Cintas Co. (NASDAQ:CTAS) Shares Sold by Ameritas Investment Partners Inc.

Ameritas Investment Partners Inc. lessened its stake in shares of Cintas Co. (NASDAQ:CTAS) by 5.6% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,868 shares of the business services provider’s stock after selling 350 shares during the period. Ameritas Investment Partners Inc.’s holdings in Cintas were worth $4,109,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. LGT Financial Advisors LLC raised its position in shares of Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares during the last quarter. Atwood & Palmer Inc. purchased a new stake in Cintas during the 2nd quarter valued at about $27,000. Pathway Financial Advisers LLC purchased a new stake in Cintas during the 1st quarter valued at about $29,000. Rise Advisors LLC purchased a new stake in Cintas during the 1st quarter valued at about $30,000. Finally, Meeder Asset Management Inc. grew its stake in Cintas by 226.7% during the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Insiders Place Their Bets

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

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CTAS. Robert W. Baird reaffirmed a “neutral” rating and set a $193.75 price objective (up previously from $187.50) on shares of Cintas in a research note on Friday, July 19th. Morgan Stanley increased their price target on shares of Cintas from $143.75 to $156.25 and gave the company an “equal weight” rating in a research note on Friday, July 19th. Truist Financial increased their price target on shares of Cintas from $212.50 to $225.00 and gave the company a “buy” rating in a research note on Tuesday. Baird R W cut 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 target for the company from $132.50 to $142.50 in a research note on Friday, May 24th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $186.30.

Cintas Price Performance

Cintas stock opened at $204.16 on Friday. The firm has a market cap of $20.71 billion, a PE ratio of 14.10, a price-to-earnings-growth ratio of 4.36 and a beta of 1.32. Cintas Co. has a 52-week low of $118.68 and a 52-week high of $209.12. 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 company’s 50 day moving average is $206.76 and its two-hundred day moving average is $182.29.

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

Cintas announced that its Board of Directors has authorized a share buyback plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a dividend of $0.39 per share. 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 0.76%. Cintas’s dividend payout ratio (DPR) is presently 10.77%.

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.