Riverbridge Partners LLC Buys 16,437 Shares of Cintas Corporation $CTAS

Key Points

• Riverbridge Partners LLC increased its Cintas stake by 7.7% in the first quarter, buying 16,437 additional shares and bringing its total holding to 229,158 shares worth about $38.8 million.
• Cintas saw mixed sentiment from analysts: several firms cut price targets, and the stock’s overall consensus rating is now Hold with an average price target of $215.92.
• The company reported solid fundamentals, including quarterly EPS of $1.24 in line with estimates and revenue of $2.84 billion, while also paying a quarterly dividend of $0.45 per share.

Riverbridge Partners LLC increased its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 7.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 229,158 shares of the business services provider's stock after purchasing an additional 16,437 shares during the period. Riverbridge Partners LLC owned approximately 0.06% of Cintas worth $38,760,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its position in shares of Cintas by 1.4% during the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider's stock worth $2,879,632,000 after buying an additional 210,477 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cintas by 1.1% during the fourth quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider's stock worth $1,746,453,000 after buying an additional 97,220 shares in the last quarter. Norges Bank acquired a new stake in Cintas in the 4th quarter valued at approximately $923,672,000. Morgan Stanley raised its position in Cintas by 0.8% in the 4th quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider's stock valued at $826,214,000 after buying an additional 36,666 shares during the last quarter. Finally, Nordea Investment Management AB lifted its stake in Cintas by 6.2% in the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider's stock valued at $517,466,000 after acquiring an additional 158,785 shares in the last quarter. Institutional investors own 63.46% of the company's stock.

Insider Activity at Cintas

In other news, Director Ronald W. Tysoe sold 4,666 shares of Cintas stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the transaction, the director directly owned 22,448 shares in the company, valued at approximately $4,015,273.76. The trade was a 17.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 14.90% of the company's stock.

Analyst Upgrades and Downgrades

CTAS has been the subject of a number of recent research reports. Truist Financial reduced their price target on Cintas from $255.00 to $225.00 and set a "buy" rating for the company in a research report on Monday, June 15th. Citigroup lowered their price objective on shares of Cintas from $181.00 to $160.00 and set a "sell" rating on the stock in a report on Tuesday, March 31st. Stifel Nicolaus reduced their target price on shares of Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a report on Thursday, March 26th. Weiss Ratings downgraded shares of Cintas from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, June 17th. Finally, Robert W. Baird upgraded shares of Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price target on the stock in a research note on Wednesday, March 11th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $215.92.

Cintas Stock Down 0.4%

Shares of CTAS stock opened at $168.80 on Wednesday. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $226.75. The stock has a market cap of $67.54 billion, a price-to-earnings ratio of 47.68, a PEG ratio of 2.70 and a beta of 0.94. The firm's 50-day moving average is $173.28 and its 200-day moving average is $183.65. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.74 and a current ratio of 1.98.

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

Cintas Announces Dividend

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

Cintas Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.