Suncoast Equity Management Buys 8,330 Shares of Cintas Corporation $CTAS

Key Points

• Suncoast Equity Management increased its Cintas position by 53.7% in the fourth quarter, buying 8,330 additional shares and bringing its total to 23,845 shares worth about $4.49 million.
• Several other large investors also boosted or initiated stakes in Cintas, and institutional ownership stands at 63.46%, indicating broad professional investor interest in the stock.
• Analyst sentiment is mixed but cautious: the stock’s consensus rating is “Hold” with an average price target of $215.17, while recent moves included both upgrades and cuts; Cintas also reported quarterly EPS in line with estimates and raised its dividend to $0.45 per share.

Suncoast Equity Management raised its stake in Cintas Corporation (NASDAQ:CTAS - Free Report) by 53.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,845 shares of the business services provider's stock after purchasing an additional 8,330 shares during the quarter. Cintas makes up about 0.5% of Suncoast Equity Management's portfolio, making the stock its 28th biggest holding. Suncoast Equity Management's holdings in Cintas were worth $4,485,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in Cintas by 1.5% during the 3rd quarter. Vanguard Group Inc. now owns 38,948,620 shares of the business services provider's stock worth $7,994,594,000 after purchasing an additional 564,487 shares during the last quarter. Geode Capital Management LLC lifted its holdings in Cintas by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider's stock worth $1,746,453,000 after purchasing an additional 97,220 shares during the last quarter. Norges Bank acquired a new stake in Cintas during the 4th quarter worth approximately $923,672,000. Nordea Investment Management AB lifted its holdings in Cintas by 6.2% during the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider's stock worth $517,466,000 after purchasing an additional 158,785 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its holdings in Cintas by 0.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,559,852 shares of the business services provider's stock worth $524,460,000 after purchasing an additional 12,841 shares during the last quarter. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CTAS shares. Weiss Ratings cut Cintas from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, April 1st. Citigroup dropped their price target on Cintas from $181.00 to $160.00 and set a "sell" rating for the company in a report on Tuesday, March 31st. Bank of America started coverage on Cintas in a report on Tuesday, February 17th. They set a "neutral" rating and a $215.00 price target for the company. Robert W. Baird raised Cintas from a "neutral" rating to an "outperform" rating and set a $250.00 price target for the company in a report on Wednesday, March 11th. Finally, Stifel Nicolaus dropped their price target on Cintas from $222.00 to $190.00 and set a "hold" rating for the company in a report on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $215.17.

Insiders Place Their Bets

In related news, Director Ronald W. Tysoe sold 4,666 shares of the business's stock in a transaction 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 sale, the director owned 22,448 shares in the company, valued at $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 is available at this hyperlink. 14.90% of the stock is owned by corporate insiders.

Cintas Stock Performance

Shares of CTAS opened at $171.26 on Monday. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $229.24. The business's fifty day moving average is $172.93 and its 200-day moving average is $184.83. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.74 and a current ratio of 1.98. The firm has a market cap of $68.52 billion, a price-to-earnings ratio of 48.38, a PEG ratio of 3.02 and a beta of 0.94.

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

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Investors of record on Friday, May 15th will be given a dividend of $0.45 per share. The ex-dividend date is Friday, May 15th. This represents a $1.80 dividend on an annualized basis and a yield of 1.1%. Cintas's payout ratio is currently 50.85%.

About Cintas

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.