Cintas Co. (NASDAQ:CTAS) Shares Bought by Seven Eight Capital LP

Seven Eight Capital LP lifted its position in shares of Cintas Co. (NASDAQ:CTAS) by 28.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 486 shares of the business services provider’s stock after acquiring an additional 107 shares during the period. Seven Eight Capital LP’s holdings in Cintas were worth $340,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in CTAS. Checchi Capital Advisers LLC lifted its holdings in Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock worth $1,156,000 after acquiring an additional 14 shares during the last quarter. Axxcess Wealth Management LLC boosted its position in Cintas by 0.5% during the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock valued at $2,034,000 after purchasing an additional 14 shares during the period. Field & Main Bank grew its stake in Cintas by 25.0% during the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock worth $53,000 after buying an additional 15 shares during the last quarter. Drive Wealth Management LLC increased its position in Cintas by 3.7% in the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock worth $314,000 after buying an additional 16 shares during the period. Finally, TIAA Trust National Association lifted its stake in Cintas by 1.2% in the second quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock valued at $954,000 after buying an additional 16 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors.

Insider Activity

In related news, Director Gerald S. Adolph sold 4,400 shares of the stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total value of $842,292.00. Following the completion of the sale, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 15.10% of the company’s stock.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $204.16 on Monday. Cintas Co. has a 52-week low of $118.68 and a 52-week high of $209.12. The stock has a market capitalization of $20.71 billion, a price-to-earnings ratio of 14.10, a PEG ratio of 4.36 and a beta of 1.32. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The stock’s fifty day simple moving average is $206.76 and its 200 day simple moving average is $182.66.

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

Cintas declared that its board has approved a stock repurchase plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to purchase up to 1.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s leadership believes its stock is undervalued.

Cintas Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is 10.77%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CTAS. Barclays dropped their price objective on shares of Cintas from $850.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, September 13th. Robert W. Baird reiterated a “neutral” rating and set a $193.75 price target (up previously from $187.50) on shares of Cintas in a research report on Friday, July 19th. Morgan Stanley raised their price target on Cintas from $143.75 to $156.25 and gave the company an “equal weight” rating in a report on Friday, July 19th. UBS Group upped their price objective on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Redburn Atlantic began coverage on shares of Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $186.30.

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.