Penobscot Investment Management Company Inc. Sells 7,120 Shares of Cintas Corporation $CTAS

Penobscot Investment Management Company Inc. cut its stake in Cintas Corporation (NASDAQ:CTAS) by 16.2% in the first quarter, Holdings Channel.com reports. The firm owned 36,867 shares of the business services provider’s stock after selling 7,120 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Cintas were worth $6,236,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of Cintas by 1.4% in the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock valued at $2,879,632,000 after purchasing an additional 210,477 shares in the last quarter. Geode Capital Management LLC boosted its position in Cintas by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock worth $1,746,453,000 after acquiring an additional 97,220 shares during the last quarter. Norges Bank acquired a new position in Cintas during the 4th quarter worth approximately $923,672,000. Morgan Stanley grew its stake in shares of Cintas by 0.8% during the 4th quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider’s stock worth $826,214,000 after acquiring an additional 36,666 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in shares of Cintas by 6.2% during the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider’s stock worth $517,466,000 after acquiring an additional 158,785 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CTAS shares. Weiss Ratings cut shares of Cintas from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 17th. Stifel Nicolaus cut their price target on shares of Cintas from $222.00 to $190.00 and set a “hold” rating on the stock in a research report on Thursday, March 26th. Robert W. Baird upgraded Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 target price on the stock in a report on Wednesday, March 11th. Bank of America decreased their price target on Cintas from $215.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday, June 29th. Finally, Truist Financial lowered their price target on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, Cintas has a consensus rating of “Hold” and an average price target of $211.25.

Insider Transactions at Cintas

In other news, Director Ronald W. Tysoe sold 4,666 shares of the company’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $178.87, for a total value of $834,607.42. Following the transaction, the director owned 22,448 shares of the company’s stock, valued at approximately $4,015,273.76. This represents a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 14.90% of the stock is owned by company insiders.

Cintas Trading Up 2.0%

Shares of Cintas stock opened at $181.83 on Wednesday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.98 and a quick ratio of 1.74. The business has a fifty day simple moving average of $172.88 and a two-hundred day simple moving average of $182.85. Cintas Corporation has a 1 year low of $161.16 and a 1 year high of $226.75. The company has a market capitalization of $72.75 billion, a price-to-earnings ratio of 51.36, a P/E/G ratio of 2.84 and a beta of 0.94.

Cintas Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Friday, May 15th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, May 15th. Cintas’s dividend payout ratio is currently 50.85%.

Cintas Company Profile

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.