Gradient Investments LLC boosted its stake in Cintas Corporation (NASDAQ:CTAS – Free Report) by 21.8% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 126,765 shares of the business services provider’s stock after acquiring an additional 22,650 shares during the period. Gradient Investments LLC’s holdings in Cintas were worth $21,560,000 as of its most recent SEC filing.
Other large investors also recently bought and sold shares of the company. Riverbridge Partners LLC raised its position in Cintas by 7.7% in the 1st quarter. Riverbridge Partners LLC now owns 229,158 shares of the business services provider’s stock valued at $38,760,000 after purchasing an additional 16,437 shares during the last quarter. SEB Asset Management AB purchased a new position in Cintas during the 1st quarter worth $22,366,000. Northwestern Mutual Wealth Management Co. grew its position in Cintas by 2,286.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 736,620 shares of the business services provider’s stock worth $138,536,000 after purchasing an additional 705,751 shares during the last quarter. Suncoast Equity Management increased its stake in Cintas by 53.7% in the fourth quarter. Suncoast Equity Management now owns 23,845 shares of the business services provider’s stock valued at $4,485,000 after purchasing an additional 8,330 shares during the period. Finally, King Luther Capital Management Corp increased its stake in Cintas by 0.7% in the fourth quarter. King Luther Capital Management Corp now owns 1,812,112 shares of the business services provider’s stock valued at $340,804,000 after purchasing an additional 12,204 shares during the period. Institutional investors and hedge funds own 63.46% of the company’s stock.
Cintas Trading Up 0.4%
NASDAQ:CTAS opened at $203.05 on Friday. The company has a market capitalization of $81.25 billion, a PE ratio of 54.29, a price-to-earnings-growth ratio of 3.26 and a beta of 0.92. The company has a quick ratio of 1.27, a current ratio of 1.43 and a debt-to-equity ratio of 0.28. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $226.75. The stock has a fifty day simple moving average of $186.23 and a 200-day simple moving average of $184.43.
Cintas Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be given a $0.52 dividend. This is a boost from Cintas’s previous quarterly dividend of $0.45. This represents a $2.08 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, August 14th. Cintas’s dividend payout ratio (DPR) is currently 48.13%.
Analysts Set New Price Targets
CTAS has been the subject of several recent research reports. Argus upgraded shares of Cintas to a “strong-buy” rating in a research note on Friday, July 17th. Bank of America raised Cintas from a “neutral” rating to a “buy” rating and upped their price objective for the company from $200.00 to $230.00 in a research note on Thursday, July 16th. Weiss Ratings upgraded Cintas from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, July 10th. Truist Financial dropped their target price on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a report on Monday, June 15th. Finally, Wells Fargo & Company restated an “overweight” rating and set a $250.00 price target (up from $245.00) on shares of Cintas in a research note on Thursday, July 16th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, six have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $212.31.
Get Our Latest Research Report on CTAS
Cintas Profile
Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.
Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.
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