SlateStone Wealth LLC Cuts Position in Cintas Corporation (NASDAQ:CTAS)

Key Points

• SlateStone Wealth LLC reduced its stake in Cintas Corporation by 21.5% in the first quarter, lowering its holdings to 5,105 shares valued at approximately $1.05 million.
• Multiple institutional investors have increased their positions in Cintas, with GAMMA Investing LLC boosting its holdings by an extraordinary 19,644.3% during the same period.
• Cintas recently announced an increase in its quarterly dividend to $0.45 per share, up from $0.39, with a dividend yield of 0.81%.

SlateStone Wealth LLC cut its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 21.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,105 shares of the business services provider's stock after selling 1,395 shares during the period. SlateStone Wealth LLC's holdings in Cintas were worth $1,049,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Wellington Shields & Co. LLC purchased a new stake in shares of Cintas during the first quarter valued at $51,000. Mesirow Financial Investment Management Inc. boosted its position in shares of Cintas by 90.5% during the first quarter. Mesirow Financial Investment Management Inc. now owns 2,952 shares of the business services provider's stock valued at $607,000 after buying an additional 1,402 shares during the last quarter. First National Trust Co purchased a new stake in shares of Cintas during the first quarter valued at $202,000. XTX Topco Ltd boosted its position in shares of Cintas by 1,604.4% during the first quarter. XTX Topco Ltd now owns 20,027 shares of the business services provider's stock valued at $4,116,000 after buying an additional 18,852 shares during the last quarter. Finally, Harvest Fund Management Co. Ltd boosted its position in shares of Cintas by 10.2% during the first quarter. Harvest Fund Management Co. Ltd now owns 28,002 shares of the business services provider's stock valued at $5,755,000 after buying an additional 2,587 shares during the last quarter. 63.46% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

CTAS has been the topic of several recent analyst reports. Bank of America initiated coverage on Cintas in a research report on Thursday, April 10th. They set a "buy" rating and a $250.00 price objective on the stock. Argus raised Cintas to a "strong-buy" rating in a research report on Wednesday, April 16th. Royal Bank Of Canada reissued a "sector perform" rating and issued a $240.00 target price (up previously from $215.00) on shares of Cintas in a report on Monday, June 9th. Redburn Atlantic downgraded Cintas from a "neutral" rating to a "sell" rating and set a $171.00 target price on the stock. in a report on Thursday, May 1st. Finally, Robert W. Baird increased their target price on Cintas from $227.00 to $230.00 and gave the company a "neutral" rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cintas presently has an average rating of "Hold" and a consensus price target of $224.54.

Insider Activity at Cintas

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

Cintas Stock Performance

Shares of NASDAQ:CTAS traded down $1.05 during mid-day trading on Friday, reaching $221.50. 1,304,254 shares of the company traded hands, compared to its average volume of 1,374,874. The company's 50 day moving average price is $221.43 and its 200-day moving average price is $210.36. The firm has a market cap of $89.26 billion, a PE ratio of 50.23, a PEG ratio of 3.50 and a beta of 1.05. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. Cintas Corporation has a 52 week low of $180.78 and a 52 week 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 (EPS) for the quarter, beating analysts' consensus estimates of $1.07 by $0.02. The company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The firm's revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $3.99 EPS. On average, equities analysts expect that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

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