Russell Investments Group Ltd. Has $58.46 Million Position in Cintas Corporation (NASDAQ:CTAS)

Russell Investments Group Ltd. lowered its position in Cintas Corporation (NASDAQ:CTAS) by 34.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 284,801 shares of the business services provider’s stock after selling 152,601 shares during the quarter. Russell Investments Group Ltd. owned 0.07% of Cintas worth $58,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Stone House Investment Management LLC acquired a new stake in Cintas during the 1st quarter valued at approximately $41,000. E Fund Management Hong Kong Co. Ltd. increased its position in Cintas by 646.4% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 181 shares during the period. Washington Trust Advisors Inc. acquired a new stake in Cintas during the 1st quarter valued at approximately $46,000. Greykasell Wealth Strategies Inc. acquired a new stake in Cintas during the 1st quarter valued at approximately $46,000. Finally, Wellington Shields & Co. LLC acquired a new stake in Cintas during the 1st quarter valued at approximately $51,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

Wall Street Analysts Forecast Growth

CTAS has been the subject of a number of recent analyst reports. The Goldman Sachs Group increased their target price on shares of Cintas from $233.00 to $257.00 and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Morgan Stanley raised their price objective on shares of Cintas from $213.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. Royal Bank Of Canada reiterated a “sector perform” rating and set a $240.00 target price (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. Wells Fargo & Company raised shares of Cintas from an “underweight” rating to an “equal weight” rating and increased their target price for the stock from $196.00 to $221.00 in a research note on Tuesday, July 1st. Finally, JPMorgan Chase & Co. initiated coverage on shares of Cintas in a research note on Monday, July 14th. They set an “overweight” rating and a $239.00 target price on the stock. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $224.54.

Cintas Stock Performance

NASDAQ CTAS opened at $225.10 on Thursday. The company has a fifty day simple moving average of $221.19 and a 200 day simple moving average of $211.80. Cintas Corporation has a 12-month low of $180.78 and a 12-month high of $229.24. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52. The company has a market cap of $90.71 billion, a P/E ratio of 51.04, a PEG ratio of 3.85 and a beta of 1.03.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. Cintas’s revenue was up 8.0% compared to the same quarter last year. During the same quarter last year, the firm posted $3.99 EPS. Sell-side analysts predict that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 dividend on an annualized basis and a yield of 0.8%. This is a positive change from Cintas’s previous quarterly dividend of $0.39. Cintas’s payout ratio is presently 35.37%.

Insiders Place Their Bets

In other news, Director Martin Mucci acquired 1,200 shares of the business’s stock in a transaction on Monday, July 21st. The shares were purchased at an average cost of $222.55 per share, with a total value of $267,060.00. Following the acquisition, the director directly owned 2,621 shares of the company’s stock, valued at $583,303.55. The trade was a 84.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald W. Tysoe sold 5,084 shares of the business’s stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the completion of the transaction, the director directly owned 21,945 shares in the company, valued at $4,904,049.15. This trade represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.00% 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.