Clearbridge Investments LLC Trims Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Clearbridge Investments LLC lowered its stake in Cintas Co. (NASDAQ:CTAS) by 3.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 283,557 shares of the business services provider’s stock after selling 10,792 shares during the quarter. Clearbridge Investments LLC owned about 0.28% of Cintas worth $198,563,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of CTAS. LGT Financial Advisors LLC boosted its holdings in Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after acquiring an additional 28 shares during the period. Atwood & Palmer Inc. acquired a new stake in shares of Cintas during the second quarter worth about $27,000. Pathway Financial Advisers LLC purchased a new position in shares of Cintas in the first quarter valued at approximately $29,000. Rise Advisors LLC acquired a new position in shares of Cintas in the first quarter valued at approximately $30,000. Finally, Meeder Asset Management Inc. increased 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 worth $34,000 after buying an additional 34 shares during the period. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Insider Activity

In other news, Director Gerald S. Adolph sold 4,400 shares of Cintas 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 transaction, the director now directly owns 125,808 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 15.10% of the company’s stock.

Cintas Trading Down 1.0 %

Shares of Cintas stock opened at $203.86 on Wednesday. The company has a fifty day simple moving average of $209.44 and a 200-day simple moving average of $185.04. Cintas Co. has a 12-month low of $119.69 and a 12-month high of $211.57. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. The stock has a market cap of $20.68 billion, a price-to-earnings ratio of 14.08, a PEG ratio of 4.09 and a beta of 1.32.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.00 by $0.10. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The company had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.49 billion. During the same quarter last year, the company posted $3.70 earnings per share. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Cintas Co. will post 4.16 EPS for the current fiscal year.

Cintas declared that its board has approved a share repurchase plan on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Cintas Cuts Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have commented on CTAS shares. Redburn Atlantic assumed coverage on shares of Cintas in a research note on Friday, August 9th. They issued a “neutral” rating and a $167.50 price target for the company. The Goldman Sachs Group boosted their target price on Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a research note on Thursday, September 26th. Baird R W lowered Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Morgan Stanley boosted their price objective on Cintas from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 26th. Finally, StockNews.com raised shares of Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $199.63.

Cintas Company Profile

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.