iA Global Asset Management Inc. Sells 7,671 Shares of Cintas Corporation $CTAS

Key Points

• iA Global Asset Management cut its Cintas stake by 13.3% in the fourth quarter, selling 7,671 shares and leaving it with 49,964 shares worth about $9.4 million.
• Other institutional investors were mixed on Cintas, with some adding to positions while others initiated new stakes; institutions now own 63.46% of the company, and insider ownership stands at 14.90%.
• Cintas reported quarterly EPS of $1.24, in line with expectations, on revenue of $2.84 billion that topped estimates, while the company also announced a $0.45 quarterly dividend and received a consensus analyst rating of Hold.

iA Global Asset Management Inc. decreased its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 13.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 49,964 shares of the business services provider's stock after selling 7,671 shares during the period. iA Global Asset Management Inc.'s holdings in Cintas were worth $9,397,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. First Trust Advisors LP raised its holdings in Cintas by 2.5% in the 3rd quarter. First Trust Advisors LP now owns 413,665 shares of the business services provider's stock worth $84,909,000 after acquiring an additional 10,249 shares during the last quarter. Prana Capital Management LP bought a new stake in Cintas in the 3rd quarter worth approximately $14,312,000. Vanguard Group Inc. grew its position in Cintas by 1.5% in the 3rd quarter. Vanguard Group Inc. now owns 38,948,620 shares of the business services provider's stock worth $7,994,594,000 after purchasing an additional 564,487 shares during the period. Union Bancaire Privee UBP SA bought a new stake in Cintas in the 4th quarter worth approximately $15,736,000. Finally, Johnson Investment Counsel Inc. grew its position in Cintas by 2.3% in the 3rd quarter. Johnson Investment Counsel Inc. now owns 150,809 shares of the business services provider's stock worth $30,955,000 after purchasing an additional 3,397 shares during the period. Institutional investors own 63.46% of the company's stock.

Insider Activity

In other news, Director Ronald W. Tysoe sold 4,666 shares of the business's stock in a transaction 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 completion of the sale, the director owned 22,448 shares of the company's stock, valued at $4,015,273.76. The trade was a 17.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 14.90% of the stock is currently owned by insiders.

Cintas Stock Performance

Shares of CTAS stock opened at $168.31 on Monday. Cintas Corporation has a 1 year low of $161.16 and a 1 year high of $229.24. The firm has a fifty day moving average price of $177.74 and a 200-day moving average price of $185.72. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.98 and a quick ratio of 1.74. The company has a market cap of $67.34 billion, a price-to-earnings ratio of 47.55, a PEG ratio of 2.96 and a beta of 0.96.

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 (EPS) for the quarter, meeting analysts' consensus estimates of $1.24. Cintas had a net margin of 17.57% and a return on equity of 41.47%. The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.82 billion. During the same quarter in the previous year, the firm posted $1.13 EPS. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, equities analysts predict that Cintas Corporation will post 4.89 earnings per share for the current year.

Cintas Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have commented on CTAS. Stifel Nicolaus cut their target price on shares of Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a research report on Thursday, March 26th. Robert W. Baird raised shares of Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 target price for the company in a research report on Wednesday, March 11th. Weiss Ratings downgraded shares of Cintas from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, April 1st. Argus raised shares of Cintas to a "strong-buy" rating in a research report on Wednesday, January 21st. Finally, UBS Group reaffirmed a "buy" rating on shares of Cintas in a research report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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.

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