Gateway Investment Advisers LLC Increases Stake in Cintas Corporation $CTAS

Key Points

• Gateway Investment Advisers LLC boosted its Cintas stake by 177.3% in the fourth quarter, buying an additional 10,415 shares and bringing its total holding to 16,289 shares worth about $3.06 million.
• Cintas reported quarterly earnings of $1.24 per share, matching analyst expectations, while revenue of $2.84 billion topped estimates and rose 8.9% year over year.
• The company announced a quarterly dividend of $0.45 per share, payable June 15, while analysts currently have a consensus Hold rating on the stock with an average price target of $215.17.

Gateway Investment Advisers LLC lifted its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 177.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,289 shares of the business services provider's stock after buying an additional 10,415 shares during the quarter. Gateway Investment Advisers LLC's holdings in Cintas were worth $3,063,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Richardson Financial Services Inc. increased its position in shares of Cintas by 1.1% during the fourth quarter. Richardson Financial Services Inc. now owns 5,058 shares of the business services provider's stock valued at $951,000 after buying an additional 54 shares during the period. Woodward Diversified Capital LLC grew its holdings in Cintas by 4.8% in the fourth quarter. Woodward Diversified Capital LLC now owns 1,288 shares of the business services provider's stock worth $242,000 after purchasing an additional 59 shares during the period. Mather Group LLC. grew its holdings in Cintas by 1.4% in the fourth quarter. Mather Group LLC. now owns 4,381 shares of the business services provider's stock worth $824,000 after purchasing an additional 59 shares during the period. Oakworth Capital Inc. grew its holdings in Cintas by 4.8% in the third quarter. Oakworth Capital Inc. now owns 1,300 shares of the business services provider's stock worth $267,000 after purchasing an additional 60 shares during the period. Finally, Atlas Legacy Advisors LLC grew its holdings in Cintas by 4.1% in the third quarter. Atlas Legacy Advisors LLC now owns 1,560 shares of the business services provider's stock worth $320,000 after purchasing an additional 62 shares during the period. Hedge funds and other institutional investors own 63.46% of the company's stock.

Cintas Stock Down 1.8%

Shares of Cintas stock opened at $166.97 on Friday. The company has a market cap of $66.80 billion, a price-to-earnings ratio of 47.17, a price-to-earnings-growth ratio of 2.99 and a beta of 0.96. The company's 50 day moving average is $181.83 and its 200 day moving average is $186.85. Cintas Corporation has a twelve month low of $165.46 and a twelve month high of $229.24. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51.

Cintas (NASDAQ:CTAS - Get Free Report) last issued its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.24 earnings per share for the quarter, meeting analysts' consensus estimates of $1.24. The company had revenue of $2.84 billion for the quarter, compared to the consensus estimate of $2.82 billion. Cintas had a net margin of 17.57% and a return on equity of 41.47%. The firm's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.13 earnings per share. Research analysts anticipate that Cintas Corporation will post 4.89 EPS for the current year.

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, May 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.1%. Cintas's dividend payout ratio is 50.85%.

Insiders Place Their Bets

In related news, Director Ronald W. Tysoe sold 4,666 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $178.87, for a total transaction of $834,607.42. Following the transaction, the director owned 22,448 shares in the company, valued at $4,015,273.76. This represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 14.90% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CTAS shares. UBS Group restated a "buy" rating on shares of Cintas in a report on Thursday, March 12th. Stifel Nicolaus cut their price objective on shares of Cintas from $222.00 to $190.00 and set a "hold" rating on the stock in a report on Thursday, March 26th. Bank of America started coverage on shares of Cintas in a report on Tuesday, February 17th. They issued a "neutral" rating and a $215.00 price objective on the stock. Wells Fargo & Company upgraded shares of Cintas from a "cautious" rating to an "overweight" rating and upped their price objective for the stock from $205.00 to $245.00 in a report on Wednesday, January 14th. Finally, Robert W. Baird upgraded shares of Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price objective on the stock in a report on Wednesday, March 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $215.17.

About Cintas

Cintas Corporation NASDAQ: CTAS is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

Want to see what other hedge funds are holding CTAS? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Cintas Corporation (NASDAQ:CTAS - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.