OP Asset Management Ltd Acquires New Shares in Cintas Corporation $CTAS

Key Points

• OP Asset Management opened a new position in Cintas during the first quarter, buying 41,739 shares valued at about $7.06 million.
• Institutional ownership remains high, with several other hedge funds also increasing stakes and institutions now holding 63.46% of the stock.
• Analysts are mixed on Cintas: the consensus rating is Hold with an average price target of $215.92, even as the stock traded down 1.1% to $169.09.

OP Asset Management Ltd acquired a new position in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 41,739 shares of the business services provider's stock, valued at approximately $7,060,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in CTAS. Banque Cantonale Vaudoise grew its stake in Cintas by 212.5% in the first quarter. Banque Cantonale Vaudoise now owns 6,066 shares of the business services provider's stock valued at $1,026,000 after acquiring an additional 4,125 shares during the period. Assenagon Asset Management S.A. raised its position in shares of Cintas by 131.2% during the first quarter. Assenagon Asset Management S.A. now owns 1,026,585 shares of the business services provider's stock worth $173,637,000 after purchasing an additional 582,651 shares during the period. Godsey & Gibb Inc. raised its position in shares of Cintas by 1.3% during the first quarter. Godsey & Gibb Inc. now owns 126,999 shares of the business services provider's stock worth $21,481,000 after purchasing an additional 1,605 shares during the period. Tranquility Partners LLC lifted its holdings in shares of Cintas by 16.4% during the 1st quarter. Tranquility Partners LLC now owns 3,597 shares of the business services provider's stock valued at $608,000 after purchasing an additional 508 shares in the last quarter. Finally, Riverbridge Partners LLC lifted its holdings in shares of Cintas by 7.7% during the 1st quarter. Riverbridge Partners LLC now owns 229,158 shares of the business services provider's stock valued at $38,760,000 after purchasing an additional 16,437 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Insider Activity at Cintas

In related news, Director Ronald W. Tysoe sold 4,666 shares of Cintas stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the sale, the director owned 22,448 shares of the company's stock, valued at approximately $4,015,273.76. The trade was a 17.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 14.90% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on CTAS shares. Stifel Nicolaus lowered their target price on Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a research note on Thursday, March 26th. Citigroup cut their price target on shares of Cintas from $181.00 to $160.00 and set a "sell" rating on the stock in a research note on Tuesday, March 31st. Robert W. Baird upgraded shares of Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price target for the company in a report on Wednesday, March 11th. Truist Financial lowered their price objective on shares of Cintas from $255.00 to $225.00 and set a "buy" rating for the company in a research report on Monday, June 15th. Finally, UBS Group restated a "buy" rating on shares of Cintas in a report on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $215.92.

Cintas Trading Down 1.1%

Shares of Cintas stock opened at $169.09 on Friday. Cintas Corporation has a 12-month low of $161.16 and a 12-month high of $226.75. The stock has a market cap of $67.65 billion, a P/E ratio of 47.77, a P/E/G ratio of 2.72 and a beta of 0.94. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. The business's 50 day moving average is $173.04 and its 200-day moving average is $183.44.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings results on Wednesday, March 25th. The business services provider reported $1.24 EPS for the quarter, meeting analysts' consensus estimates of $1.24. Cintas had a net margin of 17.57% and a return on equity of 41.47%. The firm had revenue of $2.84 billion during the quarter, compared to analysts' expectations of $2.82 billion. During the same quarter last year, the company posted $1.13 earnings per share. The company's revenue for the quarter was up 8.9% compared to the same quarter last year. Equities research analysts predict that Cintas Corporation will post 4.89 earnings per share for the current fiscal year.

Cintas Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 15th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, May 15th. Cintas's payout ratio is 50.85%.

Cintas Profile

Cintas Corporation NASDAQ: CTAS is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.

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