CNB Bank Reduces Stock Holdings in Cintas Corporation (NASDAQ:CTAS)

CNB Bank reduced its position in Cintas Corporation (NASDAQ:CTAS) by 3.4% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,929 shares of the business services provider’s stock after selling 140 shares during the period. CNB Bank’s holdings in Cintas were worth $808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Norges Bank purchased a new stake in Cintas in the 4th quarter worth about $877,216,000. GAMMA Investing LLC boosted its position in 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 worth $465,133,000 after purchasing an additional 2,251,629 shares during the period. Winslow Capital Management LLC purchased a new position in shares of Cintas in the fourth quarter worth about $196,057,000. Raymond James Financial Inc. purchased a new position in shares of Cintas in the fourth quarter worth about $96,282,000. Finally, Northern Trust Corp raised its position in shares of Cintas by 13.1% in 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 during the period. 63.46% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently commented on CTAS. Bank of America began coverage on shares of Cintas in a report on Thursday, April 10th. They issued a “buy” rating and a $250.00 price objective for the company. Argus raised Cintas to a “strong-buy” rating in a report on Wednesday, April 16th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $240.00 price target (up from $215.00) on shares of Cintas in a research report on Monday, June 9th. Redburn Atlantic cut Cintas from a “neutral” rating to a “sell” rating and set a $171.00 price objective on the stock. in a report on Thursday, May 1st. Finally, The Goldman Sachs Group raised their target price on Cintas from $211.00 to $233.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Three investment 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 stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $215.81.

Cintas Price Performance

Shares of NASDAQ CTAS opened at $220.44 on Friday. The stock’s 50-day simple moving average is $218.34 and its two-hundred day simple moving average is $205.60. Cintas Corporation has a twelve month low of $172.20 and a twelve month high of $229.24. The firm has a market capitalization of $89.01 billion, a P/E ratio of 51.06, a P/E/G ratio of 3.42 and a beta of 1.07. The company has a quick ratio of 1.50, a current ratio of 1.72 and a debt-to-equity ratio of 0.44.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.08. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Cintas had a net margin of 17.53% and a return on equity of 41.30%. Cintas’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the prior year, the business earned $3.84 earnings per share. As a group, equities analysts anticipate that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were paid a $0.39 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. Cintas’s dividend payout ratio is presently 36.11%.

Insider Transactions at Cintas

In other news, COO Jim Rozakis sold 2,000 shares of Cintas 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 sale, the chief operating officer now directly owns 256,528 shares of the company’s stock, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ronald W. Tysoe sold 8,521 shares of the stock in a transaction on Monday, April 14th. The shares were sold at an average price of $208.96, for a total value of $1,780,548.16. Following the completion of the transaction, the director now directly owns 27,029 shares in the company, valued at approximately $5,647,979.84. This represents a 23.97% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.00% of the company’s stock.

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.