Convergence Investment Partners LLC Buys Shares of 2,598 Cintas Corporation (NASDAQ:CTAS)

Convergence Investment Partners LLC acquired a new position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 2,598 shares of the business services provider's stock, valued at approximately $534,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in CTAS. Norges Bank purchased a new position in Cintas in the fourth quarter valued at approximately $877,216,000. GAMMA Investing LLC lifted its stake in Cintas by 19,644.3% in the first quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock valued at $465,133,000 after purchasing an additional 2,251,629 shares during the last quarter. Winslow Capital Management LLC purchased a new position in Cintas in the fourth quarter valued at approximately $196,057,000. Northern Trust Corp lifted 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 purchasing an additional 472,069 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake 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 valued at $407,163,000 after purchasing an additional 468,950 shares during the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Trading Up 0.3%

Shares of NASDAQ:CTAS traded up $0.68 on Friday, reaching $223.56. 1,074,701 shares of the company traded hands, compared to its average volume of 1,461,321. The business's 50-day simple moving average is $221.44 and its 200 day simple moving average is $209.42. Cintas Corporation has a 52 week low of $180.78 and a 52 week high of $229.24. The stock has a market capitalization of $90.27 billion, a P/E ratio of 50.69, a price-to-earnings-growth ratio of 3.51 and a beta of 1.05. The company has a current ratio of 2.09, a quick ratio of 1.82 and a debt-to-equity ratio of 0.52.

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, beating analysts' consensus estimates of $1.07 by $0.02. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The firm had revenue of $2.67 billion for the quarter, compared to analysts' expectations of $2.63 billion. During the same period last year, the firm earned $3.99 earnings per share. The company's revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, equities analysts anticipate that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. The Goldman Sachs Group increased their target price on Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Robert W. Baird increased their price objective on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 price objective (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. UBS Group increased their price objective on Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Finally, Argus upgraded Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. 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 given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $224.54.

Insiders Place Their Bets

In related news, Director Martin Mucci acquired 1,200 shares of the firm's stock in a transaction on Monday, July 21st. The stock was acquired at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the acquisition, the director owned 2,621 shares of the company's stock, valued at $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 15.00% of the stock is currently owned by company insiders.

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.