Bank of New York Mellon Corp Sells 41,508 Shares of Cintas Corporation (NASDAQ:CTAS)

Bank of New York Mellon Corp lessened its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 1.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,391,603 shares of the business services provider's stock after selling 41,508 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.59% of Cintas worth $491,546,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Cyrus J. Lawrence LLC bought a new position in Cintas in the fourth quarter worth about $29,000. IAG Wealth Partners LLC increased its holdings in shares of Cintas by 136.8% in the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider's stock worth $33,000 after acquiring an additional 104 shares during the period. Meeder Asset Management Inc. boosted its stake in Cintas by 239.3% during the 4th quarter. Meeder Asset Management Inc. now owns 190 shares of the business services provider's stock valued at $35,000 after purchasing an additional 134 shares during the period. OFI Invest Asset Management acquired a new position in shares of Cintas during the fourth quarter worth approximately $37,000. Finally, VSM Wealth Advisory LLC acquired a new position in shares of Cintas during the fourth quarter valued at $40,000. Institutional investors own 63.46% of the company's stock.

Insider Buying and Selling

In other news, Director Ronald W. Tysoe sold 8,521 shares of the business'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 completion of the transaction, the director owned 27,029 shares of the company's stock, valued at $5,647,979.84. The trade was a 23.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 15.00% of the company's stock.

Cintas Trading Down 0.8%

Shares of NASDAQ CTAS traded down $1.82 during midday trading on Monday, hitting $217.54. The stock had a trading volume of 1,385,480 shares, compared to its average volume of 1,669,499. The firm has a market cap of $87.84 billion, a P/E ratio of 50.39, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.72 and a quick ratio of 1.50. Cintas Corporation has a fifty-two week low of $176.60 and a fifty-two week high of $229.24. The company's 50-day simple moving average is $220.01 and its 200 day simple moving average is $206.16.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were paid a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.72%. The ex-dividend date of this dividend was Thursday, May 15th. Cintas's payout ratio is 36.11%.

Analyst Ratings Changes

Several equities research analysts have commented on CTAS shares. Bank of America initiated coverage on shares of Cintas in a research report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. 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. Morgan Stanley lifted their price target on Cintas from $195.00 to $213.00 and gave the company an "equal weight" rating in a report on Thursday, March 27th. Robert W. Baird increased their price objective on Cintas from $200.00 to $227.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Finally, Argus raised Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $219.58.

Cintas 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.