AE Wealth Management LLC Has $4.90 Million Position in Cintas Corporation (NASDAQ:CTAS)

Key Points

• AE Wealth Management LLC has increased its holdings in Cintas Corporation by 21.6% in the first quarter, now owning 23,835 shares worth approximately $4.90 million.
• Several investment firms have raised their price targets for Cintas, with Goldman Sachs increasing theirs from $233.00 to $257.00 and Bank of America initiating coverage with a "buy" rating and a $250.00 price target.
• Insider activity shows that Director Martin Mucci purchased 1,200 shares at an average price of $222.55, significantly boosting his ownership by 84.45%.

AE Wealth Management LLC increased its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 21.6% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,835 shares of the business services provider's stock after acquiring an additional 4,239 shares during the period. AE Wealth Management LLC's holdings in Cintas were worth $4,899,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC boosted its holdings in shares of Cintas by 2.7% during the 4th quarter. Geode Capital Management LLC now owns 8,468,080 shares of the business services provider's stock worth $1,544,822,000 after purchasing an additional 219,809 shares during the last quarter. Invesco Ltd. boosted 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 purchasing 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. Northern Trust Corp raised its position in shares of Cintas by 13.1% during the 4th quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after buying an additional 472,069 shares during the period. Finally, Royal Bank of Canada raised its position in shares of Cintas by 3.3% during the 4th quarter. Royal Bank of Canada now owns 3,655,835 shares of the business services provider's stock valued at $667,919,000 after buying an additional 115,268 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on CTAS shares. Redburn Atlantic lowered Cintas from a "neutral" rating to a "sell" rating and set a $171.00 target price on the stock. in a research report on Thursday, May 1st. UBS Group increased their price target on shares of Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, July 18th. JPMorgan Chase & Co. initiated coverage on shares of Cintas in a research note on Monday, July 14th. They set an "overweight" rating and a $239.00 price objective for the company. Bank of America initiated coverage on shares of Cintas in a report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. Finally, Robert W. Baird lifted their price target on shares of Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Cintas presently has a consensus rating of "Hold" and an average target price of $224.54.

Cintas Price Performance

Shares of CTAS stock traded down $1.99 during midday trading on Monday, reaching $221.58. 272,770 shares of the company were exchanged, compared to its average volume of 1,713,402. Cintas Corporation has a 12 month low of $180.78 and a 12 month high of $229.24. The company has a market cap of $89.47 billion, a P/E ratio of 50.21, a PEG ratio of 3.51 and a beta of 1.05. The company's 50 day moving average price is $221.44 and its two-hundred day moving average price is $209.54. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. The firm had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The firm's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $3.99 earnings per share. On average, sell-side analysts expect that Cintas Corporation will post 4.31 earnings per share for the current year.

Insiders Place Their Bets

In other Cintas news, Director Martin Mucci purchased 1,200 shares of the company's stock in a transaction dated Monday, July 21st. The shares were bought at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the purchase, the director directly owned 2,621 shares in the company, valued at $583,303.55. This trade represents a 84.45% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 15.00% of the company's stock.

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.