State of Tennessee Department of Treasury Reduces Stake in Cintas Co. (NASDAQ:CTAS)

State of Tennessee Department of Treasury trimmed its position in shares of Cintas Co. (NASDAQ:CTAS - Free Report) by 16.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 94,353 shares of the business services provider's stock after selling 18,943 shares during the period. State of Tennessee Department of Treasury's holdings in Cintas were worth $17,238,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of CTAS. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Cintas by 28.4% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 6,563 shares of the business services provider's stock valued at $1,199,000 after purchasing an additional 1,450 shares during the period. KMG Fiduciary Partners LLC boosted its stake in Cintas by 121.8% in the fourth quarter. KMG Fiduciary Partners LLC now owns 11,545 shares of the business services provider's stock valued at $2,109,000 after acquiring an additional 6,341 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Cintas by 137.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,222,527 shares of the business services provider's stock worth $457,574,000 after purchasing an additional 1,286,668 shares in the last quarter. Annex Advisory Services LLC grew its stake in shares of Cintas by 1.6% during the fourth quarter. Annex Advisory Services LLC now owns 127,441 shares of the business services provider's stock worth $23,283,000 after acquiring an additional 1,988 shares during the last quarter. Finally, LVM Capital Management Ltd. MI grew its position in Cintas by 292.7% during the 4th quarter. LVM Capital Management Ltd. MI now owns 5,482 shares of the business services provider's stock worth $1,002,000 after purchasing an additional 4,086 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Bank of America started coverage on Cintas in a report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price objective on the stock. Morgan Stanley increased their target price on shares of Cintas from $195.00 to $213.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 27th. Wells Fargo & Company boosted their price target on shares of Cintas from $184.00 to $196.00 and gave the stock an "underweight" rating in a report on Thursday, March 27th. Truist Financial increased their target price on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Finally, Royal Bank of Canada reiterated a "sector perform" rating and issued a $215.00 target price on shares of Cintas in a research report on Thursday, March 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $213.62.

Insiders Place Their Bets

In other Cintas news, COO Jim Rozakis sold 2,000 shares of the business's stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $190.37, for a total value of $380,740.00. Following the completion of the sale, the chief operating officer now 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ronald W. Tysoe sold 8,521 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the sale, the director now owns 27,029 shares of the company's stock, valued at approximately $5,647,979.84. This represents a 23.97 % decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by company insiders.

Cintas Price Performance

Shares of CTAS opened at $205.84 on Wednesday. The stock has a market cap of $83.12 billion, a PE ratio of 49.63, a P/E/G ratio of 3.98 and a beta of 1.20. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.58 and a quick ratio of 1.38. Cintas Co. has a 1-year low of $162.16 and a 1-year high of $228.12. The firm has a 50-day simple moving average of $201.33 and a two-hundred day simple moving average of $204.30.

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

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, May 15th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.76%. The ex-dividend date of this dividend is Thursday, May 15th. Cintas's payout ratio is presently 36.11%.

Cintas Company 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.

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