Cintas Corporation (NASDAQ:CTAS) Stock Holdings Lessened by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 15.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 135,422 shares of the business services provider's stock after selling 24,897 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Cintas were worth $28,150,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. MJP Associates Inc. ADV grew its position in Cintas by 2.1% during the fourth quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock valued at $441,000 after acquiring an additional 50 shares during the period. TIAA Trust National Association lifted its stake in shares of Cintas by 1.0% in the 4th quarter. TIAA Trust National Association now owns 5,380 shares of the business services provider's stock valued at $983,000 after purchasing an additional 52 shares in the last quarter. Wellspring Financial Advisors LLC lifted its stake in shares of Cintas by 4.6% in the 4th quarter. Wellspring Financial Advisors LLC now owns 1,171 shares of the business services provider's stock valued at $214,000 after purchasing an additional 52 shares in the last quarter. Johnson Financial Group Inc. grew its holdings in shares of Cintas by 7.7% during 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 during the period. Finally, Portside Wealth Group LLC increased its position in Cintas by 4.2% during the 1st quarter. Portside Wealth Group LLC now owns 1,314 shares of the business services provider's stock worth $270,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Cintas Stock Up 1.5%

CTAS traded up $3.17 on Thursday, reaching $218.83. The company's stock had a trading volume of 942,340 shares, compared to its average volume of 1,669,363. Cintas Corporation has a 1 year low of $174.44 and a 1 year high of $229.24. The business's 50 day moving average is $219.62 and its 200 day moving average is $205.87. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.72 and a quick ratio of 1.50. The stock has a market cap of $88.36 billion, a price-to-earnings ratio of 50.68, a price-to-earnings-growth ratio of 3.36 and a beta of 1.05.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were given a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 0.71%. The ex-dividend date of this dividend was Thursday, May 15th. Cintas's payout ratio is currently 36.11%.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on CTAS. The Goldman Sachs Group lifted their price target on shares of Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research report on Wednesday. Argus upgraded shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Bank of America initiated coverage on shares of Cintas in a research report on Thursday, April 10th. They set a "buy" rating and a $250.00 price target for the company. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and raised their price objective for the company from $196.00 to $221.00 in a research report on Tuesday. Finally, Morgan Stanley boosted their price objective on Cintas from $195.00 to $213.00 and gave the stock an "equal weight" 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 issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $219.58.

Insider Transactions at Cintas

In related news, 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 completion of the transaction, the chief operating officer directly owned 256,528 shares in the company, valued at approximately $48,835,235.36. This trade represents a 0.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald W. Tysoe sold 8,521 shares of the business's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $208.96, for a total value of $1,780,548.16. Following the completion of the sale, the director directly owned 27,029 shares of the company's stock, valued at approximately $5,647,979.84. This represents a 23.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate 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.