M&T Bank Corp Sells 2,614 Shares of Cintas Corporation (NASDAQ:CTAS)

M&T Bank Corp cut its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 9.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 24,979 shares of the business services provider's stock after selling 2,614 shares during the quarter. M&T Bank Corp's holdings in Cintas were worth $5,134,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Cintas in the fourth quarter worth $877,216,000. GAMMA Investing LLC raised its position in Cintas by 19,644.3% in the first quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock worth $465,133,000 after acquiring an additional 2,251,629 shares in the last quarter. Winslow Capital Management LLC purchased a new position in Cintas in the fourth quarter worth $196,057,000. Northern Trust Corp raised its position in Cintas by 13.1% in the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock worth $743,048,000 after acquiring an additional 472,069 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in Cintas by 26.7% in the fourth quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after acquiring an additional 468,950 shares in the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Trading Down 0.5%

Shares of Cintas stock traded down $1.12 on Friday, reaching $215.44. 1,035,324 shares of the company were exchanged, compared to its average volume of 1,668,254. The stock has a fifty day moving average price of $220.56 and a 200-day moving average price of $206.71. The firm has a market capitalization of $86.99 billion, a price-to-earnings ratio of 49.90, a price-to-earnings-growth ratio of 3.38 and a beta of 1.05. The company has a current ratio of 1.72, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. Cintas Corporation has a fifty-two week low of $178.42 and a fifty-two week high of $229.24.

Insiders Place Their Bets

In other Cintas news, Director Ronald W. Tysoe sold 8,521 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The stock was sold at an average price of $208.96, for a total value of $1,780,548.16. Following the completion of the sale, the director owned 27,029 shares in the company, valued at approximately $5,647,979.84. This trade represents a 23.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CTAS has been the subject of a number of research analyst reports. Bank of America initiated coverage on Cintas in a research report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target for the company. Wells Fargo & Company upgraded Cintas from an "underweight" rating to an "equal weight" rating and raised their price target for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Argus upgraded Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Robert W. Baird raised their price target on Cintas from $200.00 to $227.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Finally, Truist Financial raised their price target on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $219.58.

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.