Algert Global LLC Raises Stock Position in Cintas Corporation $CTAS

Key Points

• Algert Global LLC increased its stakes in Cintas Corporation by 11.6% during the first quarter, owning 30,334 shares valued at approximately $6.24 million.
• Cintas recently declared a quarterly dividend of $0.45 per share, reflecting an increase from the previous $0.39, with a dividend yield of 0.8%.
• Several analysts have adjusted their target prices for Cintas, with Goldman Sachs raising it to $257.00 and noting a "buy" rating for the stock.

Algert Global LLC grew its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 11.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 30,334 shares of the business services provider's stock after buying an additional 3,164 shares during the period. Algert Global LLC's holdings in Cintas were worth $6,235,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the business. George Kaiser Family Foundation bought a new stake in shares of Cintas during the 1st quarter valued at $287,000. Northwest & Ethical Investments L.P. boosted its holdings in shares of Cintas by 42.0% during the 1st quarter. Northwest & Ethical Investments L.P. now owns 10,133 shares of the business services provider's stock valued at $2,083,000 after buying an additional 2,996 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Cintas by 6.2% during the 1st quarter. Raymond James Financial Inc. now owns 559,772 shares of the business services provider's stock valued at $115,050,000 after buying an additional 32,774 shares in the last quarter. Progressive Investment Management Corp bought a new stake in shares of Cintas during the 1st quarter valued at $1,837,000. Finally, Nations Financial Group Inc. IA ADV boosted its stake in Cintas by 1.8% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 25,749 shares of the business services provider's stock worth $5,292,000 after purchasing an additional 455 shares in the last quarter. Institutional investors own 63.46% of the company's stock.

Cintas Trading Down 2.2%

Cintas stock opened at $216.55 on Monday. The stock has a market cap of $87.26 billion, a P/E ratio of 49.10, a PEG ratio of 3.73 and a beta of 1.03. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. Cintas Corporation has a 1 year low of $180.78 and a 1 year high of $229.24. The firm's 50 day moving average price is $220.86 and its 200-day moving average price is $212.20.

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

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Cintas's previous quarterly dividend of $0.39. Cintas's dividend payout ratio is presently 40.82%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on CTAS shares. The Goldman Sachs Group upped their target price on shares of Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada restated a "sector perform" rating and set a $240.00 target price (up previously from $215.00) on shares of Cintas in a research note on Monday, June 9th. Morgan Stanley upped their target price on shares of Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Finally, Redburn Atlantic lowered shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a research report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $224.54.

Insider Buying and Selling

In related news, CEO Todd M. Schneider sold 17,301 shares of Cintas stock in a transaction dated Monday, July 28th. The shares were sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the completion of the transaction, the chief executive officer directly owned 622,712 shares of the company's stock, valued at approximately $137,557,080.80. The trade was a 2.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total value of $1,136,121.48. Following the sale, the director owned 21,945 shares of the company's stock, valued at approximately $4,904,049.15. This trade represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by corporate insiders.

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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