Rockland Trust Co. Cuts Position in Cintas Co. (NASDAQ:CTAS)

Rockland Trust Co. reduced its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 75.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,658 shares of the business services provider's stock after selling 4,969 shares during the period. Rockland Trust Co.'s holdings in Cintas were worth $341,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Checchi Capital Advisers LLC lifted its stake in Cintas by 0.9% in the second quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider's stock worth $1,156,000 after acquiring an additional 14 shares during the period. Axxcess Wealth Management LLC raised its holdings in shares of Cintas by 0.5% in the 2nd quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider's stock valued at $2,034,000 after purchasing an additional 14 shares in the last quarter. Field & Main Bank lifted its position in shares of Cintas by 25.0% in the 2nd quarter. Field & Main Bank now owns 75 shares of the business services provider's stock worth $53,000 after purchasing an additional 15 shares during the period. Drive Wealth Management LLC boosted its stake in shares of Cintas by 3.7% during the second quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider's stock valued at $314,000 after purchasing an additional 16 shares in the last quarter. Finally, TIAA Trust National Association increased its holdings in Cintas by 1.2% during the second quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider's stock valued at $954,000 after buying an additional 16 shares during the period. 63.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the firm's stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the transaction, the director now directly owns 125,808 shares of the company's stock, valued at approximately $24,083,425.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 15.10% of the stock is owned by insiders.

Cintas Stock Performance

Cintas stock traded up $0.36 during mid-day trading on Friday, reaching $204.91. 1,747,411 shares of the company traded hands, compared to its average volume of 1,492,867. The firm's fifty day moving average is $210.38 and its two-hundred day moving average is $185.86. The company has a market capitalization of $20.79 billion, a price-to-earnings ratio of 14.15, a price-to-earnings-growth ratio of 4.09 and a beta of 1.32. Cintas Co. has a fifty-two week low of $119.86 and a fifty-two week high of $211.57. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.10. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same period in the previous year, the company earned $3.70 earnings per share. The business's quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities research analysts expect that Cintas Co. will post 4.16 earnings per share for the current fiscal year.

Cintas declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the business services provider to buy up to 1.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.

Cintas Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.76%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas's dividend payout ratio (DPR) is 10.77%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CTAS. Royal Bank of Canada boosted their price objective on shares of Cintas from $181.00 to $215.00 and gave the stock a "sector perform" rating in a research note on Thursday, September 26th. UBS Group boosted their price target on Cintas from $219.00 to $240.00 and gave the stock a "buy" rating in a research report on Thursday, September 26th. Truist Financial raised their price objective on Cintas from $212.50 to $225.00 and gave the company a "buy" rating in a research report on Tuesday, September 17th. Barclays lifted their target price on Cintas from $210.00 to $245.00 and gave the company an "overweight" rating in a research note on Friday, September 27th. Finally, Baird R W lowered shares of Cintas from a "strong-buy" rating to a "hold" rating in a research report on Friday, July 19th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $199.63.

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.