State of Tennessee Department of Treasury Lowers Position in Cintas Co. (NASDAQ:CTAS)

State of Tennessee Department of Treasury lessened its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 16.7% during the fourth quarter, HoldingsChannel reports. The fund owned 94,353 shares of the business services provider’s stock after selling 18,943 shares during the period. State of Tennessee Department of Treasury’s holdings in Cintas were worth $17,238,000 at the end of the most recent reporting period.

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

Cintas Trading Up 2.7 %

Shares of CTAS opened at $205.84 on Wednesday. Cintas Co. has a 1-year low of $162.16 and a 1-year high of $228.12. The business’s 50-day moving average price is $201.33 and its 200 day moving average price is $204.30. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $83.12 billion, a P/E ratio of 49.63, a P/E/G ratio of 3.98 and a beta of 1.20.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.08. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.60 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. Cintas’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the firm earned $3.84 earnings per share. Analysts expect that Cintas Co. will post 4.31 earnings per share for the current year.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be given a dividend of $0.39 per share. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.76%. Cintas’s payout ratio is 36.11%.

Analysts Set New Price Targets

A number of analysts have recently commented on CTAS shares. Wells Fargo & Company upped their price objective on Cintas from $184.00 to $196.00 and gave the stock an “underweight” rating in a report on Thursday, March 27th. UBS Group increased their price target on shares of Cintas from $218.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, March 27th. Citigroup initiated coverage on Cintas in a report on Monday, February 24th. They set a “sell” rating and a $161.00 target price for the company. The Goldman Sachs Group lifted their price target on Cintas from $211.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, March 27th. Finally, Bank of America began coverage on shares of Cintas in a research report on Thursday, April 10th. They issued a “buy” rating and a $250.00 target price for the company. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $213.62.

Insider Activity

In other news, Director Ronald W. Tysoe sold 8,521 shares of the firm’s stock in a transaction dated Monday, April 14th. The stock was sold at an average price of $208.96, for a total value of $1,780,548.16. Following the sale, the director now directly owns 27,029 shares of the company’s stock, valued at approximately $5,647,979.84. This trade represents a 23.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jim Rozakis sold 2,000 shares of Cintas stock in a transaction that occurred on Monday, April 7th. The stock was sold at an average price of $190.37, for a total value of $380,740.00. Following the completion of the transaction, the chief operating officer now directly owns 256,528 shares in the company, valued at approximately $48,835,235.36. This represents a 0.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 15.00% of the stock is 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.