Cintas Corporation $CTAS Stock Position Reduced by Oppenheimer Asset Management Inc.

Key Points

• Oppenheimer Asset Management cut its stake in Cintas by 47.9% in the fourth quarter, selling 25,439 shares and leaving 27,627 shares valued at about $5.196 million.
• Cintas reported Q earnings of $1.24 per share (in line with estimates) and revenue of $2.84 billion (slightly above expectations, up 8.9% YoY), and declared a quarterly dividend of $0.45 ($1.80 annualized, 1.1% yield; ex-dividend May 15, payable June 15).

Oppenheimer Asset Management Inc. cut its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 47.9% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 27,627 shares of the business services provider's stock after selling 25,439 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Cintas were worth $5,196,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Cintas by 1.5% during the third quarter. Vanguard Group Inc. now owns 38,948,620 shares of the business services provider's stock valued at $7,994,594,000 after purchasing an additional 564,487 shares in the last quarter. Nordea Investment Management AB grew its position in Cintas by 6.2% during the fourth quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider's stock valued at $517,466,000 after purchasing an additional 158,785 shares in the last quarter. Ameriprise Financial Inc. grew its position in Cintas by 0.5% during the third quarter. Ameriprise Financial Inc. now owns 2,559,852 shares of the business services provider's stock valued at $524,460,000 after purchasing an additional 12,841 shares in the last quarter. Amundi lifted its stake in Cintas by 39.0% in the third quarter. Amundi now owns 2,223,411 shares of the business services provider's stock valued at $442,548,000 after acquiring an additional 623,770 shares during the last quarter. Finally, Pictet Asset Management Holding SA lifted its stake in Cintas by 10.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 2,002,205 shares of the business services provider's stock valued at $376,647,000 after acquiring an additional 181,952 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Price Performance

NASDAQ CTAS 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. The stock has a market capitalization of $67.86 billion, a PE ratio of 47.91, a price-to-earnings-growth ratio of 2.99 and a beta of 0.97. The company has a 50 day moving average price of $183.59 and a two-hundred day moving average price of $187.22. Cintas Corporation has a 12-month low of $165.60 and a 12-month high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.24 earnings per share for the quarter, hitting analysts' consensus estimates of $1.24. Cintas had a net margin of 17.57% and a return on equity of 41.47%. The business had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.82 billion. During the same period in the previous year, the company earned $1.13 earnings per share. Cintas's revenue for the quarter was up 8.9% on a year-over-year basis. As a group, equities analysts predict that Cintas Corporation will post 4.89 earnings per share for the current fiscal year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, May 15th. Cintas's payout ratio is presently 50.85%.

Insider Buying and Selling at Cintas

In other news, Director Ronald W. Tysoe sold 4,666 shares of the business's stock in a transaction on Monday, April 20th. The shares were sold at an average price of $178.87, for a total value of $834,607.42. Following the completion of the sale, the director directly owned 22,448 shares in the company, valued at approximately $4,015,273.76. The trade was a 17.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 14.90% of the company's stock.

Analyst Upgrades and Downgrades

CTAS has been the subject of a number of analyst reports. Citigroup reduced their target price on shares of Cintas from $181.00 to $160.00 and set a "sell" rating for the company in a research note on Tuesday, March 31st. Bank of America initiated coverage on shares of Cintas in a research note on Tuesday, February 17th. They issued a "neutral" rating and a $215.00 target price for the company. Stifel Nicolaus reduced their target price on shares of Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Weiss Ratings cut shares of Cintas from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday, April 1st. Finally, Robert W. Baird upgraded shares of Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 target price for the company in a research note on Wednesday, March 11th. One investment 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, Cintas currently has an average rating of "Hold" and a consensus price target of $215.17.

About Cintas

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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