by Choreo LLC

Choreo LLC purchased a new stake in Cintas Co. (NASDAQ:CTAS) during the second quarter, HoldingsChannel.com reports. The firm purchased 1,510 shares of the business services provider’s stock, valued at approximately $1,050,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in Cintas during the 4th quarter worth approximately $872,895,000. Clearbridge Investments LLC lifted its position in shares of Cintas by 475.7% during the fourth quarter. Clearbridge Investments LLC now owns 299,378 shares of the business services provider’s stock worth $180,423,000 after purchasing an additional 247,378 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Cintas by 123.1% during the second quarter. Los Angeles Capital Management LLC now owns 366,044 shares of the business services provider’s stock worth $256,326,000 after purchasing an additional 201,955 shares in the last quarter. Public Employees Retirement Association of Colorado boosted its stake in shares of Cintas by 711.1% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 152,516 shares of the business services provider’s stock valued at $91,915,000 after purchasing an additional 133,713 shares during the period. Finally, Global Assets Advisory LLC acquired a new stake in Cintas during the 1st quarter valued at $84,646,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the transaction, the director now owns 125,808 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 15.10% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $193.75 price objective (up previously from $187.50) on shares of Cintas in a report on Friday, July 19th. Truist Financial increased their price target on Cintas from $193.75 to $212.50 and gave the company a “buy” rating in a report on Friday, July 19th. Morgan Stanley lifted their price objective on Cintas from $143.75 to $156.25 and gave the stock an “equal weight” rating in a report on Friday, July 19th. Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a research note on Tuesday, August 13th. Finally, Citigroup lowered shares of Cintas from a “neutral” rating to a “sell” rating and lifted their price target for the stock from $132.50 to $142.50 in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $185.59.

Cintas Trading Down 74.9 %

NASDAQ CTAS opened at $206.02 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. Cintas Co. has a one year low of $118.68 and a one year high of $207.49. The company has a 50-day simple moving average of $203.68 and a 200-day simple moving average of $180.34. The firm has a market capitalization of $20.90 billion, a PE ratio of 14.23, a price-to-earnings-growth ratio of 4.16 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last issued its earnings results on Thursday, July 18th. The business services provider reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.05. The company had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.83 earnings per share. On average, equities analysts forecast that Cintas Co. will post 16.64 earnings per share for the current year.

Cintas declared that its board has approved a stock repurchase program on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the business services provider to reacquire up to 1.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Cintas Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.76%. Cintas’s payout ratio is currently 43.09%.

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.