State of Alaska Department of Revenue Acquires 1,090 Shares of Cintas Corporation (NASDAQ:CTAS)

State of Alaska Department of Revenue increased its holdings in shares of Cintas Corporation (NASDAQ:CTAS) by 1.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 68,720 shares of the business services provider’s stock after purchasing an additional 1,090 shares during the period. State of Alaska Department of Revenue’s holdings in Cintas were worth $14,123,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CTAS. Norges Bank bought a new position in shares of Cintas during the fourth quarter valued at approximately $877,216,000. GAMMA Investing LLC boosted its stake in shares of Cintas by 19,644.3% during the first quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider’s stock valued at $465,133,000 after purchasing an additional 2,251,629 shares in the last quarter. Winslow Capital Management LLC bought a new position in shares of Cintas during the fourth quarter valued at approximately $196,057,000. Raymond James Financial Inc. bought a new position in shares of Cintas during the fourth quarter valued at approximately $96,282,000. Finally, Northern Trust Corp boosted its stake in shares of Cintas by 13.1% during the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider’s stock valued at $743,048,000 after purchasing an additional 472,069 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on CTAS. Morgan Stanley increased their target price on shares of Cintas from $195.00 to $213.00 and gave the company an “equal weight” rating in a research report on Thursday, March 27th. Bank of America began coverage on shares of Cintas in a research report on Thursday, April 10th. They set a “buy” rating and a $250.00 target price for the company. UBS Group increased their target price on shares of Cintas from $218.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. Redburn Atlantic cut shares of Cintas from a “neutral” rating to a “sell” rating and set a $171.00 target price for the company. in a research report on Thursday, May 1st. Finally, Truist Financial increased their target price on shares of Cintas from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Cintas currently has a consensus rating of “Hold” and an average price target of $215.81.

Cintas Trading Down 0.5%

NASDAQ CTAS opened at $221.32 on Wednesday. The company has a fifty day simple moving average of $216.30 and a two-hundred day simple moving average of $205.50. The stock has a market cap of $89.37 billion, a P/E ratio of 51.26, a P/E/G ratio of 3.47 and a beta of 1.07. Cintas Corporation has a 12-month low of $172.20 and a 12-month high of $229.24. The company has a current ratio of 1.72, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.08. Cintas had a net margin of 17.53% and a return on equity of 41.30%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.60 billion. During the same quarter last year, the company posted $3.84 earnings per share. The business’s quarterly revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current year.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 15th were issued a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.70%. Cintas’s dividend payout ratio (DPR) is presently 36.11%.

Insider Buying and Selling

In related news, COO Jim Rozakis sold 2,000 shares of the firm’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the completion of the transaction, the chief operating officer now owns 256,528 shares of the company’s stock, valued at $48,835,235.36. This trade represents a 0.77% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ronald W. Tysoe sold 8,521 shares of the firm’s stock in a transaction on Monday, April 14th. The stock was sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the transaction, the director now directly owns 27,029 shares of the company’s stock, valued at approximately $5,647,979.84. This trade represents a 23.97% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by corporate insiders.

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.