Principal Financial Group Inc. Has $99.99 Million Holdings in Cintas Corporation (NASDAQ:CTAS)

Principal Financial Group Inc. reduced its holdings in Cintas Corporation (NASDAQ:CTAS - Free Report) by 5.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 486,489 shares of the business services provider's stock after selling 28,439 shares during the period. Principal Financial Group Inc. owned approximately 0.12% of Cintas worth $99,988,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Ameriprise Financial Inc. boosted its holdings in shares of Cintas by 26.7% during the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after purchasing an additional 468,950 shares during the last quarter. Alpine Global Management LLC purchased a new stake in Cintas in the 4th quarter valued at $284,000. Treasurer of the State of North Carolina increased its stake in shares of Cintas by 12.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock worth $31,092,000 after acquiring an additional 18,620 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Cintas by 97.6% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 7,470 shares of the business services provider's stock valued at $1,365,000 after acquiring an additional 3,690 shares during the last quarter. Finally, Bank of Montreal Can grew its holdings in shares of Cintas by 5.7% in the fourth quarter. Bank of Montreal Can now owns 575,491 shares of the business services provider's stock valued at $105,142,000 after purchasing an additional 30,811 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CTAS. The Goldman Sachs Group lifted their target price on shares of Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research note on Wednesday. Redburn Atlantic lowered Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a research report on Thursday, May 1st. UBS Group lifted their target price on Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Argus upgraded shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Finally, Robert W. Baird increased their target price on shares of Cintas from $200.00 to $227.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $219.58.

Cintas Price Performance

Cintas stock traded up $3.17 during midday trading on Friday, reaching $218.83. 942,340 shares of the company were exchanged, compared to its average volume of 1,669,363. The company has a market capitalization of $88.36 billion, a price-to-earnings ratio of 50.68, a P/E/G ratio of 3.42 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.72. Cintas Corporation has a 1 year low of $174.44 and a 1 year high of $229.24. The firm's 50-day simple moving average is $220.01 and its 200-day simple moving average is $205.99.

Cintas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were issued a $0.39 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. Cintas's dividend payout ratio is currently 36.11%.

Insider Transactions at Cintas

In other Cintas news, Director Ronald W. Tysoe sold 8,521 shares of Cintas stock in a transaction that occurred on Monday, April 14th. The stock was 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 directly owned 27,029 shares in the company, valued at $5,647,979.84. The trade was a 23.97% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jim Rozakis sold 2,000 shares of Cintas stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $190.37, for a total value of $380,740.00. Following the transaction, the chief operating officer directly owned 256,528 shares in the company, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by insiders.

Cintas Company 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.