Cintas Corporation (NASDAQ:CTAS) Shares Purchased by Skandinaviska Enskilda Banken AB publ

Key Points

• Skandinaviska Enskilda Banken AB publ increased its ownership of Cintas Corporation shares by 5.3%, purchasing an additional 11,048 shares to achieve a total of 217,759 shares valued at approximately $44.75 million.
• Director Martin Mucci bought 1,200 shares of Cintas, increasing his position by 84.45% at an average price of $222.55 per share.
• Cintas reported quarterly earnings with $1.09 EPS, exceeding expectations, and had revenue of $2.67 billion, an 8.0% increase compared to the previous year.

Skandinaviska Enskilda Banken AB publ lifted its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 5.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 217,759 shares of the business services provider's stock after purchasing an additional 11,048 shares during the period. Skandinaviska Enskilda Banken AB publ owned 0.05% of Cintas worth $44,755,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Cintas by 2.7% in the 4th quarter. Geode Capital Management LLC now owns 8,468,080 shares of the business services provider's stock valued at $1,544,822,000 after acquiring an additional 219,809 shares during the period. Invesco Ltd. increased its position in shares of Cintas by 6.1% in the 4th quarter. Invesco Ltd. now owns 5,118,479 shares of the business services provider's stock valued at $935,146,000 after acquiring an additional 296,059 shares during the period. Norges Bank acquired a new position in shares of Cintas in the 4th quarter valued at $877,216,000. Northern Trust Corp increased its position in shares of Cintas by 13.1% in the 4th quarter. Northern Trust Corp now owns 4,067,037 shares of the business services provider's stock valued at $743,048,000 after acquiring an additional 472,069 shares during the period. Finally, Royal Bank of Canada increased its position in shares of Cintas by 3.3% in the 4th quarter. Royal Bank of Canada now owns 3,655,835 shares of the business services provider's stock valued at $667,919,000 after acquiring an additional 115,268 shares during the period. Hedge funds and other institutional investors own 63.46% of the company's stock.

Cintas Stock Performance

Shares of NASDAQ:CTAS traded down $3.18 on Monday, reaching $220.38. The company's stock had a trading volume of 984,165 shares, compared to its average volume of 1,718,607. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. The stock's 50-day moving average is $221.44 and its two-hundred day moving average is $209.54. Cintas Corporation has a 52-week low of $180.78 and a 52-week high of $229.24. The stock has a market capitalization of $88.99 billion, a P/E ratio of 49.97, a PEG ratio of 3.51 and a beta of 1.05.

Cintas (NASDAQ:CTAS - Get Free Report) last issued its earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate 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 prior year, the business posted $3.99 earnings per share. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Cintas Corporation will post 4.31 EPS for the current year.

Insider Activity

In related news, Director Martin Mucci acquired 1,200 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was purchased at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the transaction, the director directly owned 2,621 shares of the company's stock, valued at approximately $583,303.55. This trade represents a 84.45% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 15.00% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have commented on CTAS shares. Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. Robert W. Baird raised their target price on shares of Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Argus raised shares of Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. UBS Group lifted their target price on shares of Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Morgan Stanley boosted their price target on shares of Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cintas has a consensus rating of "Hold" and a consensus price target of $224.54.

Cintas 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.