Progressive Investment Management Corp Makes New $1.84 Million Investment in Cintas Corporation $CTAS

Key Points

• Progressive Investment Management Corp has made a new investment of approximately $1.84 million in Cintas Corporation, acquiring 8,939 shares during the first quarter.
• Analysts have recently upgraded their ratings for Cintas, with Goldman Sachs increasing the target price from $233.00 to $257.00 and maintaining a "buy" rating.
• Cintas has announced an increase in its quarterly dividend to $0.45 per share, reflecting a positive change from the previous dividend of $0.39.

Progressive Investment Management Corp acquired a new stake in Cintas Corporation (NASDAQ:CTAS - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 8,939 shares of the business services provider's stock, valued at approximately $1,837,000.

Other large investors also recently modified their holdings of the company. Nuveen LLC purchased a new position in Cintas during the 1st quarter worth $1,877,760,000. GAMMA Investing LLC grew its holdings in Cintas by 19,644.3% during the 1st quarter. GAMMA Investing LLC now owns 2,263,091 shares of the business services provider's stock valued at $465,133,000 after buying an additional 2,251,629 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Cintas by 1.3% in the first quarter. Vanguard Group Inc. now owns 37,859,304 shares of the business services provider's stock worth $7,781,223,000 after purchasing an additional 491,307 shares during the last quarter. Northern Trust Corp boosted its stake in Cintas by 13.1% in the fourth quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock worth $743,048,000 after buying an additional 472,069 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Cintas by 26.7% in the fourth quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after buying an additional 468,950 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Insiders Place Their Bets

In other news, Director Ronald W. Tysoe sold 5,084 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total value of $1,136,121.48. Following the transaction, the director owned 21,945 shares in the company, valued at $4,904,049.15. This trade represents a 18.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Martin Mucci acquired 1,200 shares of Cintas stock in a transaction that occurred on Monday, July 21st. The shares were bought at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the transaction, the director owned 2,621 shares of the company's stock, valued at $583,303.55. This represents a 84.45% increase in their position. The disclosure for this purchase can be found here. 15.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have weighed in on CTAS. JPMorgan Chase & Co. initiated coverage on Cintas in a research report on Monday, July 14th. They issued an "overweight" rating and a $239.00 price objective for the company. Wells Fargo & Company raised Cintas from an "underweight" rating to an "equal weight" rating and increased their price objective for the company from $196.00 to $221.00 in a research report on Tuesday, July 1st. Royal Bank Of Canada reissued a "sector perform" rating and issued a $240.00 target price (up from $215.00) on shares of Cintas in a research report on Monday, June 9th. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective on the stock. in a research report on Thursday, May 1st. Finally, The Goldman Sachs Group lifted their target price on Cintas from $233.00 to $257.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cintas currently has an average rating of "Hold" and an average price target of $224.54.

Cintas Stock Up 0.3%

NASDAQ:CTAS traded up $0.6230 during mid-day trading on Wednesday, hitting $217.0530. 763,177 shares of the company's stock traded hands, compared to its average volume of 1,678,972. The company has a fifty day moving average of $220.53 and a 200 day moving average of $212.33. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09. The company has a market capitalization of $87.47 billion, a P/E ratio of 49.23, a P/E/G ratio of 3.69 and a beta of 1.03. 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 data on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. The business had revenue of $2.67 billion for the quarter, compared to analyst estimates of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%.The company's revenue was up 8.0% on a year-over-year basis. During the same period in the prior year, the company earned $3.99 earnings per share. Cintas has set its FY 2026 guidance at 4.710-4.85 EPS. On average, analysts forecast that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 0.8%. This is a positive change from Cintas's previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 15th. Cintas's dividend payout ratio is 40.82%.

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.