Cintas Corporation $CTAS Shares Sold by New York State Teachers Retirement System

Key Points

• New York State Teachers Retirement System trimmed its stake in Cintas (CTAS) by 5.3%, selling 15,129 shares and leaving it with 271,821 shares worth about $51.1 million (≈0.07% of the company).
• Several large funds — including Two Sigma, SG Americas, Voloridge, Freestone Grove and AllianceBernstein — dramatically increased CTAS positions in recent quarters, helping push institutional ownership to 63.46%.
• Cintas reported quarterly EPS of $1.24 (in line) and revenue of $2.84 billion (slightly above estimates), and announced a quarterly dividend of $0.45 (1.1% yield) with an ex-dividend date of May 15.

New York State Teachers Retirement System cut its position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 5.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 271,821 shares of the business services provider's stock after selling 15,129 shares during the quarter. New York State Teachers Retirement System owned about 0.07% of Cintas worth $51,121,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of CTAS. Two Sigma Investments LP boosted its position in Cintas by 5,641.3% during the 3rd quarter. Two Sigma Investments LP now owns 1,016,671 shares of the business services provider's stock worth $208,682,000 after purchasing an additional 998,963 shares during the period. SG Americas Securities LLC grew its position in Cintas by 2,653.0% in the fourth quarter. SG Americas Securities LLC now owns 1,003,031 shares of the business services provider's stock valued at $188,640,000 after acquiring an additional 966,597 shares in the last quarter. Voloridge Investment Management LLC lifted its position in shares of Cintas by 275.2% during the third quarter. Voloridge Investment Management LLC now owns 1,123,237 shares of the business services provider's stock worth $230,556,000 after purchasing an additional 823,885 shares in the last quarter. Freestone Grove Partners LP boosted its stake in shares of Cintas by 5,341.8% in the third quarter. Freestone Grove Partners LP now owns 747,109 shares of the business services provider's stock valued at $153,352,000 after purchasing an additional 733,380 shares during the period. Finally, Alliancebernstein L.P. increased its stake in Cintas by 125.5% during the 3rd quarter. Alliancebernstein L.P. now owns 1,130,292 shares of the business services provider's stock worth $232,004,000 after buying an additional 629,065 shares during the period. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Stock Down 2.9%

Shares of Cintas stock opened at $169.61 on Friday. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. Cintas Corporation has a 12-month low of $165.60 and a 12-month high of $229.24. The firm has a market capitalization of $67.86 billion, a PE ratio of 47.91, a price-to-earnings-growth ratio of 3.08 and a beta of 0.97. The stock's fifty day moving average is $183.59 and its 200-day moving average is $187.22.

Cintas (NASDAQ:CTAS - Get Free Report) last released its earnings results on Wednesday, March 25th. The business services provider reported $1.24 earnings per share for the quarter, hitting the consensus estimate of $1.24. The business had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.82 billion. Cintas had a net margin of 17.57% and a return on equity of 41.47%. The firm's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $1.13 earnings per share. Equities analysts anticipate that Cintas Corporation will post 4.89 earnings per share for the current year.

Cintas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, May 15th. Cintas's dividend payout ratio (DPR) is 50.85%.

Insider Buying and Selling at Cintas

In related news, Director Ronald W. Tysoe sold 4,666 shares of the company's stock in a transaction on Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the transaction, the director directly owned 22,448 shares of the company's stock, valued at approximately $4,015,273.76. The trade was a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 14.90% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on CTAS. Citigroup dropped their target price on shares of Cintas from $181.00 to $160.00 and set a "sell" rating on the stock in a report on Tuesday, March 31st. Stifel Nicolaus lowered their target price on Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a report on Thursday, March 26th. Wells Fargo & Company raised Cintas from a "cautious" rating to an "overweight" rating and increased their price objective for the stock from $205.00 to $245.00 in a report on Wednesday, January 14th. Robert W. Baird upgraded Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price target for the company in a research report on Wednesday, March 11th. Finally, Bank of America started coverage on Cintas in a report on Tuesday, February 17th. They set a "neutral" rating and a $215.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $215.17.

Cintas Profile

Cintas Corporation NASDAQ: CTAS is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

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