Atria Wealth Solutions Inc. Sells 2,429 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Atria Wealth Solutions Inc. has reduced its holdings in Cintas Corporation by 11.7%, selling 2,429 shares and now owning 18,246 shares valued at approximately $3.75 million.
• Analyst opinions on Cintas vary, with JPMorgan Chase initiating coverage with an "overweight" rating and a target price of $239, while Redburn Atlantic downgraded the stock to "sell" with a target of $171.
• Cintas has announced a quarterly dividend increase from $0.39 to $0.45 per share, reflecting a dividend yield of 0.8%, with the ex-dividend date set for August 15th.

Atria Wealth Solutions Inc. reduced its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 11.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 18,246 shares of the business services provider's stock after selling 2,429 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Cintas were worth $3,750,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC lifted its holdings in Cintas by 19,644.3% in the first quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock valued at $465,133,000 after acquiring an additional 2,251,629 shares during the period. Northern Trust Corp lifted its holdings in Cintas by 13.1% in the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after acquiring an additional 472,069 shares during the period. Ameriprise Financial Inc. lifted its holdings in Cintas by 26.7% in the fourth quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock valued at $407,163,000 after acquiring an additional 468,950 shares during the period. Jacobs Levy Equity Management Inc. lifted its holdings in Cintas by 150.1% in the fourth quarter. Jacobs Levy Equity Management Inc. now owns 719,059 shares of the business services provider's stock valued at $131,372,000 after acquiring an additional 431,570 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Cintas in the fourth quarter valued at about $66,909,000. 63.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. JPMorgan Chase & Co. assumed coverage on Cintas in a report on Monday, July 14th. They issued an "overweight" rating and a $239.00 target price on the stock. Redburn Atlantic downgraded Cintas from a "neutral" rating to a "sell" rating and set a $171.00 target price on the stock. in a report on Thursday, May 1st. UBS Group increased their target price on Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, July 18th. The Goldman Sachs Group increased their target price on Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Morgan Stanley raised their price objective on Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cintas presently has an average rating of "Hold" and an average target price of $224.54.

Cintas Stock Performance

NASDAQ:CTAS opened at $223.40 on Friday. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52. Cintas Corporation has a 12-month low of $180.78 and a 12-month high of $229.24. The stock has a 50-day moving average price of $221.38 and a 200 day moving average price of $211.09. The stock has a market capitalization of $90.03 billion, a P/E ratio of 50.66, a P/E/G ratio of 3.87 and a beta of 1.03.

Cintas (NASDAQ:CTAS - Get Free Report) last released its 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. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The firm had revenue of $2.67 billion during the quarter, compared to analysts' expectations of $2.63 billion. During the same quarter last year, the business posted $3.99 earnings per share. The firm's revenue was up 8.0% on a year-over-year basis. Equities research analysts forecast that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be given a dividend of $0.45 per share. This is an increase from Cintas's previous quarterly dividend of $0.39. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio (DPR) is 35.37%.

Insider Buying and Selling

In related news, CEO Todd M. Schneider sold 17,301 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the completion of the sale, the chief executive officer owned 622,712 shares in the company, valued at approximately $137,557,080.80. This trade represents a 2.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Ronald W. Tysoe sold 5,084 shares of the stock in a transaction dated 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 $4,904,049.15. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by company 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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