Wealthspire Advisors LLC Acquires 4,903 Shares of Cintas Corporation (NASDAQ:CTAS)

Wealthspire Advisors LLC boosted its stake in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 120.1% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,984 shares of the business services provider's stock after purchasing an additional 4,903 shares during the quarter. Wealthspire Advisors LLC's holdings in Cintas were worth $1,846,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Crestwood Advisors Group LLC acquired a new position in Cintas during the 1st quarter worth $270,000. Ameriprise Financial Inc. lifted its holdings in Cintas by 26.7% in the fourth quarter. Ameriprise Financial Inc. now owns 2,228,609 shares of the business services provider's stock worth $407,163,000 after purchasing an additional 468,950 shares during the period. Alpine Global Management LLC acquired a new stake in Cintas in the fourth quarter worth about $284,000. Treasurer of the State of North Carolina increased its stake in Cintas by 12.3% during the 4th quarter. Treasurer of the State of North Carolina now owns 170,182 shares of the business services provider's stock valued at $31,092,000 after buying an additional 18,620 shares during the period. Finally, Pinnacle Financial Partners Inc raised its position in shares of Cintas by 3.8% during the 1st quarter. Pinnacle Financial Partners Inc now owns 60,099 shares of the business services provider's stock worth $12,327,000 after buying an additional 2,191 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Redburn Atlantic cut shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective for the company. in a report on Thursday, May 1st. The Goldman Sachs Group lifted their price objective on shares of Cintas from $233.00 to $257.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Argus raised shares of Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Wells Fargo & Company upgraded shares of Cintas from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $196.00 to $221.00 in a research report on Tuesday, July 1st. Finally, Bank of America started coverage on Cintas in a research report on Thursday, April 10th. They set a "buy" rating and a $250.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $224.54.

Insiders Place Their Bets

In other Cintas news, CEO Todd M. Schneider sold 17,301 shares of the business's stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total value of $3,821,790.90. Following the transaction, the chief executive officer owned 622,712 shares in the company, valued at $137,557,080.80. The trade was a 2.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ronald W. Tysoe sold 5,084 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total value of $1,136,121.48. Following the completion of the transaction, the director directly owned 21,945 shares in the company, valued at approximately $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. Insiders own 15.00% of the company's stock.

Cintas Stock Up 1.3%

Shares of Cintas stock traded up $2.87 during midday trading on Friday, hitting $226.27. The company's stock had a trading volume of 1,739,749 shares, compared to its average volume of 1,453,720. The firm has a market capitalization of $91.18 billion, a P/E ratio of 51.31, a PEG ratio of 3.85 and a beta of 1.03. Cintas Corporation has a 1-year low of $180.78 and a 1-year high of $229.24. 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 has a 50-day simple moving average of $221.38 and a 200-day simple moving average of $211.26.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 EPS for the quarter, topping analysts' consensus estimates of $1.07 by $0.02. The firm had revenue of $2.67 billion during the quarter, compared to analyst estimates of $2.63 billion. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The business's quarterly revenue was up 8.0% compared to the same quarter last year. During the same period last year, the company posted $3.99 EPS. As a group, sell-side analysts expect that Cintas Corporation will post 4.31 earnings per share for the current year.

Cintas Increases Dividend

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

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.