Harvest Fund Management Co. Ltd Has $5.76 Million Holdings in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Harvest Fund Management Co. Ltd increased its holdings in Cintas Corporation by 10.2%, owning 28,002 shares valued at approximately $5,755,000.
• Several institutional investors significantly boosted their positions, with Meeder Asset Management increasing its holdings by 239.3% and E Fund Management Hong Kong Co. Ltd. by 646.4% in the 1st quarter.
• Despite some mixed ratings from analysts, Cintas has a consensus rating of "Hold" and an average price target of $224.54, following recent upgrades from firms like Wells Fargo and Goldman Sachs.

Harvest Fund Management Co. Ltd increased its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 28,002 shares of the business services provider's stock after purchasing an additional 2,587 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Cintas were worth $5,755,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in Cintas by 2.7% in the fourth quarter. Geode Capital Management LLC now owns 8,468,080 shares of the business services provider's stock valued at $1,544,822,000 after acquiring an additional 219,809 shares during the last quarter. Invesco Ltd. lifted its stake in Cintas by 6.1% in the fourth quarter. Invesco Ltd. now owns 5,118,479 shares of the business services provider's stock valued at $935,146,000 after acquiring an additional 296,059 shares during the last quarter. 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 acquiring an additional 472,069 shares during the last quarter. Royal Bank of Canada lifted its stake in Cintas by 3.3% in the fourth quarter. Royal Bank of Canada now owns 3,655,835 shares of the business services provider's stock valued at $667,919,000 after acquiring an additional 115,268 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Cintas by 11.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,818,147 shares of the business services provider's stock valued at $514,875,000 after acquiring an additional 295,226 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have issued reports on CTAS shares. The Goldman Sachs Group lifted their target price on shares of Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. began coverage on shares of Cintas in a research report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price target on the stock. Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. UBS Group lifted their price target on shares of Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, Morgan Stanley lifted their price target on shares of Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $224.54.

Cintas Stock Performance

CTAS traded up $0.45 during trading on Wednesday, reaching $223.13. 1,539,276 shares of the company's stock were exchanged, compared to its average volume of 1,408,039. Cintas Corporation has a fifty-two week low of $180.78 and a fifty-two week high of $229.24. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The business has a 50 day moving average price of $221.43 and a 200 day moving average price of $209.94. The company has a market capitalization of $89.92 billion, a P/E ratio of 50.60, a PEG ratio of 3.50 and a beta of 1.05.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the company earned $3.99 earnings per share. The business's revenue was up 8.0% compared to the same quarter last year. As a group, analysts predict that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a $0.45 dividend. This is a positive change from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. This represents a $1.80 annualized dividend and a dividend yield of 0.81%. Cintas's dividend payout ratio is presently 35.37%.

Insider Activity

In other news, Director Martin Mucci bought 1,200 shares of the stock in a transaction dated 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 acquisition, the director owned 2,621 shares in the company, valued at $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd M. Schneider sold 17,301 shares of the company's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the completion of the sale, the chief executive officer directly owned 622,712 shares in the company, valued at approximately $137,557,080.80. The trade was a 2.70% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by corporate 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.