NorthCrest Asset Manangement LLC Buys Shares of 1,620 Cintas Corporation (NASDAQ:CTAS)

NorthCrest Asset Manangement LLC purchased a new stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) during the 1st quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,620 shares of the business services provider's stock, valued at approximately $333,000.

A number of other hedge funds have also modified their holdings of the company. Ameriprise Financial Inc. boosted 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 valued at $407,163,000 after buying an additional 468,950 shares during the last quarter. Alpine Global Management LLC purchased a new stake in shares of Cintas in the 4th quarter valued at $284,000. Treasurer of the State of North Carolina increased its stake in shares of Cintas by 12.3% in the fourth quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock worth $31,092,000 after acquiring an additional 18,620 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Cintas by 97.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 7,470 shares of the business services provider's stock valued at $1,365,000 after purchasing an additional 3,690 shares during the period. Finally, Schulhoff & Co. Inc. purchased a new stake in Cintas in the fourth quarter valued at $258,000. 63.46% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CTAS has been the subject of several analyst reports. UBS Group boosted their price objective on Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Morgan Stanley upped their price objective on Cintas from $195.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 27th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $240.00 target price (up from $215.00) on shares of Cintas in a report on Monday, June 9th. Truist Financial increased their price target on shares of Cintas from $215.00 to $230.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Finally, Bank of America assumed coverage on shares of Cintas in a report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price objective for the company. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Cintas currently has an average rating of "Hold" and an average target price of $215.81.

Insiders Place Their Bets

In other Cintas news, COO Jim Rozakis sold 2,000 shares of the business's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $190.37, for a total value of $380,740.00. Following the transaction, the chief operating officer now directly owns 256,528 shares in the company, valued at $48,835,235.36. The trade was a 0.77% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the completion of the sale, the director now directly owns 27,029 shares of the company's stock, valued at approximately $5,647,979.84. This trade represents a 23.97% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by corporate insiders.

Cintas Price Performance

Shares of NASDAQ:CTAS traded down $1.15 during trading on Tuesday, reaching $221.32. The stock had a trading volume of 1,451,114 shares, compared to its average volume of 1,702,314. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.72. Cintas Corporation has a 1-year low of $172.20 and a 1-year high of $229.24. The stock has a market cap of $89.37 billion, a PE ratio of 51.53, a PEG ratio of 3.47 and a beta of 1.07. The business has a fifty day moving average price of $215.95 and a 200-day moving average price of $205.39.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.08. The company had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.60 billion. Cintas had a net margin of 17.53% and a return on equity of 41.30%. The firm's quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.84 EPS. On average, equities analysts forecast that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 15th were issued a $0.39 dividend. The ex-dividend date was Thursday, May 15th. This represents a $1.56 annualized dividend and a dividend yield of 0.70%. Cintas's dividend payout ratio is presently 36.11%.

Cintas 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.