Cintas Corporation (NASDAQ:CTAS) Shares Sold by National Bank of Canada FI

Key Points

• National Bank of Canada FI reduced its stake in Cintas Corporation by 20.4% during the first quarter, holding approximately 0.09% of the company valued at $74.5 million.
• Cintas Corporation recently announced an increase in its quarterly dividend from $0.39 to $0.45, translating to an annualized payout of $1.80 with a yield of 0.8%.
• The company's stock has been receiving positive ratings from analysts, with UBS raising its target price to $255.00 and several others issuing buy ratings, indicating a generally favorable outlook.

National Bank of Canada FI lessened its holdings in Cintas Corporation (NASDAQ:CTAS - Free Report) by 20.4% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 362,693 shares of the business services provider's stock after selling 92,872 shares during the period. National Bank of Canada FI owned about 0.09% of Cintas worth $74,544,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Pinnacle Wealth Management Advisory Group LLC grew its holdings in Cintas by 3.9% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,256 shares of the business services provider's stock valued at $258,000 after buying an additional 47 shares in the last quarter. MJP Associates Inc. ADV lifted its position in shares of Cintas by 2.1% during the 4th quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock worth $441,000 after buying an additional 50 shares during the last quarter. Kathmere Capital Management LLC lifted its position in shares of Cintas by 4.1% during the 1st quarter. Kathmere Capital Management LLC now owns 1,293 shares of the business services provider's stock worth $266,000 after buying an additional 51 shares during the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Cintas by 4.1% during the 1st quarter. Pinnacle Associates Ltd. now owns 1,291 shares of the business services provider's stock worth $265,000 after buying an additional 51 shares during the last quarter. Finally, Johnson Financial Group Inc. increased its holdings in Cintas by 7.7% in the 4th quarter. Johnson Financial Group Inc. now owns 728 shares of the business services provider's stock worth $146,000 after purchasing an additional 52 shares in the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Cintas

In other news, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the transaction, the director directly owned 21,945 shares of the company's stock, valued at $4,904,049.15. The trade was a 18.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd M. Schneider sold 17,301 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of $220.90, for a total value of $3,821,790.90. Following the sale, the chief executive officer directly owned 622,712 shares in the company, valued at $137,557,080.80. This trade represents a 2.70% 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.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on CTAS shares. Wells Fargo & Company upgraded Cintas from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Argus raised Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Redburn Atlantic lowered Cintas from a "neutral" rating to a "sell" rating and set a $171.00 target price on the stock. in a report on Thursday, May 1st. Royal Bank Of Canada reiterated a "sector perform" rating and set a $240.00 price target (up from $215.00) on shares of Cintas in a report on Monday, June 9th. Finally, UBS Group lifted their price target on Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $224.54.

Cintas Price Performance

Shares of NASDAQ CTAS traded down $2.39 during mid-day trading on Monday, reaching $223.88. The company had a trading volume of 1,108,187 shares, compared to its average volume of 1,488,941. The firm has a market cap of $90.22 billion, a price-to-earnings ratio of 50.77, a PEG ratio of 3.90 and a beta of 1.03. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09. The business's 50-day simple moving average is $221.38 and its 200 day simple moving average is $211.44. Cintas Corporation has a one year low of $180.78 and a one year high of $229.24.

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

Cintas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. This is an increase from Cintas's previous quarterly dividend of $0.39. This represents a $1.80 dividend on an annualized basis and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. Cintas's dividend payout ratio is currently 35.37%.

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.