True North Advisors LLC Purchases Shares of 2,114 Cintas Corporation (NASDAQ:CTAS)

Key Points

• True North Advisors LLC has acquired a new position in Cintas Corporation, purchasing 2,114 shares valued at approximately $435,000 in the first quarter.
• Several institutional investors have increased their stakes in Cintas, with 63.46% of the stock now owned by institutional entities.
• Cintas has announced an increase in its quarterly dividend to $0.45 per share, up from $0.39, with a dividend yield of 0.8%.

True North Advisors LLC bought a new stake in Cintas Corporation (NASDAQ:CTAS - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,114 shares of the business services provider's stock, valued at approximately $435,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. E Fund Management Hong Kong Co. Ltd. boosted its stake in shares of Cintas by 646.4% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider's stock valued at $43,000 after buying an additional 181 shares during the period. Washington Trust Advisors Inc. bought a new stake in shares of Cintas in the first quarter valued at approximately $46,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Cintas in the first quarter valued at approximately $46,000. Wellington Shields & Co. LLC bought a new stake in shares of Cintas in the first quarter valued at approximately $51,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Cintas in the first quarter valued at approximately $55,000. Institutional investors and hedge funds own 63.46% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Wells Fargo & Company upgraded Cintas from an "underweight" rating to an "equal weight" rating and boosted their price target for the company from $196.00 to $221.00 in a research note on Tuesday, July 1st. UBS Group upped their target price on Cintas from $240.00 to $255.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Robert W. Baird upped their target price on Cintas from $227.00 to $230.00 and gave the stock a "neutral" rating in a research note on Friday, July 18th. Morgan Stanley upped their target price on Cintas from $213.00 to $220.00 and gave the stock an "equal weight" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. assumed coverage on Cintas in a research note on Monday, July 14th. They set an "overweight" rating and a $239.00 target price for the company. Two research analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $224.54.

Insider Activity at Cintas

In related news, Director Martin Mucci acquired 1,200 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was acquired at an average cost of $222.55 per share, for a total transaction of $267,060.00. Following the completion of the acquisition, 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 acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of the stock in a transaction 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 completion of the sale, the director owned 21,945 shares of the company's stock, valued at $4,904,049.15. The trade was a 18.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by company insiders.

Cintas Trading Down 0.3%

Shares of CTAS stock traded down $0.57 during mid-day trading on Tuesday, reaching $223.31. 1,467,165 shares of the stock traded hands, compared to its average volume of 1,498,182. The company has a market cap of $89.99 billion, a price-to-earnings ratio of 50.64, a price-to-earnings-growth ratio of 3.86 and a beta of 1.03. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The stock's fifty day simple moving average is $221.32 and its two-hundred day simple moving average is $211.62. Cintas Corporation has a 1-year low of $180.78 and a 1-year high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last issued 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 business had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The firm's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business earned $3.99 EPS. On average, research analysts anticipate that Cintas Corporation will post 4.31 EPS for the current fiscal year.

Cintas Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be issued a $0.45 dividend. The ex-dividend date is Friday, August 15th. This is a positive change from Cintas's previous quarterly dividend of $0.39. This represents a $1.80 dividend on an annualized basis and a yield of 0.8%. Cintas's dividend payout ratio (DPR) is currently 35.37%.

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.