1832 Asset Management L.P. Lowers Position in Cintas Co. (NASDAQ:CTAS)

1832 Asset Management L.P. lessened its stake in shares of Cintas Co. (NASDAQ:CTAS) by 6.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 14,120 shares of the business services provider’s stock after selling 935 shares during the period. 1832 Asset Management L.P.’s holdings in Cintas were worth $9,888,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTAS. LGT Financial Advisors LLC raised its position in shares of Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Atwood & Palmer Inc. bought a new stake in Cintas during the second quarter valued at about $27,000. Pathway Financial Advisers LLC purchased a new position in shares of Cintas in the first quarter valued at about $29,000. Rise Advisors LLC bought a new position in shares of Cintas in the first quarter worth about $30,000. Finally, Meeder Asset Management Inc. grew its position in shares of Cintas by 226.7% during the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock worth $34,000 after purchasing an additional 34 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

Shares of Cintas stock opened at $204.85 on Wednesday. The stock has a market cap of $20.78 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 4.36 and a beta of 1.32. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. The stock has a 50 day moving average price of $207.74 and a 200-day moving average price of $183.33. Cintas Co. has a one year low of $118.68 and a one year high of $209.12.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Thursday, July 18th. The business services provider reported $1.00 EPS for the quarter, topping the consensus estimate of $0.95 by $0.05. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. 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 earned $0.83 earnings per share. Equities analysts expect that Cintas Co. will post 16.64 EPS for the current year.

Cintas Cuts Dividend

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

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

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Redburn Atlantic started coverage on Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target on the stock. Robert W. Baird reissued a “neutral” rating and issued a $193.75 target price (up previously from $187.50) on shares of Cintas in a report on Friday, July 19th. Stifel Nicolaus raised their target price on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Truist Financial boosted their price target on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research note on Tuesday, September 17th. Finally, Morgan Stanley raised their price objective on Cintas from $143.75 to $156.25 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Two equities research 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $186.30.

Insiders Place Their Bets

In other news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the transaction, the director now owns 125,808 shares of the company’s stock, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 15.10% of the stock is owned by insiders.

About Cintas

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.