Cintas Corporation (NASDAQ:CTAS) Shares Sold by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd cut its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 69.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,302 shares of the business services provider's stock after selling 5,168 shares during the period. OVERSEA CHINESE BANKING Corp Ltd's holdings in Cintas were worth $473,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the stock. Jupiter Asset Management Ltd. increased its position in shares of Cintas by 276.0% during the first quarter. Jupiter Asset Management Ltd. now owns 289,133 shares of the business services provider's stock worth $59,426,000 after purchasing an additional 212,228 shares in the last quarter. TIAA Trust National Association boosted its position in shares of Cintas by 6.8% in the 1st quarter. TIAA Trust National Association now owns 5,745 shares of the business services provider's stock valued at $1,181,000 after purchasing an additional 365 shares during the period. UNIVEST FINANCIAL Corp grew its stake in Cintas by 183.8% during the 1st quarter. UNIVEST FINANCIAL Corp now owns 3,860 shares of the business services provider's stock worth $793,000 after buying an additional 2,500 shares during the last quarter. Baker Avenue Asset Management LP increased its position in Cintas by 11.4% during the first quarter. Baker Avenue Asset Management LP now owns 2,739 shares of the business services provider's stock worth $563,000 after buying an additional 281 shares during the period. Finally, MGO One Seven LLC increased its position in Cintas by 8.4% during the first quarter. MGO One Seven LLC now owns 10,513 shares of the business services provider's stock worth $2,161,000 after buying an additional 814 shares during the period. Institutional investors and hedge funds own 63.46% of the company's stock.

Insider Buying and Selling

In other Cintas news, Director Ronald W. Tysoe sold 5,084 shares of the firm's stock in a transaction dated 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 in the company, valued at approximately $4,904,049.15. This trade represents a 18.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd M. Schneider sold 17,301 shares of Cintas stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the transaction, the chief executive officer owned 622,712 shares of the company's stock, valued at approximately $137,557,080.80. The trade was a 2.70% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

Cintas Stock Performance

Shares of CTAS stock opened at $221.50 on Monday. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52. The stock has a 50 day simple moving average of $221.43 and a 200-day simple moving average of $210.55. The company has a market cap of $89.26 billion, a price-to-earnings ratio of 50.23, a price-to-earnings-growth ratio of 3.82 and a beta of 1.03. Cintas Corporation has a 12-month low of $180.78 and a 12-month high of $229.24.

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

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be given a $0.45 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. This is a boost from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is presently 35.37%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. UBS Group increased their price objective on Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, July 18th. Wells Fargo & Company upgraded shares of Cintas from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $196.00 to $221.00 in a research note on Tuesday, July 1st. Morgan Stanley lifted their price objective on shares of Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. Argus raised shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Finally, Robert W. Baird raised their price target on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $224.54.

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.

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