Jupiter Asset Management Ltd. Boosts Stock Position in Cintas Corporation (NASDAQ:CTAS)

Key Points

• Jupiter Asset Management Ltd. increased its stake in Cintas Corporation by 276% during the first quarter, acquiring over 212,000 shares to own approximately 0.07% of the company, valued at $59.4 million.
• Cintas announced a quarterly dividend of $0.45 per share, increasing from the previous dividend of $0.39, which will be paid to investors on September 15th.
• Several large investors, including TIAA Trust and UNIVEST Financial Corp, also raised their positions in Cintas during the same quarter, indicating growing institutional interest as 63.46% of the stock is owned by hedge funds and institutional investors.

Jupiter Asset Management Ltd. grew its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 276.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 289,133 shares of the business services provider's stock after purchasing an additional 212,228 shares during the period. Jupiter Asset Management Ltd. owned approximately 0.07% of Cintas worth $59,426,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. TIAA Trust National Association raised its position in shares of Cintas by 6.8% during the 1st quarter. TIAA Trust National Association now owns 5,745 shares of the business services provider's stock valued at $1,181,000 after buying an additional 365 shares during the period. UNIVEST FINANCIAL Corp raised its position in shares of Cintas by 183.8% during the 1st quarter. UNIVEST FINANCIAL Corp now owns 3,860 shares of the business services provider's stock valued at $793,000 after buying an additional 2,500 shares during the period. Baker Avenue Asset Management LP raised its position in shares of Cintas by 11.4% during the 1st quarter. Baker Avenue Asset Management LP now owns 2,739 shares of the business services provider's stock valued at $563,000 after buying an additional 281 shares during the period. MGO One Seven LLC raised its position in shares of Cintas by 8.4% during the 1st quarter. MGO One Seven LLC now owns 10,513 shares of the business services provider's stock valued at $2,161,000 after buying an additional 814 shares during the period. Finally, Sound View Wealth Advisors Group LLC raised its position in shares of Cintas by 6.2% during the 1st quarter. Sound View Wealth Advisors Group LLC now owns 1,172 shares of the business services provider's stock valued at $241,000 after buying an additional 68 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Martin Mucci purchased 1,200 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was bought at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the purchase, the director directly owned 2,621 shares of the company's stock, valued at $583,303.55. The trade was a 84.45% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the director owned 21,945 shares of the company's stock, valued at $4,904,049.15. This represents a 18.81% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is owned by insiders.

Cintas Price Performance

Shares of CTAS opened at $221.50 on Friday. Cintas Corporation has a fifty-two week low of $180.78 and a fifty-two week high of $229.24. The firm's 50 day moving average price is $221.43 and its 200 day moving average price is $210.36. The company has a market cap of $89.26 billion, a P/E ratio of 50.23, a PEG ratio of 3.50 and a beta of 1.05. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its 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. 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 period in the prior year, the firm earned $3.99 EPS. The firm's revenue for the quarter was up 8.0% on a year-over-year basis. On average, research analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 0.8%. The ex-dividend date of this dividend is Friday, August 15th. This is an increase from Cintas's previous quarterly dividend of $0.39. Cintas's payout ratio is currently 40.82%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CTAS. 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. The Goldman Sachs Group lifted their price target on shares of Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research report on Wednesday, July 2nd. JPMorgan Chase & Co. started coverage on shares of Cintas in a research report on Monday, July 14th. They set an "overweight" rating and a $239.00 price target on the stock. Redburn Atlantic cut shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a research report on Thursday, May 1st. Finally, Morgan Stanley increased their price objective on shares of Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Two research 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's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $224.54.

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.

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