Cintas Corporation (NASDAQ:CTAS) Shares Sold by Pacer Advisors Inc.

Key Points

• Pacer Advisors Inc. reduced its stake in Cintas Corporation by 32.8%, owning 37,733 shares valued at approximately $7.76 million at the end of the first quarter.
• According to recent analyst reports, Cintas received varied ratings with targets ranging from $171.00 from Redburn Atlantic to $240.00 from Royal Bank of Canada, reflecting a consensus rating of "Hold."
• Cintas reported a quarterly revenue of $2.67 billion, surpassing expectations and marking an 8% increase year-over-year, while earnings per share of $1.09 exceeded estimates by $0.02.

Pacer Advisors Inc. cut its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 32.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 37,733 shares of the business services provider's stock after selling 18,455 shares during the quarter. Pacer Advisors Inc.'s holdings in Cintas were worth $7,755,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Crestwood Advisors Group LLC purchased a new stake in shares of Cintas during the 1st quarter worth about $270,000. Ameriprise Financial Inc. raised its position in shares of Cintas by 26.7% during the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after purchasing an additional 468,950 shares during the last quarter. Alpine Global Management LLC acquired a new position in shares of Cintas during the 4th quarter worth about $284,000. Treasurer of the State of North Carolina raised its holdings in Cintas by 12.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock valued at $31,092,000 after acquiring an additional 18,620 shares during the last quarter. Finally, Pinnacle Financial Partners Inc raised its holdings in Cintas by 3.8% in the 1st quarter. Pinnacle Financial Partners Inc now owns 60,099 shares of the business services provider's stock valued at $12,327,000 after acquiring an additional 2,191 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Cintas Stock Performance

CTAS traded down $0.48 on Wednesday, reaching $222.20. The company had a trading volume of 656,019 shares, compared to its average volume of 1,706,616. Cintas Corporation has a 1 year low of $180.78 and a 1 year high of $229.24. The stock has a market capitalization of $89.72 billion, a PE ratio of 50.41, a P/E/G ratio of 3.46 and a beta of 1.05. 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 stock has a 50-day moving average price of $221.39 and a 200-day moving average price of $209.85.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its quarterly earnings data 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 net margin of 17.53% and a return on equity of 41.21%. The company had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.63 billion. During the same period in the previous year, the business posted $3.99 earnings per share. Cintas's quarterly revenue was up 8.0% on a year-over-year basis. As a group, research analysts forecast that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 0.81%. This is a positive change from Cintas's previous quarterly dividend of $0.39. Cintas's dividend payout ratio is presently 35.37%.

Insider Buying and Selling at Cintas

In other news, Director Martin Mucci bought 1,200 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was acquired at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the purchase, the director owned 2,621 shares of the company's stock, valued at $583,303.55. This trade represents a 84.45% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd M. Schneider sold 17,301 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the transaction, the chief executive officer owned 622,712 shares in the company, valued at $137,557,080.80. This trade represents 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.

Analysts Set New Price Targets

A number of analysts have commented on CTAS shares. Redburn Atlantic downgraded shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a report on Thursday, May 1st. Royal Bank Of Canada restated a "sector perform" rating and set a $240.00 price target (up previously from $215.00) on shares of Cintas in a report on Monday, June 9th. Robert W. Baird raised their price target on shares of Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a report on Friday, July 18th. UBS Group raised their price target on shares of Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, The Goldman Sachs Group raised their price target on shares of Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average 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.