Moors & Cabot Inc. Sells 3,851 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Moors & Cabot Inc. reduced its stake in Cintas Corporation by 37.6% in the first quarter, now holding 6,404 shares valued at approximately $1.316 million.
• Cintas has declared an increase in its quarterly dividend to $0.45 per share, payable on September 15th, which represents a 0.8% dividend yield.
• Analysts have set a consensus target price for Cintas at $224.54, with several firms issuing "buy" ratings and increasing their price targets for the stock.

Moors & Cabot Inc. lowered its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 37.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,404 shares of the business services provider's stock after selling 3,851 shares during the quarter. Moors & Cabot Inc.'s holdings in Cintas were worth $1,316,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Cintas by 646.4% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock valued at $43,000 after purchasing an additional 181 shares during the last quarter. Washington Trust Advisors Inc. bought a new position in shares of Cintas in the 1st quarter valued at about $46,000. Wellington Shields & Co. LLC bought a new position in shares of Cintas in the 1st quarter valued at about $51,000. Olde Wealth Management LLC bought a new position in shares of Cintas in the 1st quarter valued at about $55,000. Finally, Trust Co. of Vermont boosted its stake in shares of Cintas by 76.1% in the 1st quarter. Trust Co. of Vermont now owns 331 shares of the business services provider's stock valued at $68,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 63.46% of the company's stock.

Insider Activity

In related news, CEO Todd M. Schneider sold 17,301 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of $220.90, for a total value of $3,821,790.90. Following the completion of the transaction, the chief executive officer directly owned 622,712 shares of the company's stock, 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of the firm's stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the completion of the transaction, the director directly owned 21,945 shares of the company's stock, valued at $4,904,049.15. This represents a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by corporate insiders.

Cintas Stock Down 0.3%

Shares of NASDAQ CTAS traded down $0.70 during midday trading on Tuesday, reaching $224.39. The company's stock had a trading volume of 68,925 shares, compared to its average volume of 1,695,063. 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 fifty-two week low of $180.78 and a fifty-two week high of $229.24. The stock has a market capitalization of $90.42 billion, a price-to-earnings ratio of 50.81, a PEG ratio of 3.82 and a beta of 1.03. The stock has a 50 day simple moving average of $221.49 and a 200-day simple moving average of $210.74.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The company had revenue of $2.67 billion for the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the company earned $3.99 earnings per share. The firm's revenue was up 8.0% compared to the same quarter last year. Equities research analysts predict that Cintas Corporation will post 4.31 earnings per share for the current year.

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is a boost from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio is 40.82%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and lifted their price objective for the stock from $196.00 to $221.00 in a research note on Tuesday, July 1st. Robert W. Baird lifted their price objective on shares of Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. JPMorgan Chase & Co. assumed coverage on shares of Cintas in a research note on Monday, July 14th. They set an "overweight" rating and a $239.00 price objective on the stock. Redburn Atlantic lowered shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective on the stock. in a research note on Thursday, May 1st. Finally, The Goldman Sachs Group lifted their price objective on shares of Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cintas has an average rating of "Hold" and a consensus target price of $224.54.

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.