Richardson Financial Services Inc. Sells 262 Shares of Cintas Co. (NASDAQ:CTAS)

Richardson Financial Services Inc. lessened its stake in shares of Cintas Co. (NASDAQ:CTAS) by 13.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,628 shares of the business services provider’s stock after selling 262 shares during the period. Cintas accounts for 0.8% of Richardson Financial Services Inc.’s portfolio, making the stock its 26th largest holding. Richardson Financial Services Inc.’s holdings in Cintas were worth $1,140,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Checchi Capital Advisers LLC boosted its stake in Cintas by 0.9% during the 2nd quarter. Checchi Capital Advisers LLC now owns 1,651 shares of the business services provider’s stock valued at $1,156,000 after purchasing an additional 14 shares during the period. Axxcess Wealth Management LLC boosted its position in shares of Cintas by 0.5% in the second quarter. Axxcess Wealth Management LLC now owns 2,905 shares of the business services provider’s stock valued at $2,034,000 after acquiring an additional 14 shares during the period. Field & Main Bank grew its stake in shares of Cintas by 25.0% in the second quarter. Field & Main Bank now owns 75 shares of the business services provider’s stock worth $53,000 after acquiring an additional 15 shares during the last quarter. Drive Wealth Management LLC boosted its holdings in Cintas by 3.7% in the 2nd quarter. Drive Wealth Management LLC now owns 448 shares of the business services provider’s stock valued at $314,000 after purchasing an additional 16 shares during the period. Finally, TIAA Trust National Association increased its holdings in shares of Cintas by 1.2% during the 2nd quarter. TIAA Trust National Association now owns 1,363 shares of the business services provider’s stock worth $954,000 after purchasing an additional 16 shares during the period. Institutional investors own 63.46% of the company’s stock.

Cintas Stock Performance

Cintas stock opened at $201.38 on Thursday. Cintas Co. has a 12-month low of $118.68 and a 12-month high of $209.12. The stock has a 50-day simple moving average of $205.79 and a 200 day simple moving average of $181.82. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $20.43 billion, a price-to-earnings ratio of 13.91, a P/E/G ratio of 4.36 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Thursday, July 18th. The business services provider reported $1.00 EPS for the quarter, beating the consensus estimate of $0.95 by $0.05. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the prior year, the firm earned $0.83 earnings per share. Cintas’s revenue was up 8.2% compared to the same quarter last year. On average, research analysts anticipate that Cintas Co. will post 16.64 earnings per share for the current fiscal year.

Cintas Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a $0.39 dividend. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.77%. Cintas’s payout ratio is 10.77%.

Cintas announced that its board has approved a share repurchase plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the business services provider to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. UBS Group increased their target price on shares of Cintas from $197.50 to $218.50 and gave the company a “buy” rating in a research note on Friday, July 19th. Truist Financial lifted their price objective on Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a report on Tuesday. Royal Bank of Canada lowered Cintas from an “outperform” rating to a “sector perform” rating and set a $181.25 target price for the company. in a research note on Monday, July 15th. Baird R W downgraded shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Citigroup cut shares of Cintas from a “neutral” rating to a “sell” rating and increased their price objective for the company from $132.50 to $142.50 in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $186.30.

Insider Buying and Selling

In other news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 15.10% of the company’s stock.

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.