Rathbones Group PLC Has $129.46 Million Stake in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Rathbones Group PLC reduced its stake in Cintas Corporation by 4.8%, with the firm owning approximately 629,890 shares worth $129.46 million following the sale.
• Cintas recently announced a quarterly dividend increase to $0.45 per share, with a yield of 0.8%, up from the previous $0.39 payout.
• Numerous institutional investors, including Nuveen LLC and GAMMA Investing LLC, have made significant adjustments to their holdings in Cintas, indicating varied investor confidence.

Rathbones Group PLC lessened its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 4.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 629,890 shares of the business services provider's stock after selling 31,574 shares during the period. Rathbones Group PLC owned about 0.16% of Cintas worth $129,461,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Crestwood Advisors Group LLC acquired a new position in Cintas in the first quarter worth $270,000. Ameriprise Financial Inc. boosted its holdings in Cintas by 26.7% in the fourth 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 period. Alpine Global Management LLC acquired a new position in Cintas in the fourth quarter worth $284,000. Pinnacle Financial Partners Inc boosted its holdings in Cintas by 3.8% in the first quarter. Pinnacle Financial Partners Inc now owns 60,099 shares of the business services provider's stock worth $12,327,000 after purchasing an additional 2,191 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Cintas by 51.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 9,967 shares of the business services provider's stock worth $2,049,000 after purchasing an additional 3,404 shares during the period. Institutional investors own 63.46% of the company's stock.

Cintas Price Performance

NASDAQ CTAS traded down $3.74 on Thursday, reaching $221.36. The company's stock had a trading volume of 1,057,241 shares, compared to its average volume of 1,684,410. Cintas Corporation has a twelve month low of $180.78 and a twelve month high of $229.24. 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 firm's 50 day moving average is $221.19 and its two-hundred day moving average is $211.80. The stock has a market cap of $89.20 billion, a PE ratio of 50.20, a PEG ratio of 3.85 and a beta of 1.03.

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 (EPS) for the quarter, topping the consensus estimate of $1.07 by $0.02. The company had revenue of $2.67 billion for the quarter, compared to analysts' expectations of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The business's revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.99 EPS. As a group, sell-side analysts predict 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. Stockholders of record on Friday, August 15th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. This is an increase from Cintas's previous quarterly dividend of $0.39. Cintas's dividend payout ratio is presently 40.82%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CTAS. Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. Argus raised shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Redburn Atlantic downgraded shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a report on Thursday, May 1st. Morgan Stanley boosted their price target on shares of Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a report on Friday, July 18th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Cintas in a report on Monday, July 14th. They set an "overweight" rating and a $239.00 price target for the company. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $224.54.

Insider Transactions at Cintas

In other Cintas news, Director Ronald W. Tysoe sold 5,084 shares of the business's 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 sale, the director owned 21,945 shares in the company, valued at approximately $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 accessible through this hyperlink. Also, Director Martin Mucci acquired 1,200 shares of the business's stock in a transaction on Monday, July 21st. The shares were bought at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the acquisition, the director owned 2,621 shares in the company, valued at approximately $583,303.55. This trade represents a 84.45% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 15.00% of the company's stock.

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.