Cintas Co. (NASDAQ:CTAS) Stock Position Lowered by Fred Alger Management LLC

Fred Alger Management LLC lowered its position in Cintas Co. (NASDAQ:CTAS - Free Report) by 50.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,208 shares of the business services provider's stock after selling 1,216 shares during the period. Fred Alger Management LLC's holdings in Cintas were worth $221,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in CTAS. Norges Bank acquired a new stake in shares of Cintas during the 4th quarter valued at approximately $877,216,000. JPMorgan Chase & Co. lifted its position in shares of Cintas by 137.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,222,527 shares of the business services provider's stock valued at $457,574,000 after acquiring an additional 1,286,668 shares during the period. Winslow Capital Management LLC purchased a new position in shares of Cintas during the 4th quarter worth approximately $196,057,000. Barclays PLC increased its stake in shares of Cintas by 340.1% during the 3rd quarter. Barclays PLC now owns 1,089,535 shares of the business services provider's stock worth $224,312,000 after purchasing an additional 841,952 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in shares of Cintas by 2,729.5% during the 4th quarter. Assenagon Asset Management S.A. now owns 617,285 shares of the business services provider's stock worth $112,778,000 after purchasing an additional 595,469 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Ratings Changes

CTAS has been the subject of a number of recent research reports. Citigroup initiated coverage on shares of Cintas in a research note on Monday, February 24th. They set a "sell" rating and a $161.00 price objective for the company. Morgan Stanley raised their price objective 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. Bank of America initiated coverage on shares of Cintas in a research note on Thursday, April 10th. They set a "buy" rating and a $250.00 price objective for the company. UBS Group lifted their target price on shares of Cintas from $218.00 to $240.00 and gave the stock a "buy" rating in a research note on Thursday, March 27th. Finally, Royal Bank of Canada reaffirmed a "sector perform" rating and issued a $215.00 target price on shares of Cintas in a research note on Thursday, March 27th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $213.88.

Insiders Place Their Bets

In related news, COO Jim Rozakis sold 2,000 shares of the firm's stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the completion of the sale, the chief operating officer now directly owns 256,528 shares in the company, valued at approximately $48,835,235.36. This trade represents a 0.77% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at 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 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 $5,647,979.84. The trade was a 23.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by insiders.

Cintas Stock Down 0.5%

Shares of NASDAQ:CTAS traded down $1.14 during midday trading on Wednesday, hitting $214.19. 1,330,280 shares of the company's stock traded hands, compared to its average volume of 1,703,055. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.38 and a current ratio of 1.58. The company has a market cap of $86.49 billion, a PE ratio of 51.64, a P/E/G ratio of 3.98 and a beta of 1.09. The firm's fifty day moving average price is $203.45 and its two-hundred day moving average price is $204.52. Cintas Co. has a twelve month low of $164.93 and a twelve month high of $228.12.

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

Cintas Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Thursday, May 15th will be given a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.73%. The ex-dividend date of this dividend is Thursday, May 15th. Cintas's dividend payout ratio (DPR) is 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.