Novem Group Buys 1,412 Shares of Cintas Corporation (NASDAQ:CTAS)

Novem Group raised its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 28.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,308 shares of the business services provider's stock after purchasing an additional 1,412 shares during the period. Novem Group's holdings in Cintas were worth $1,297,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Cyrus J. Lawrence LLC bought a new stake in Cintas during the fourth quarter valued at $29,000. IAG Wealth Partners LLC boosted its position in shares of Cintas by 136.8% during the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider's stock valued at $33,000 after acquiring an additional 104 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Cintas by 239.3% during the 4th quarter. Meeder Asset Management Inc. now owns 190 shares of the business services provider's stock valued at $35,000 after acquiring an additional 134 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Cintas during the 4th quarter valued at about $37,000. Finally, VSM Wealth Advisory LLC bought a new stake in Cintas during the fourth quarter valued at approximately $40,000. 63.46% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CTAS has been the subject of several research analyst reports. Bank of America began coverage on shares of Cintas in a research report on Thursday, April 10th. They set a "buy" rating and a $250.00 target price for the company. UBS Group lifted their price objective on shares of Cintas from $218.00 to $240.00 and gave the stock a "buy" rating in a report on Thursday, March 27th. Argus raised shares of Cintas to a "strong-buy" rating in a report on Wednesday, April 16th. Truist Financial lifted their price target on Cintas from $215.00 to $230.00 and gave the stock a "buy" rating in a research note on Thursday, March 27th. Finally, Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $196.00 to $221.00 in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, seven have issued 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, the stock presently has a consensus rating of "Hold" and a consensus target price of $219.58.

Cintas Trading Up 1.5%

Shares of NASDAQ CTAS traded up $3.17 during midday trading on Friday, reaching $218.83. The company had a trading volume of 942,340 shares, compared to its average volume of 1,669,363. The company has a quick ratio of 1.50, a current ratio of 1.72 and a debt-to-equity ratio of 0.44. Cintas Corporation has a one year low of $174.44 and a one year high of $229.24. The firm's fifty day moving average price is $220.01 and its 200-day moving average price is $205.99. The stock has a market cap of $88.36 billion, a PE ratio of 50.68, a price-to-earnings-growth ratio of 3.42 and a beta of 1.05.

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Thursday, May 15th were issued a dividend of $0.39 per share. The ex-dividend date was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.71%. Cintas's dividend payout ratio is currently 36.11%.

Insiders Place Their Bets

In related news, Director Ronald W. Tysoe sold 8,521 shares of the company's stock in a transaction 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 directly owned 27,029 shares in the company, valued at $5,647,979.84. This represents a 23.97% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Jim Rozakis sold 2,000 shares of the company's stock in a transaction dated Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the transaction, the chief operating officer directly owned 256,528 shares of the company's stock, valued at approximately $48,835,235.36. This trade represents a 0.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.00% of the company's stock.

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.