iA Global Asset Management Inc. Increases Stake in Cintas Corporation (NASDAQ:CTAS)

Key Points

• iA Global Asset Management Inc. increased its stake in Cintas Corporation by 4.2%, acquiring an additional 2,267 shares, bringing its total holdings to 56,270 shares worth approximately $11.57 million.
• Cintas recently announced a quarterly dividend increase from $0.39 to $0.45 per share, reflecting a positive change with a current dividend yield of 0.8%.
• Analysts have provided varied ratings on Cintas, with the consensus rating being "Hold" and a target price of $224.54, while UBS Group raised its price target to $255.00.

iA Global Asset Management Inc. raised its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 4.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 56,270 shares of the business services provider's stock after acquiring an additional 2,267 shares during the period. iA Global Asset Management Inc.'s holdings in Cintas were worth $11,565,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of Cintas by 646.4% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock worth $43,000 after purchasing an additional 181 shares during the last quarter. Washington Trust Advisors Inc. purchased a new stake in shares of Cintas during the first quarter worth approximately $46,000. Wellington Shields & Co. LLC purchased a new stake in Cintas during the first quarter worth approximately $51,000. Olde Wealth Management LLC purchased a new position in shares of Cintas during the first quarter worth about $55,000. Finally, Carolinas Wealth Consulting LLC grew its stake in Cintas by 855.6% during the 4th quarter. Carolinas Wealth Consulting LLC now owns 344 shares of the business services provider's stock worth $63,000 after buying an additional 308 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Cintas news, Director Ronald W. Tysoe sold 5,084 shares of Cintas 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 sale, the director directly 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 legal filing with the SEC, which can be accessed through this link. Also, Director Martin Mucci acquired 1,200 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were acquired at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the purchase, the director directly owned 2,621 shares of the company's stock, valued at $583,303.55. This represents a 84.45% increase in their ownership of the stock. The disclosure for this purchase can be found here. 15.00% of the stock is owned by company insiders.

Cintas Price Performance

CTAS traded down $0.88 during trading on Thursday, hitting $223.40. 1,023,251 shares of the stock traded hands, compared to its average volume of 1,450,362. The company has a market cap of $90.03 billion, a price-to-earnings ratio of 50.66, a PEG ratio of 3.87 and a beta of 1.03. Cintas Corporation has a twelve month low of $180.78 and a twelve month 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. The business has a 50 day moving average price of $221.38 and a 200 day moving average price of $211.09.

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 (EPS) for the quarter, topping analysts' consensus estimates of $1.07 by $0.02. The firm 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 company's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the prior year, the business earned $3.99 EPS. Equities research analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is an increase from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio (DPR) is 35.37%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on CTAS shares. JPMorgan Chase & Co. initiated coverage on Cintas in a report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price target for the company. The Goldman Sachs Group upped their price target on Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Argus raised shares of Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and boosted their price objective for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. Finally, Robert W. Baird raised their price target on shares of Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cintas has an average rating of "Hold" and an average target price of $224.54.

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.