Legacy Financial Strategies LLC Reduces Stake in Cintas Co. (NASDAQ:CTAS)

Legacy Financial Strategies LLC reduced its stake in Cintas Co. (NASDAQ:CTAS - Free Report) by 7.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 20,099 shares of the business services provider's stock after selling 1,687 shares during the quarter. Cintas comprises 0.9% of Legacy Financial Strategies LLC's holdings, making the stock its 17th largest holding. Legacy Financial Strategies LLC's holdings in Cintas were worth $4,131,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Parallel Advisors LLC lifted its stake in Cintas by 3.9% in the first quarter. Parallel Advisors LLC now owns 6,911 shares of the business services provider's stock valued at $1,420,000 after buying an additional 260 shares during the period. GoalVest Advisory LLC lifted its stake in Cintas by 47.2% in the first quarter. GoalVest Advisory LLC now owns 1,266 shares of the business services provider's stock valued at $260,000 after buying an additional 406 shares during the period. GAMMA Investing LLC lifted its stake 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 buying an additional 2,251,629 shares during the period. Versant Capital Management Inc lifted its stake in Cintas by 110.4% in the first quarter. Versant Capital Management Inc now owns 2,140 shares of the business services provider's stock valued at $440,000 after buying an additional 1,123 shares during the period. Finally, Park National Corp OH lifted its stake in Cintas by 17.2% in the first quarter. Park National Corp OH now owns 27,256 shares of the business services provider's stock valued at $5,602,000 after buying an additional 4,005 shares during the period. 63.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts have issued reports on CTAS shares. UBS Group boosted their price target on Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Citigroup started coverage on Cintas in a research note on Monday, February 24th. They issued a "sell" rating and a $161.00 price target on the stock. Bank of America started coverage on Cintas in a research note on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. Royal Bank of Canada reissued a "sector perform" rating and issued a $215.00 price target on shares of Cintas in a research note on Thursday, March 27th. Finally, Redburn Atlantic downgraded Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a report on Thursday, May 1st. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $213.88.

Cintas Stock Performance

NASDAQ:CTAS traded up $0.19 during trading on Monday, reaching $226.69. The company's stock had a trading volume of 1,094,560 shares, compared to its average volume of 1,695,326. The firm has a market cap of $91.53 billion, a price-to-earnings ratio of 54.66, a price-to-earnings-growth ratio of 3.98 and a beta of 1.09. 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 firm has a 50 day moving average of $210.54 and a 200-day moving average of $205.13. Cintas Co. has a 12 month low of $167.71 and a 12 month high of $228.18.

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

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, May 15th will be given a dividend of $0.39 per share. The ex-dividend date is Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.69%. Cintas's dividend payout ratio is presently 36.11%.

Insider Activity

In other news, COO Jim Rozakis sold 2,000 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $190.37, for a total transaction of $380,740.00. Following the transaction, the chief operating officer now owns 256,528 shares of the company's stock, valued at $48,835,235.36. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the company's stock in a transaction on Monday, April 14th. The shares were sold at an average price of $208.96, for a total value of $1,780,548.16. Following the transaction, the director now directly owns 27,029 shares in the company, valued at $5,647,979.84. This represents a 23.97% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

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.