Suncoast Equity Management Purchases 2,227 Shares of Cintas Corporation (NASDAQ:CTAS)

Suncoast Equity Management increased its position in Cintas Corporation (NASDAQ:CTAS - Free Report) by 18.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,354 shares of the business services provider's stock after buying an additional 2,227 shares during the quarter. Cintas accounts for 0.3% of Suncoast Equity Management's portfolio, making the stock its 28th largest position. Suncoast Equity Management's holdings in Cintas were worth $2,950,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its position in Cintas by 26.7% in the 4th quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after buying an additional 468,950 shares during the last quarter. Alpine Global Management LLC bought a new stake in Cintas in the 4th quarter worth approximately $284,000. Treasurer of the State of North Carolina lifted its position in Cintas by 12.3% in the 4th quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock worth $31,092,000 after buying an additional 18,620 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Cintas by 97.6% in the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 7,470 shares of the business services provider's stock worth $1,365,000 after buying an additional 3,690 shares during the last quarter. Finally, Schulhoff & Co. Inc. bought a new stake in Cintas in the 4th quarter worth approximately $258,000. Institutional investors own 63.46% of the company's stock.

Cintas Price Performance

CTAS opened at $218.65 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.50 and a current ratio of 1.72. Cintas Corporation has a 52-week low of $172.20 and a 52-week high of $229.24. The stock has a market capitalization of $88.29 billion, a PE ratio of 50.64, a price-to-earnings-growth ratio of 3.44 and a beta of 1.07. The stock's 50 day moving average price is $217.23 and its 200-day moving average price is $205.56.

Cintas (NASDAQ:CTAS - Get Free Report) last posted its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.08. The firm had revenue of $2.61 billion for the quarter, compared to analysts' expectations of $2.60 billion. Cintas had a return on equity of 41.30% and a net margin of 17.53%. The business's revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $3.84 earnings per share. On average, equities research analysts predict that Cintas Corporation will post 4.31 EPS for the current year.

Cintas Dividend Announcement

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

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities analysts have commented on CTAS shares. Royal Bank Of Canada reaffirmed a "sector perform" rating and issued a $240.00 price target (up from $215.00) on shares of Cintas in a research note on Monday, June 9th. Robert W. Baird lifted their price target on Cintas from $200.00 to $227.00 and gave the stock a "neutral" rating in a research note on Thursday, March 27th. Redburn Atlantic cut Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price target on the stock. in a research note on Thursday, May 1st. Bank of America started coverage on Cintas in a research note on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target on the stock. Finally, Argus raised Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Three research analysts have rated the stock with a sell rating, six have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $215.81.

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.

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