Mizuho Markets Americas LLC Sells 6,358 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Mizuho Markets Americas LLC has significantly reduced its stake in Cintas Corporation by 49.6%, holding now 6,453 shares worth approximately $1.33 million.
• Cintas announced a quarterly dividend increase to $0.45 per share, reflecting a positive change from the previous dividend of $0.39.
• Despite mixed analyst ratings, UBS Group has raised its price target for Cintas from $240 to $255, indicating a bullish outlook.

Mizuho Markets Americas LLC lowered its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 49.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,453 shares of the business services provider's stock after selling 6,358 shares during the period. Mizuho Markets Americas LLC's holdings in Cintas were worth $1,326,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. True North Advisors LLC bought a new stake in Cintas during the first quarter worth approximately $435,000. Benjamin Edwards Inc. boosted its position in Cintas by 15.9% during the first quarter. Benjamin Edwards Inc. now owns 198,072 shares of the business services provider's stock worth $40,710,000 after purchasing an additional 27,144 shares during the period. JPMorgan Chase & Co. boosted its position in Cintas by 20.1% during the first quarter. JPMorgan Chase & Co. now owns 2,585,024 shares of the business services provider's stock worth $531,300,000 after purchasing an additional 432,980 shares during the period. Frank Rimerman Advisors LLC boosted its position in Cintas by 4.9% during the first quarter. Frank Rimerman Advisors LLC now owns 6,469 shares of the business services provider's stock worth $1,330,000 after purchasing an additional 302 shares during the period. Finally, MUFG Securities EMEA plc bought a new stake in Cintas during the first quarter worth approximately $10,071,000. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CTAS. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Morgan Stanley increased their price objective on Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a research report on Friday, July 18th. Redburn Atlantic cut 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. Argus raised Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Finally, Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $240.00 target price (up from $215.00) on shares of Cintas in a research report on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $224.54.

Cintas Price Performance

Shares of CTAS traded down $0.57 during trading hours on Tuesday, hitting $223.31. 1,467,165 shares of the company were exchanged, compared to its average volume of 1,498,182. The company has a market cap of $89.99 billion, a price-to-earnings ratio of 50.64, a P/E/G ratio of 3.86 and a beta of 1.03. Cintas Corporation has a fifty-two week low of $180.78 and a fifty-two week high of $229.24. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The firm's fifty day moving average is $221.32 and its 200 day moving average is $211.62.

Cintas (NASDAQ:CTAS - Get Free Report) last released its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, beating the consensus estimate of $1.07 by $0.02. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%. Cintas's revenue was up 8.0% compared to the same quarter last year. During the same period last year, the firm posted $3.99 earnings per share. On average, equities analysts anticipate that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The business 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 dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. This is a positive change from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas's dividend payout ratio is 35.37%.

Insider Transactions at Cintas

In other news, CEO Todd M. Schneider sold 17,301 shares of the firm's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the completion of the transaction, the chief executive officer directly owned 622,712 shares in the company, valued at $137,557,080.80. This trade represents a 2.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $1,136,121.48. Following the completion of the sale, the director 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 ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by corporate insiders.

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.