Cynosure Group LLC Decreases Stock Holdings in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Cynosure Group LLC has reduced its stake in Cintas Corporation (NASDAQ:CTAS) by 65.9%, owning 1,661 shares valued at approximately $341,000.
• Cintas recently reported a quarterly EPS of $1.09, exceeding analysts’ expectations and marking an 8.0% year-over-year revenue increase to $2.67 billion.
• The company also announced an increase in its quarterly dividend from $0.39 to $0.45, with a yield of 0.8%, signaling positive financial health.

Cynosure Group LLC decreased its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 65.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,661 shares of the business services provider's stock after selling 3,208 shares during the period. Cynosure Group LLC's holdings in Cintas were worth $341,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Crestwood Advisors Group LLC purchased a new stake in Cintas in the 1st quarter valued at about $270,000. Ameriprise Financial Inc. increased its stake in Cintas by 26.7% in the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock valued at $407,163,000 after buying an additional 468,950 shares during the last quarter. Alpine Global Management LLC purchased a new stake in shares of Cintas during the 4th quarter worth approximately $284,000. Pinnacle Financial Partners Inc increased its stake in shares of Cintas by 3.8% during the 1st 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 last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in shares of Cintas by 51.9% during the 1st 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 last quarter. Hedge funds and other institutional investors own 63.46% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on CTAS. UBS Group raised their price target on shares of Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Redburn Atlantic lowered shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a research note on Thursday, May 1st. JPMorgan Chase & Co. began coverage on shares of Cintas in a research note on Monday, July 14th. They set an "overweight" rating and a $239.00 price target for the company. Morgan Stanley raised their price target on shares of Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Finally, Argus raised shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Cintas presently has a consensus rating of "Hold" and a consensus price target of $224.54.

Insider Transactions at Cintas

In related news, CEO Todd M. Schneider sold 17,301 shares of Cintas stock in a transaction on Monday, July 28th. The shares were sold at an average price of $220.90, for a total value of $3,821,790.90. Following the transaction, the chief executive officer owned 622,712 shares in the company, valued at $137,557,080.80. This trade represents a 2.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction on 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 completion of the transaction, 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 disclosure for this sale can be found here. 15.00% of the stock is currently owned by insiders.

Cintas Price Performance

NASDAQ:CTAS traded down $0.57 during trading hours on Tuesday, hitting $223.31. The stock had a trading volume of 1,467,165 shares, compared to its average volume of 1,498,182. The company has a 50 day simple moving average of $221.24 and a two-hundred day simple moving average of $211.71. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. Cintas Corporation has a one year low of $180.78 and a one year high of $229.24. The firm has a market capitalization of $89.99 billion, a price-to-earnings ratio of 50.64, a P/E/G ratio of 3.86 and a beta of 1.03.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 EPS for the quarter, beating the consensus estimate of $1.07 by $0.02. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the firm earned $3.99 EPS. The business's quarterly revenue was up 8.0% compared to the same quarter last year. Research analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is presently 35.37%.

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.