Cintas Corporation (NASDAQ:CTAS) Stake Lessened by New Age Alpha Advisors LLC

Key Points

• New Age Alpha Advisors LLC sold 17,319 shares of Cintas Corporation, reducing its stake by 40.1% to a total of 25,910 shares valued at $5,325,000.
• Following recent earnings, Cintas reported an EPS of $1.09, exceeding estimates, and announced a dividend increase from $0.39 to $0.45 per share.
• Several major institutions, including ING Groep NV, increased their holdings in Cintas, contributing to a total institutional ownership of 63.46%.

New Age Alpha Advisors LLC cut its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 40.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 25,910 shares of the business services provider's stock after selling 17,319 shares during the period. New Age Alpha Advisors LLC's holdings in Cintas were worth $5,325,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its position in shares of 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 valued at $465,133,000 after acquiring an additional 2,251,629 shares in the last quarter. Winslow Capital Management LLC acquired a new position in Cintas in the 4th quarter valued at about $196,057,000. Northern Trust Corp lifted its holdings in Cintas by 13.1% in the 4th quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after purchasing an additional 472,069 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Cintas by 26.7% during the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after purchasing an additional 468,950 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. grew its holdings in shares of Cintas by 150.1% during the fourth quarter. Jacobs Levy Equity Management Inc. now owns 719,059 shares of the business services provider's stock worth $131,372,000 after buying an additional 431,570 shares in the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Stock Performance

Shares of CTAS traded down $0.88 during mid-day trading on Thursday, reaching $223.40. 1,023,251 shares of the company's stock traded hands, compared to its average volume of 1,450,362. The business's 50-day moving average price is $221.38 and its 200-day moving average price is $211.09. The stock has a market capitalization of $90.03 billion, a P/E ratio of 50.66, a price-to-earnings-growth ratio of 3.87 and a beta of 1.03. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09. Cintas Corporation has a 12 month low of $180.78 and a 12 month high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last released its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. The company had revenue of $2.67 billion for the quarter, compared to analysts' expectations of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The business's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.99 earnings per share. Equities analysts predict that Cintas Corporation will post 4.31 earnings per share for the current 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 issued a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This is a positive change from Cintas's previous quarterly dividend of $0.39. This represents a $1.80 annualized dividend and a yield of 0.8%. Cintas's dividend payout ratio is presently 35.37%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wells Fargo & Company upgraded Cintas from an "underweight" rating to an "equal weight" rating and raised their price objective for the stock from $196.00 to $221.00 in a report on Tuesday, July 1st. Bank of America assumed coverage on Cintas in a report on Thursday, April 10th. They set a "buy" rating and a $250.00 price objective on the stock. The Goldman Sachs Group raised their price objective on Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective on the stock. in a report on Thursday, May 1st. Finally, Royal Bank Of Canada restated a "sector perform" rating and set a $240.00 price objective (up previously from $215.00) on shares of Cintas in a report on Monday, June 9th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $224.54.

Insider Buying and Selling

In other Cintas news, Director Martin Mucci purchased 1,200 shares of the firm's stock in a transaction on Monday, July 21st. The shares were purchased at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the transaction, the director owned 2,621 shares in the company, valued at $583,303.55. This represents a 84.45% increase in their position. The transaction 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 transaction of $1,136,121.48. Following the completion of the transaction, the director owned 21,945 shares in the company, valued at approximately $4,904,049.15. This trade 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 corporate insiders.

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.