Mizuho Securities USA LLC Sells 5,025 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Mizuho Securities USA LLC reduced its stake in Cintas Corporation by 15.5% in the first quarter, selling 5,025 shares and holding a total of 27,465 shares valued at approximately $5.6 million.
• Several hedge funds adjusted their positions, with E Fund Management increasing its stake by 646.4% to 209 shares, while other institutions also established new positions.
• Cintas recently declared a quarterly dividend increase to $0.45, up from $0.39, representing a dividend yield of 0.8%, payable on September 15th.

Mizuho Securities USA LLC cut its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 15.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,465 shares of the business services provider's stock after selling 5,025 shares during the period. Mizuho Securities USA LLC's holdings in Cintas were worth $5,645,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. lifted its holdings in Cintas by 646.4% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock worth $43,000 after buying an additional 181 shares in the last quarter. Washington Trust Advisors Inc. acquired a new position in Cintas during the 1st quarter worth $46,000. Greykasell Wealth Strategies Inc. acquired a new position in Cintas during the 1st quarter worth $46,000. Wellington Shields & Co. LLC acquired a new position in Cintas during the 1st quarter worth $51,000. Finally, Olde Wealth Management LLC acquired a new position in shares of Cintas in the 1st quarter valued at $55,000. Institutional investors and hedge funds own 63.46% of the company's stock.

Cintas Trading Down 0.3%

Shares of CTAS traded down $0.57 during trading hours on Tuesday, reaching $223.31. The stock had a trading volume of 1,467,165 shares, compared to its average volume of 1,498,182. The firm has a 50-day moving average of $221.32 and a 200 day moving average of $211.62. The company has a market cap of $89.99 billion, a P/E ratio of 50.64, a P/E/G ratio of 3.86 and a beta of 1.03. 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 Corporation has a 52 week low of $180.78 and a 52 week high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last announced 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. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The company had revenue of $2.67 billion during the quarter, compared to analysts' expectations of $2.63 billion. During the same quarter last year, the company earned $3.99 EPS. Cintas's revenue for the quarter was up 8.0% compared to the same quarter last year. On average, sell-side analysts expect that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company 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 $0.45 dividend. This is an increase from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. This represents a $1.80 annualized dividend and a yield of 0.8%. Cintas's dividend payout ratio (DPR) is 35.37%.

Insider Activity at Cintas

In related news, Director Martin Mucci acquired 1,200 shares of the business's stock in a transaction on Monday, July 21st. The stock was purchased at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the transaction, the director directly owned 2,621 shares of the company's stock, valued at approximately $583,303.55. The trade was a 84.45% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ronald W. Tysoe sold 5,084 shares of the firm's 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 sale, the director owned 21,945 shares of the company's stock, valued at $4,904,049.15. This trade represents 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 currently owned by company insiders.

Analyst Ratings Changes

CTAS has been the topic of a number of analyst reports. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. Morgan Stanley increased their price target on Cintas from $213.00 to $220.00 and gave the company an "equal weight" rating in a research note on Friday, July 18th. The Goldman Sachs Group increased their price target on Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Robert W. Baird increased their price target on Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a research note on Friday, July 18th. Finally, UBS Group increased their price target on Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $224.54.

Cintas Company 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.