Cintas Co. (NASDAQ:CTAS) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. increased its stake in Cintas Co. (NASDAQ:CTAS) by 14.6% in the second quarter, Holdings Channel reports. The firm owned 8,860 shares of the business services provider’s stock after purchasing an additional 1,129 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Cintas were worth $6,204,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wealthspire Advisors LLC lifted its stake in Cintas by 17.6% during the 2nd quarter. Wealthspire Advisors LLC now owns 547 shares of the business services provider’s stock valued at $383,000 after acquiring an additional 82 shares during the period. Thoroughbred Financial Services LLC lifted its stake in Cintas by 105.7% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 5,020 shares of the business services provider’s stock valued at $3,515,000 after acquiring an additional 2,580 shares during the period. Parallel Advisors LLC lifted its stake in Cintas by 2.8% during the 2nd quarter. Parallel Advisors LLC now owns 1,415 shares of the business services provider’s stock valued at $991,000 after acquiring an additional 38 shares during the period. Valley Wealth Managers Inc. acquired a new stake in Cintas during the 2nd quarter valued at approximately $56,000. Finally, Federated Hermes Inc. lifted its stake in Cintas by 4.0% during the 2nd quarter. Federated Hermes Inc. now owns 92,738 shares of the business services provider’s stock valued at $64,941,000 after acquiring an additional 3,527 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

CTAS has been the subject of several analyst reports. Citigroup cut shares of Cintas from a “neutral” rating to a “sell” rating and boosted their target price for the company from $132.50 to $142.50 in a research note on Friday, May 24th. Barclays decreased their target price on shares of Cintas from $850.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday. Royal Bank of Canada cut shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $181.25 target price for the company. in a research note on Monday, July 15th. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company upgraded shares of Cintas to a “strong sell” rating in a research note on Tuesday, August 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Cintas presently has a consensus rating of “Hold” and an average price target of $185.41.

Cintas Trading Up 0.8 %

Shares of Cintas stock opened at $207.77 on Monday. The firm has a market capitalization of $20.94 billion, a PE ratio of 14.35, a P/E/G ratio of 4.36 and a beta of 1.32. Cintas Co. has a twelve month low of $118.68 and a twelve month high of $209.12. The firm’s 50-day moving average price is $204.28 and its 200 day moving average price is $181.01. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47.

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

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were paid a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a yield of 0.75%. The ex-dividend date was Thursday, August 15th. Cintas’s dividend payout ratio (DPR) is 43.09%.

Cintas announced that its board has approved a stock buyback plan on Tuesday, July 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to reacquire up to 1.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 15.10% of the company’s stock.

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.