Midwest Trust Co Boosts Stock Position in Cintas Corporation $CTAS

Key Points

• Midwest Trust Co increased its stake in Cintas by 28% in the first quarter, ending with 86,332 shares valued at about $14.6 million.
• Several other institutional investors also raised or initiated positions in Cintas, and institutions now own 63.46% of the company’s stock.
• Analyst sentiment is mixed: Cintas has a Hold consensus rating with an average price target of $211.25, while the company also recently paid a $0.45 quarterly dividend yielding about 1.0%.

Midwest Trust Co boosted its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 28.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 86,332 shares of the business services provider's stock after acquiring an additional 18,904 shares during the period. Midwest Trust Co's holdings in Cintas were worth $14,602,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of CTAS. Brighton Jones LLC lifted its position in shares of 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. Sivia Capital Partners LLC grew its stake in Cintas by 42.3% during the 2nd quarter. Sivia Capital Partners LLC now owns 1,441 shares of the business services provider's stock worth $321,000 after buying an additional 428 shares during the last quarter. Gamco Investors INC. ET AL bought a new position in Cintas during the 2nd quarter worth $625,000. Treasurer of the State of North Carolina increased its position in Cintas by 20.3% in the second quarter. Treasurer of the State of North Carolina now owns 212,192 shares of the business services provider's stock worth $47,291,000 after buying an additional 35,781 shares during the period. Finally, Ieq Capital LLC lifted its stake in Cintas by 50.2% in the second quarter. Ieq Capital LLC now owns 92,924 shares of the business services provider's stock valued at $20,710,000 after buying an additional 31,068 shares during the last quarter. Institutional investors own 63.46% of the company's stock.

Insider Buying and Selling at Cintas

In related news, Director Ronald W. Tysoe sold 4,666 shares of the firm's stock in a transaction dated Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the transaction, the director owned 22,448 shares of the company's stock, valued at $4,015,273.76. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 14.90% of the stock is currently owned by company insiders.

Cintas Stock Performance

CTAS opened at $179.64 on Monday. The business has a 50 day moving average price of $173.19 and a two-hundred day moving average price of $182.63. 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 capitalization of $71.87 billion, a price-to-earnings ratio of 50.75, a price-to-earnings-growth ratio of 2.86 and a beta of 0.94. Cintas Corporation has a 1-year low of $161.16 and a 1-year high of $226.75.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.45 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. Cintas's dividend payout ratio is 50.85%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Truist Financial lowered their price target on shares of Cintas from $255.00 to $225.00 and set a "buy" rating for the company in a research report on Monday, June 15th. Stifel Nicolaus reduced their target price on shares of Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Bank of America decreased their target price on shares of Cintas from $215.00 to $200.00 and set a "neutral" rating for the company in a research report on Monday, June 29th. Citigroup dropped their price target on shares of Cintas from $181.00 to $160.00 and set a "sell" rating on the stock in a research note on Tuesday, March 31st. Finally, Weiss Ratings cut Cintas from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, June 17th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cintas presently has a consensus rating of "Hold" and an average target price of $211.25.

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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