Federated Hermes Inc. Reduces Stock Position in Cintas Corporation (NASDAQ:CTAS)

Federated Hermes Inc. lowered its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 1.0% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 178,201 shares of the business services provider's stock after selling 1,850 shares during the quarter. Federated Hermes Inc.'s holdings in Cintas were worth $36,626,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. GAMMA Investing LLC increased its position 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 worth $465,133,000 after buying an additional 2,251,629 shares in the last quarter. Winslow Capital Management LLC purchased a new stake in Cintas in the fourth quarter worth about $196,057,000. Northern Trust Corp increased its position 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 worth $743,048,000 after buying an additional 472,069 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Cintas by 26.7% during 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 purchasing an additional 468,950 shares during the period. Finally, Jacobs Levy Equity Management Inc. lifted its stake in shares of Cintas by 150.1% during the 4th quarter. Jacobs Levy Equity Management Inc. now owns 719,059 shares of the business services provider's stock valued at $131,372,000 after buying an additional 431,570 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CTAS. Argus upgraded Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. 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. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and lifted their target price for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. JPMorgan Chase & Co. assumed coverage on Cintas in a report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price target on the stock. Finally, Redburn Atlantic lowered shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a report on Thursday, May 1st. Two equities 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. According to MarketBeat, Cintas currently has an average rating of "Hold" and a consensus price target of $224.54.

Insider Buying and Selling at Cintas

In other news, Director Ronald W. Tysoe sold 5,084 shares of the business's stock in a transaction that occurred 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd M. Schneider sold 17,301 shares of the 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 sale, the chief executive officer owned 622,712 shares in the company, valued at $137,557,080.80. The trade was a 2.70% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.00% of the company's stock.

Cintas Price Performance

Cintas stock traded down $1.05 during midday trading on Friday, reaching $221.50. 1,304,254 shares of the stock traded hands, compared to its average volume of 1,374,874. The stock's fifty day moving average is $221.43 and its 200-day moving average is $210.36. Cintas Corporation has a 12 month low of $180.78 and a 12 month high of $229.24. The stock has a market cap of $89.26 billion, a P/E ratio of 50.23, a PEG ratio of 3.50 and a beta of 1.05. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52.

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 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 company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the company earned $3.99 earnings per share. The firm's revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts anticipate that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Increases Dividend

The business 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 dividend on an annualized basis and a yield of 0.8%. This is a boost from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio (DPR) is currently 40.82%.

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.