Cintas Corporation (NASDAQ:CTAS) Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its holdings in Cintas Corporation by 1.5%, now owning 116,000 shares worth approximately $23.84 million.
• Cintas announced a quarterly dividend increase to $0.45 per share, reflecting a positive change from the previous $0.39 dividend.
• The company reported earnings per share of $1.09 for the latest quarter, surpassing analyst expectations and indicating an 8% year-over-year revenue growth.

Forsta AP Fonden lessened its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 1.5% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 116,000 shares of the business services provider's stock after selling 1,800 shares during the period. Forsta AP Fonden's holdings in Cintas were worth $23,841,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Pinnacle Wealth Management Advisory Group LLC boosted its stake in shares of Cintas by 3.9% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,256 shares of the business services provider's stock worth $258,000 after acquiring an additional 47 shares during the period. MJP Associates Inc. ADV lifted its position in shares of Cintas by 2.1% in the fourth quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock worth $441,000 after buying an additional 50 shares in the last quarter. Kathmere Capital Management LLC lifted its position in shares of Cintas by 4.1% in the first quarter. Kathmere Capital Management LLC now owns 1,293 shares of the business services provider's stock worth $266,000 after buying an additional 51 shares in the last quarter. Pinnacle Associates Ltd. lifted its position in shares of Cintas by 4.1% in the first quarter. Pinnacle Associates Ltd. now owns 1,291 shares of the business services provider's stock worth $265,000 after buying an additional 51 shares in the last quarter. Finally, Johnson Financial Group Inc. lifted its position in shares of Cintas by 7.7% in the fourth quarter. Johnson Financial Group Inc. now owns 728 shares of the business services provider's stock worth $146,000 after buying an additional 52 shares in the last quarter. Institutional investors own 63.46% of the company's stock.

Cintas Stock Up 1.3%

Cintas stock traded up $2.87 during midday trading on Friday, hitting $226.27. 1,739,749 shares of the company's stock were exchanged, compared to its average volume of 1,453,720. 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 12 month low of $180.78 and a 12 month high of $229.24. The firm has a 50-day moving average of $221.38 and a two-hundred day moving average of $211.34. The company has a market cap of $91.18 billion, a PE ratio of 51.31, a P/E/G ratio of 3.90 and a beta of 1.03.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.07 by $0.02. The business had revenue of $2.67 billion for 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 for the quarter was up 8.0% on a year-over-year basis. During the same quarter last year, the firm earned $3.99 EPS. As a group, analysts expect that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The business also recently announced 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 is a boost from Cintas's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.80 annualized dividend and a yield of 0.8%. Cintas's payout ratio is 35.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CTAS shares. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 target price (up from $215.00) on shares of Cintas in a research report on Monday, June 9th. Morgan Stanley boosted their target price on Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Argus upgraded Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Wells Fargo & Company upgraded 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. Finally, Robert W. Baird upped their price objective on Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a research report on Friday, July 18th. Two 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. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $224.54.

Insider Buying and Selling at Cintas

In related news, Director Martin Mucci bought 1,200 shares of the company's stock in a transaction on Monday, July 21st. The shares were acquired at an average price of $222.55 per share, with a total value of $267,060.00. Following the transaction, the director owned 2,621 shares of the company's stock, valued at $583,303.55. The trade was a 84.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 directly owned 622,712 shares in the company, valued at $137,557,080.80. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. Insiders own 15.00% of the company's stock.

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.