Ontario Teachers Pension Plan Board Sells 8,791 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Ontario Teachers Pension Plan Board reduced its stake in Cintas Corporation by 51.1%, selling 8,791 shares and now holding 8,400 shares worth approximately $1.7 million.
• Cintas has announced a quarterly dividend of $0.45 per share, an increase from the previous $0.39, representing a yield of 0.8%.
• The company reported a net margin of 17.53% and generated revenue of $2.67 billion, exceeding analyst expectations during the last quarter.

Ontario Teachers Pension Plan Board lessened its holdings in Cintas Corporation (NASDAQ:CTAS - Free Report) by 51.1% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 8,400 shares of the business services provider's stock after selling 8,791 shares during the period. Ontario Teachers Pension Plan Board's holdings in Cintas were worth $1,726,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. lifted its stake in shares of Cintas by 646.4% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock worth $43,000 after purchasing an additional 181 shares during the period. Washington Trust Advisors Inc. bought a new position in shares of Cintas in the 1st quarter worth approximately $46,000. Greykasell Wealth Strategies Inc. purchased a new stake in Cintas in the first quarter worth about $46,000. Wellington Shields & Co. LLC purchased a new stake in Cintas in the first quarter worth about $51,000. Finally, Olde Wealth Management LLC purchased a new stake in Cintas in the first quarter worth about $55,000. Institutional investors own 63.46% of the company's stock.

Insider Activity at Cintas

In other news, Director Martin Mucci purchased 1,200 shares of the company's stock in a transaction that occurred on Monday, July 21st. The stock was bought at an average cost of $222.55 per share, with a total value of $267,060.00. Following the completion of the purchase, the director owned 2,621 shares in the company, valued at approximately $583,303.55. This represents a 84.45% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Todd M. Schneider sold 17,301 shares of the stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of $220.90, for a total value of $3,821,790.90. Following the transaction, the chief executive officer directly owned 622,712 shares of the company's stock, valued at approximately $137,557,080.80. The trade was a 2.70% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is owned by corporate insiders.

Cintas Stock Performance

NASDAQ CTAS opened at $223.40 on Friday. The firm has a market cap of $90.03 billion, a price-to-earnings ratio of 50.66, a price-to-earnings-growth ratio of 3.87 and a beta of 1.03. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The business has a 50-day moving average price of $221.38 and a 200-day moving average price of $211.09. Cintas Corporation has a twelve month low of $180.78 and a twelve month high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings results on Thursday, July 17th. The business services provider reported $1.09 EPS for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The company had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.63 billion. During the same period in the prior year, the company earned $3.99 earnings per share. The firm's revenue was up 8.0% on a year-over-year basis. As a group, equities research analysts predict that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Friday, August 15th. This is a boost from Cintas's previous quarterly dividend of $0.39. This represents a $1.80 dividend on an annualized basis and a yield of 0.8%. Cintas's dividend payout ratio is currently 35.37%.

Analyst Ratings Changes

A number of analysts have commented on CTAS shares. Morgan Stanley upped their price target on Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research report on Friday, July 18th. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target for the company. in a research report on Thursday, May 1st. Argus upgraded Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Bank of America started 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. Finally, Robert W. Baird upped their price target on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $224.54.

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.

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