Foster Dykema Cabot & Partners LLC Raises Stock Holdings in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Foster Dykema Cabot & Partners LLC increased its stake in Cintas Corporation by 2.5%, now owning 150,992 shares valued at around $31 million.
• Other significant hedge fund movements included GAMMA Investing LLC raising its stake by 19,644.3%, owning over 2.26 million shares worth approximately $465 million.
• Cintas has declared an increased quarterly dividend of $0.45, marking a positive change from the previous $0.39 per share, with an ex-dividend date set for August 15th.

Foster Dykema Cabot & Partners LLC lifted its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 2.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 150,992 shares of the business services provider's stock after purchasing an additional 3,628 shares during the period. Cintas makes up about 2.5% of Foster Dykema Cabot & Partners LLC's investment portfolio, making the stock its 9th biggest position. Foster Dykema Cabot & Partners LLC's holdings in Cintas were worth $31,033,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of CTAS. Vanguard Group Inc. boosted its stake in shares of Cintas by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 37,859,304 shares of the business services provider's stock valued at $7,781,223,000 after purchasing an additional 491,307 shares during the last quarter. Northern Trust Corp boosted its stake in Cintas by 13.1% in the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after acquiring an additional 472,069 shares during the last quarter. Royal Bank of Canada grew its holdings in Cintas by 3.3% during the 4th quarter. Royal Bank of Canada now owns 3,655,835 shares of the business services provider's stock worth $667,919,000 after acquiring an additional 115,268 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cintas by 11.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,818,147 shares of the business services provider's stock valued at $514,875,000 after acquiring an additional 295,226 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Cintas by 3.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,570,635 shares of the business services provider's stock valued at $469,656,000 after purchasing an additional 78,533 shares during the period. 63.46% of the stock is owned by institutional investors.

Cintas Stock Performance

CTAS traded up $2.87 on Friday, reaching $226.27. The company had a trading volume of 1,739,749 shares, compared to its average volume of 1,453,720. The stock has a market cap of $91.18 billion, a P/E ratio of 51.31, a P/E/G ratio of 3.85 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. Cintas Corporation has a fifty-two week low of $180.78 and a fifty-two week high of $229.24. The company's fifty day moving average is $221.38 and its 200 day moving average is $211.26.

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

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Shareholders of record on Friday, August 15th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 0.8%. The ex-dividend date is Friday, August 15th. This is a positive change from Cintas's previous quarterly dividend of $0.39. Cintas's dividend payout ratio (DPR) is 35.37%.

Analysts Set New Price Targets

CTAS has been the subject of a number of recent analyst reports. Wells Fargo & Company upgraded shares of Cintas from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Argus upgraded shares of Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $240.00 price objective (up previously from $215.00) on shares of Cintas in a research note on Monday, June 9th. 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, Morgan Stanley raised their target price 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. 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 company has an average rating of "Hold" and a consensus price target of $224.54.

Insider Transactions at Cintas

In other news, Director Ronald W. Tysoe sold 5,084 shares of the business's stock in a transaction dated Wednesday, July 30th. The shares were sold at an average price of $223.47, for a total value of $1,136,121.48. Following the completion of the sale, the director owned 21,945 shares of the company's stock, valued at approximately $4,904,049.15. The trade was a 18.81% decrease in their ownership of the stock. The sale 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 the firm's 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 directly owned 622,712 shares in the company, valued at approximately $137,557,080.80. This represents a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

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.