Impax Asset Management Group plc Sells 905,991 Shares of Cintas Corporation (NASDAQ:CTAS)

Impax Asset Management Group plc lowered its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 48.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 952,049 shares of the business services provider's stock after selling 905,991 shares during the quarter. Cintas comprises about 1.2% of Impax Asset Management Group plc's holdings, making the stock its 26th largest position. Impax Asset Management Group plc owned 0.24% of Cintas worth $194,907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Ameriprise Financial Inc. increased its position in Cintas by 26.7% during the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after purchasing an additional 468,950 shares in the last quarter. Alpine Global Management LLC bought a new position in Cintas during the fourth quarter worth $284,000. Treasurer of the State of North Carolina lifted its stake in Cintas by 12.3% during the fourth quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock worth $31,092,000 after purchasing an additional 18,620 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Cintas by 97.6% in the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 7,470 shares of the business services provider's stock valued at $1,365,000 after buying an additional 3,690 shares during the last quarter. Finally, Bank of Montreal Can lifted its stake in Cintas by 5.7% in the fourth quarter. Bank of Montreal Can now owns 575,491 shares of the business services provider's stock valued at $105,142,000 after buying an additional 30,811 shares during the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Cintas Stock Performance

Shares of NASDAQ CTAS traded down $2.25 during trading hours on Tuesday, reaching $215.29. The stock had a trading volume of 1,454,012 shares, compared to its average volume of 1,669,128. The business's fifty day moving average is $220.32 and its two-hundred day moving average is $206.44. Cintas Corporation has a twelve month low of $177.33 and a twelve month high of $229.24. The company has a market cap of $86.93 billion, a price-to-earnings ratio of 49.86, a PEG ratio of 3.39 and a beta of 1.05. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.72 and a quick ratio of 1.50.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on CTAS shares. Royal Bank Of Canada reissued a "sector perform" rating and set a $240.00 price target (up from $215.00) on shares of Cintas in a report on Monday, June 9th. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target on the stock. in a research note on Thursday, May 1st. UBS Group lifted their target price on Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. Finally, Truist Financial boosted their price target on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $219.58.

Insiders Place Their Bets

In other news, Director Ronald W. Tysoe sold 8,521 shares of the stock in a transaction on Monday, April 14th. The stock was sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the sale, the director owned 27,029 shares in the company, valued at approximately $5,647,979.84. This represents a 23.97% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 15.00% of the stock is owned by company insiders.

Cintas 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.