Westfield Capital Management Co. LP Sells 2,674 Shares of Cintas Corporation (NASDAQ:CTAS)

Key Points

• Westfield Capital Management Co. LP reduced its stake in Cintas by 4.5%, selling 2,674 shares, and currently holds 56,903 shares valued at approximately $11.7 million.
• Cintas reported a quarterly EPS of $1.09, exceeding expectations, with revenue of $2.67 billion, reflecting an 8.0% increase year-over-year.
• The company announced a dividend increase from $0.39 to $0.45 per share, to be paid on September 15th, reflecting a yield of 0.8% and a payout ratio of 40.82%.

Westfield Capital Management Co. LP trimmed its holdings in Cintas Corporation (NASDAQ:CTAS - Free Report) by 4.5% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 56,903 shares of the business services provider's stock after selling 2,674 shares during the period. Westfield Capital Management Co. LP's holdings in Cintas were worth $11,695,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in CTAS. Clearstead Trust LLC grew its stake in Cintas by 6.8% in the 1st quarter. Clearstead Trust LLC now owns 2,157 shares of the business services provider's stock valued at $443,000 after buying an additional 137 shares during the last quarter. ING Groep NV grew its stake in Cintas by 35.6% in the 1st quarter. ING Groep NV now owns 202,925 shares of the business services provider's stock valued at $41,707,000 after buying an additional 53,289 shares during the last quarter. Raiffeisen Bank International AG grew its stake in Cintas by 8.8% in the 1st quarter. Raiffeisen Bank International AG now owns 24,805 shares of the business services provider's stock valued at $5,041,000 after buying an additional 2,012 shares during the last quarter. R Squared Ltd grew its stake in Cintas by 17.8% in the 1st quarter. R Squared Ltd now owns 1,590 shares of the business services provider's stock valued at $327,000 after buying an additional 240 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in Cintas by 276.0% in the 1st quarter. Jupiter Asset Management Ltd. now owns 289,133 shares of the business services provider's stock valued at $59,426,000 after buying an additional 212,228 shares during the last quarter. 63.46% of the stock is owned by institutional investors.

Cintas Price Performance

NASDAQ:CTAS opened at $225.09 on Tuesday. The company has a 50-day moving average of $221.49 and a 200-day moving average of $210.74. The company has a market capitalization of $90.71 billion, a price-to-earnings ratio of 51.04, a PEG ratio of 3.82 and a beta of 1.03. Cintas Corporation has a 52 week low of $180.78 and a 52 week high of $229.24. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.82 and a current ratio of 2.09.

Cintas (NASDAQ:CTAS - Get Free Report) last released 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 company had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The firm's revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period last year, the firm earned $3.99 EPS. As a group, equities research analysts anticipate that Cintas Corporation will post 4.31 earnings per share for the current fiscal year.

Cintas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Friday, August 15th will be given a dividend of $0.45 per share. This is an increase from Cintas's previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 0.8%. Cintas's dividend payout ratio is 40.82%.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Royal Bank Of Canada reiterated a "sector perform" rating and issued a $240.00 target price (up from $215.00) on shares of Cintas in a research note on Monday, June 9th. Argus upgraded shares of Cintas to a "strong-buy" rating in a research note on Wednesday, April 16th. Bank of America assumed coverage on shares of Cintas in a report on Thursday, April 10th. They issued a "buy" rating and a $250.00 price target for the company. UBS Group increased their price target on shares of Cintas from $240.00 to $255.00 and gave the company a "buy" rating in a report on Friday, July 18th. Finally, Wells Fargo & Company raised shares of Cintas from an "underweight" rating to an "equal weight" rating and increased their price target for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $224.54.

Insider Buying and Selling

In other news, Director Martin Mucci bought 1,200 shares of the company's stock in a transaction that occurred on Monday, July 21st. The stock was acquired at an average price of $222.55 per share, for a total transaction of $267,060.00. Following the transaction, the director directly owned 2,621 shares of the company's stock, valued at $583,303.55. This trade represents a 84.45% increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Todd M. Schneider sold 17,301 shares of the stock in a transaction dated Monday, July 28th. The stock was sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the sale, the chief executive officer owned 622,712 shares of the company's stock, valued at $137,557,080.80. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by corporate insiders.

About Cintas

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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