Envestnet Asset Management Inc. raised its holdings in Cintas Co. (NASDAQ:CTAS – Free Report) by 59.4% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 113,508 shares of the business services provider’s stock after buying an additional 42,287 shares during the quarter. Envestnet Asset Management Inc. owned 0.11% of Cintas worth $30,468,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in CTAS. Raymond James Trust N.A. raised its position in shares of Cintas by 10.6% during the first quarter. Raymond James Trust N.A. now owns 740 shares of the business services provider’s stock worth $314,000 after purchasing an additional 71 shares during the period. Baird Financial Group Inc. raised its position in shares of Cintas by 16.8% during the first quarter. Baird Financial Group Inc. now owns 17,643 shares of the business services provider’s stock worth $7,505,000 after purchasing an additional 2,541 shares during the period. Covestor Ltd raised its position in shares of Cintas by 84.7% during the first quarter. Covestor Ltd now owns 327 shares of the business services provider’s stock worth $139,000 after purchasing an additional 150 shares during the period. Mackenzie Financial Corp raised its position in shares of Cintas by 9.3% during the first quarter. Mackenzie Financial Corp now owns 7,073 shares of the business services provider’s stock worth $3,009,000 after purchasing an additional 604 shares during the period. Finally, Fuller & Thaler Asset Management Inc. raised its position in shares of Cintas by 19.8% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 24,472 shares of the business services provider’s stock worth $10,410,000 after purchasing an additional 4,037 shares during the period. 62.26% of the stock is owned by institutional investors and hedge funds.
Cintas Stock Up 0.7 %
Shares of NASDAQ:CTAS opened at $505.99 on Thursday. The company has a market capitalization of $51.48 billion, a PE ratio of 38.98, a price-to-earnings-growth ratio of 3.24 and a beta of 1.31. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.39 and a quick ratio of 1.98. The business has a fifty day moving average price of $494.80 and a two-hundred day moving average price of $470.24. Cintas Co. has a 1 year low of $370.93 and a 1 year high of $518.71.
Cintas Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be paid a dividend of $1.35 per share. This is an increase from Cintas’s previous quarterly dividend of $1.15. The ex-dividend date of this dividend is Monday, August 14th. This represents a $5.40 annualized dividend and a dividend yield of 1.07%. Cintas’s dividend payout ratio is presently 41.60%.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on CTAS shares. Barclays upped their target price on Cintas from $500.00 to $550.00 and gave the stock an “overweight” rating in a research report on Friday, July 14th. Morgan Stanley upped their target price on Cintas from $419.00 to $441.00 and gave the stock an “equal weight” rating in a research report on Friday, July 14th. Wells Fargo & Company upped their target price on Cintas from $470.00 to $500.00 and gave the stock an “equal weight” rating in a research report on Friday, July 14th. Citigroup lowered Cintas from a “buy” rating to a “neutral” rating and increased their price target for the company from $540.00 to $550.00 in a research report on Monday, July 24th. Finally, Stifel Nicolaus increased their price target on Cintas from $512.00 to $521.00 in a research report on Friday, July 14th. Five analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $524.00.
Get Our Latest Stock Report on Cintas
Insider Transactions at Cintas
In other news, CAO Michael Lawrence Thompson sold 5,050 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $498.35, for a total transaction of $2,516,667.50. Following the completion of the transaction, the chief accounting officer now owns 27,326 shares in the company, valued at approximately $13,617,912.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Michael Lawrence Thompson sold 5,050 shares of the stock in a transaction on Wednesday, August 2nd. The stock was sold at an average price of $498.35, for a total transaction of $2,516,667.50. Following the completion of the transaction, the chief accounting officer now owns 27,326 shares in the company, valued at approximately $13,617,912.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Joseph Scaminace sold 2,084 shares of the firm’s stock in a transaction dated Wednesday, July 26th. The stock was sold at an average price of $516.86, for a total value of $1,077,136.24. Following the completion of the transaction, the director now owns 11,001 shares of the company’s stock, valued at approximately $5,685,976.86. The disclosure for this sale can be found here. In the last 90 days, insiders sold 9,820 shares of company stock worth $4,926,731. 15.10% of the stock is owned by company insiders.
About Cintas
Cintas Corporation provides 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.
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