Penobscot Investment Management Company Inc. Cuts Stake in Cintas Co. (NASDAQ:CTAS)

Penobscot Investment Management Company Inc. cut its position in Cintas Co. (NASDAQ:CTAS) by 0.9% in the 4th quarter, Holdings Channel reports. The institutional investor owned 43,882 shares of the business services provider’s stock after selling 390 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Cintas were worth $8,017,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sound Income Strategies LLC purchased a new position in Cintas in the 4th quarter worth approximately $27,000. Cyrus J. Lawrence LLC bought a new stake in shares of Cintas in the 4th quarter worth $29,000. Endeavor Private Wealth Inc. purchased a new position in shares of Cintas in the fourth quarter worth $31,000. IAG Wealth Partners LLC boosted its position in shares of Cintas by 136.8% during the fourth quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider’s stock valued at $33,000 after buying an additional 104 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. bought a new stake in Cintas in the 4th quarter worth about $34,000. Institutional investors own 63.46% of the company’s stock.

Analyst Ratings Changes

CTAS has been the topic of several research analyst reports. The Goldman Sachs Group lowered their target price on shares of Cintas from $236.00 to $211.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Robert W. Baird dropped their target price on shares of Cintas from $209.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, December 20th. Royal Bank of Canada reiterated a “sector perform” rating and set a $215.00 target price on shares of Cintas in a research note on Friday, December 20th. Truist Financial dropped their price target on Cintas from $225.00 to $215.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Finally, Citigroup began coverage on Cintas in a research report on Monday, February 24th. They set a “sell” rating and a $161.00 price objective for the company. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $199.79.

Cintas Price Performance

Shares of NASDAQ:CTAS opened at $193.46 on Wednesday. The firm’s 50 day simple moving average is $200.57 and its two-hundred day simple moving average is $208.92. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.58 and a quick ratio of 1.38. The company has a market capitalization of $78.07 billion, a P/E ratio of 46.64, a P/E/G ratio of 3.98 and a beta of 1.41. Cintas Co. has a 1-year low of $158.10 and a 1-year high of $228.12.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Friday, February 14th were paid a $0.39 dividend. The ex-dividend date of this dividend was Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a yield of 0.81%. Cintas’s payout ratio is presently 37.59%.

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.