Private Advisor Group LLC Trims Stake in Cintas Co. (NASDAQ:CTAS)

Private Advisor Group LLC reduced its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,151 shares of the business services provider’s stock after selling 143 shares during the period. Private Advisor Group LLC’s holdings in Cintas were worth $3,062,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Cetera Advisors LLC increased its holdings in Cintas by 38.1% during the second quarter. Cetera Advisors LLC now owns 2,359 shares of the business services provider’s stock valued at $1,173,000 after buying an additional 651 shares during the last quarter. Penobscot Investment Management Company Inc. boosted its position in shares of Cintas by 2.6% in the second quarter. Penobscot Investment Management Company Inc. now owns 8,233 shares of the business services provider’s stock worth $4,092,000 after purchasing an additional 205 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Cintas by 0.5% in the second quarter. Charles Schwab Investment Management Inc. now owns 493,032 shares of the business services provider’s stock worth $245,076,000 after purchasing an additional 2,597 shares during the period. Citigroup Inc. boosted its position in shares of Cintas by 8.4% during the second quarter. Citigroup Inc. now owns 121,512 shares of the business services provider’s stock worth $60,401,000 after acquiring an additional 9,451 shares during the last quarter. Finally, Cetera Investment Advisers boosted its position in shares of Cintas by 3.6% during the second quarter. Cetera Investment Advisers now owns 10,369 shares of the business services provider’s stock worth $5,154,000 after acquiring an additional 358 shares during the last quarter. 62.26% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Cintas news, Director Melanie W. Barstad sold 1,968 shares of the stock in a transaction dated Friday, October 13th. The shares were sold at an average price of $514.17, for a total transaction of $1,011,886.56. Following the transaction, the director now directly owns 6,250 shares in the company, valued at approximately $3,213,562.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 15.10% of the stock is owned by company insiders.

Cintas Trading Up 0.5 %

CTAS stock opened at $550.84 on Tuesday. The company has a market capitalization of $56.10 billion, a PE ratio of 41.45, a P/E/G ratio of 3.22 and a beta of 1.29. Cintas Co. has a 12 month low of $423.06 and a 12 month high of $557.08. The firm’s 50-day moving average is $510.55 and its 200 day moving average is $495.95. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.56 and a quick ratio of 2.13.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Tuesday, September 26th. The business services provider reported $3.70 EPS for the quarter, topping the consensus estimate of $3.67 by $0.03. The company had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.34 billion. Cintas had a net margin of 15.36% and a return on equity of 36.82%. The firm’s revenue was up 8.1% compared to the same quarter last year. During the same quarter last year, the firm posted $3.39 EPS. On average, research analysts anticipate that Cintas Co. will post 14.35 EPS for the current year.

Cintas Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 0.98%. The ex-dividend date is Tuesday, November 14th. Cintas’s dividend payout ratio is presently 40.63%.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CTAS. Truist Financial began coverage on shares of Cintas in a research report on Monday, November 13th. They set a “buy” rating and a $625.00 target price for the company. StockNews.com upgraded shares of Cintas from a “hold” rating to a “buy” rating in a research report on Wednesday, November 8th. Citigroup dropped their target price on shares of Cintas from $550.00 to $530.00 and set a “neutral” rating for the company in a research report on Wednesday, October 4th. Bank of America decreased their price target on shares of Cintas from $580.00 to $565.00 in a research note on Wednesday, September 27th. Finally, The Goldman Sachs Group raised shares of Cintas from a “buy” rating to a “conviction-buy” rating in a research note on Monday, October 2nd. Five research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $534.40.

Cintas Company Profile

Cintas Corporation provides 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.