OLD National Bancorp IN Trims Stock Holdings in Cintas Co. (NASDAQ:CTAS)

OLD National Bancorp IN decreased its position in Cintas Co. (NASDAQ:CTAS - Free Report) by 10.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,955 shares of the business services provider's stock after selling 2,717 shares during the period. OLD National Bancorp IN's holdings in Cintas were worth $4,923,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cyrus J. Lawrence LLC acquired a new stake in Cintas during the 4th quarter worth about $29,000. IAG Wealth Partners LLC grew its position in Cintas by 136.8% during the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider's stock worth $33,000 after purchasing an additional 104 shares during the period. Newbridge Financial Services Group Inc. acquired a new stake in shares of Cintas during the 4th quarter valued at about $34,000. Meeder Asset Management Inc. grew 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 period. Finally, OFI Invest Asset Management acquired a new stake in shares of Cintas during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 63.46% of the company's stock.

Insider Activity

In other news, Director Ronald W. Tysoe sold 8,521 shares of Cintas 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 sale, the director now owns 27,029 shares of the company's stock, valued at approximately $5,647,979.84. The trade was a 23.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jim Rozakis sold 2,000 shares of Cintas stock in a transaction that occurred on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the sale, the chief operating officer now directly owns 256,528 shares in the company, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.00% of the company's stock.

Cintas Trading Up 0.3%

CTAS opened at $227.66 on Monday. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.58 and a quick ratio of 1.38. The company's 50 day simple moving average is $212.71 and its two-hundred day simple moving average is $205.46. Cintas Co. has a 1-year low of $169.46 and a 1-year high of $229.24. The firm has a market capitalization of $91.93 billion, a price-to-earnings ratio of 54.89, a price-to-earnings-growth ratio of 3.98 and a beta of 1.07.

Cintas (NASDAQ:CTAS - Get Free Report) last released its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.08. Cintas had a net margin of 17.23% and a return on equity of 40.62%. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.60 billion. During the same period last year, the company posted $3.84 EPS. The business's revenue was up 8.4% on a year-over-year basis. Analysts expect that Cintas Co. will post 4.31 EPS for the current fiscal year.

Cintas Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Thursday, May 15th will be given a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a dividend yield of 0.69%. The ex-dividend date is Thursday, May 15th. Cintas's payout ratio is presently 36.11%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Robert W. Baird raised their target price on Cintas from $200.00 to $227.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Wells Fargo & Company raised their target price on Cintas from $184.00 to $196.00 and gave the company an "underweight" rating in a research report on Thursday, March 27th. UBS Group raised their target price on Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Argus upgraded Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Finally, Truist Financial raised their target price on Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a research report on Thursday, March 27th. Three investment analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Cintas presently has a consensus rating of "Hold" and an average target price of $213.88.

About Cintas

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.