Sumitomo Mitsui DS Asset Management Company Ltd Purchases 1,510 Shares of Cintas Corporation (NASDAQ:CTAS)

Sumitomo Mitsui DS Asset Management Company Ltd raised its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 2.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,498 shares of the business services provider's stock after purchasing an additional 1,510 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Cintas were worth $15,723,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. MJP Associates Inc. ADV lifted its stake in Cintas by 2.1% in the 4th quarter. MJP Associates Inc. ADV now owns 2,412 shares of the business services provider's stock valued at $441,000 after acquiring an additional 50 shares in the last quarter. TIAA Trust National Association boosted its position in Cintas by 1.0% during the fourth quarter. TIAA Trust National Association now owns 5,380 shares of the business services provider's stock valued at $983,000 after purchasing an additional 52 shares during the last quarter. Wellspring Financial Advisors LLC grew its stake in shares of Cintas by 4.6% in the fourth quarter. Wellspring Financial Advisors LLC now owns 1,171 shares of the business services provider's stock valued at $214,000 after buying an additional 52 shares in the last quarter. Johnson Financial Group Inc. increased its holdings in Cintas by 7.7% during the fourth quarter. Johnson Financial Group Inc. now owns 728 shares of the business services provider's stock worth $146,000 after buying an additional 52 shares during the last quarter. Finally, Portside Wealth Group LLC raised its position in Cintas by 4.2% during the first quarter. Portside Wealth Group LLC now owns 1,314 shares of the business services provider's stock worth $270,000 after acquiring an additional 53 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CTAS shares. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a research report on Thursday, May 1st. Truist Financial upped their price objective on shares of Cintas from $215.00 to $230.00 and gave the company a "buy" rating in a report on Thursday, March 27th. Morgan Stanley lifted their target price on shares of Cintas from $195.00 to $213.00 and gave the stock an "equal weight" rating in a report on Thursday, March 27th. UBS Group upped their price target on shares of Cintas from $218.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Finally, Bank of America initiated coverage on shares of Cintas in a report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $219.58.

Insiders Place Their Bets

In other Cintas news, COO Jim Rozakis sold 2,000 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $190.37, for a total transaction of $380,740.00. Following the completion of the transaction, the chief operating officer owned 256,528 shares of the company's stock, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ronald W. Tysoe sold 8,521 shares of the stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the completion of the transaction, the director directly owned 27,029 shares of the company's stock, valued at $5,647,979.84. This trade represents a 23.97% decrease in their position. The disclosure for this sale can be found here. Company insiders own 15.00% of the company's stock.

Cintas Price Performance

Shares of CTAS stock traded up $3.17 during trading on Friday, hitting $218.83. The company had a trading volume of 942,340 shares, compared to its average volume of 1,669,363. The stock's 50-day moving average price is $219.80 and its 200 day moving average price is $205.92. Cintas Corporation has a one year low of $174.44 and a one year high of $229.24. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.72. The firm has a market capitalization of $88.36 billion, a P/E ratio of 50.68, a price-to-earnings-growth ratio of 3.36 and a beta of 1.05.

Cintas Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Thursday, May 15th were paid a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.71%. The ex-dividend date was Thursday, May 15th. Cintas's payout ratio is presently 36.11%.

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.