Lord Abbett & CO. LLC Buys 10,000 Shares of Cintas Co. (NASDAQ:CTAS)

Lord Abbett & CO. LLC raised its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 8.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 125,500 shares of the business services provider's stock after purchasing an additional 10,000 shares during the quarter. Lord Abbett & CO. LLC's holdings in Cintas were worth $22,929,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in CTAS. Geode Capital Management LLC increased its position in Cintas by 2.7% during the fourth quarter. Geode Capital Management LLC now owns 8,468,080 shares of the business services provider's stock worth $1,544,822,000 after buying an additional 219,809 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Cintas by 6.1% during the 4th quarter. Invesco Ltd. now owns 5,118,479 shares of the business services provider's stock worth $935,146,000 after acquiring an additional 296,059 shares during the last quarter. Norges Bank acquired a new position in shares of Cintas during the 4th quarter worth approximately $877,216,000. Franklin Resources Inc. raised its stake in Cintas by 264.7% in the 3rd quarter. Franklin Resources Inc. now owns 3,279,029 shares of the business services provider's stock valued at $693,503,000 after acquiring an additional 2,379,932 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Cintas by 3.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,570,635 shares of the business services provider's stock valued at $469,656,000 after purchasing an additional 78,533 shares during the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on CTAS. UBS Group increased their price objective 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. Wells Fargo & Company boosted their price objective on Cintas from $184.00 to $196.00 and gave the stock an "underweight" rating in a report on Thursday, March 27th. The Goldman Sachs Group increased 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. Truist Financial upped their price objective on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Finally, Argus raised Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $213.62.

Insiders Place Their Bets

In other news, COO Jim Rozakis sold 2,000 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $190.37, for a total transaction of $380,740.00. Following the sale, the chief operating officer now directly owns 256,528 shares in the company, valued at approximately $48,835,235.36. The trade was a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the completion of the transaction, the director now 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. Insiders own 15.00% of the company's stock.

Cintas Stock Performance

Cintas stock opened at $208.40 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 0.47. The stock has a market cap of $84.15 billion, a PE ratio of 50.25, a P/E/G ratio of 3.98 and a beta of 1.20. Cintas Co. has a 12-month low of $162.16 and a 12-month high of $228.12. The business's 50-day moving average price is $201.61 and its two-hundred day moving average price is $204.33.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.08. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.60 billion. Cintas had a net margin of 17.23% and a return on equity of 40.62%. The firm's revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm posted $3.84 EPS. As a group, analysts expect that Cintas Co. will post 4.31 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.75%. The ex-dividend date of this dividend is Thursday, May 15th. Cintas's dividend payout ratio (DPR) is 36.11%.

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.

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