HighPoint Advisor Group LLC Grows Stake in Cintas Corporation (NASDAQ:CTAS)

HighPoint Advisor Group LLC grew its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 150.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,302 shares of the business services provider's stock after acquiring an additional 4,986 shares during the quarter. HighPoint Advisor Group LLC's holdings in Cintas were worth $1,737,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in Cintas by 9.3% in the 4th quarter. Brighton Jones LLC now owns 1,268 shares of the business services provider's stock worth $232,000 after buying an additional 108 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Cintas by 0.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 514,336 shares of the business services provider's stock worth $93,969,000 after buying an additional 3,504 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in Cintas in the 4th quarter worth approximately $295,000. Harbour Investments Inc. lifted its position in Cintas by 17.1% in the 4th quarter. Harbour Investments Inc. now owns 492 shares of the business services provider's stock worth $90,000 after buying an additional 72 shares during the last quarter. Finally, Summit Global Investments lifted its position in Cintas by 86.8% in the 4th quarter. Summit Global Investments now owns 2,027 shares of the business services provider's stock worth $370,000 after buying an additional 942 shares during the last quarter. Institutional investors own 63.46% of the company's stock.

Insiders Place Their Bets

In other news, Director Martin Mucci purchased 1,200 shares of Cintas stock in a transaction that occurred on Monday, July 21st. The shares were bought at an average cost of $222.55 per share, with a total value of $267,060.00. Following the completion of the purchase, the director directly owned 2,621 shares in the company, valued at approximately $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.00% of the stock is currently owned by insiders.

Analyst Ratings Changes

CTAS has been the subject of a number of recent research reports. Truist Financial boosted their target price on Cintas from $215.00 to $230.00 and gave the stock a "buy" rating in a research report on Thursday, March 27th. JPMorgan Chase & Co. initiated coverage on Cintas in a research report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price objective for the company. Bank of America initiated coverage on Cintas in a research report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price objective for the company. Robert W. Baird boosted 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. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 price objective (up previously from $215.00) on shares of Cintas in a research report on Monday, June 9th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $224.54.

Cintas Stock Up 0.4%

CTAS stock traded up $0.95 during midday trading on Friday, hitting $223.83. The stock had a trading volume of 221,599 shares, compared to its average volume of 1,717,448. The firm has a market cap of $90.38 billion, a price-to-earnings ratio of 50.74, a price-to-earnings-growth ratio of 3.47 and a beta of 1.05. The business has a 50-day moving average of $221.39 and a two-hundred day moving average of $209.07. Cintas Corporation has a 52-week low of $180.78 and a 52-week high of $229.24. 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 (NASDAQ:CTAS - Get Free Report) last issued its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. The company 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 firm's revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $3.99 earnings per share. As a group, equities research analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Company 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.