JPMorgan Chase & Co. cut its holdings in Cintas Co. (NASDAQ:CTAS – Get Rating) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 278,271 shares of the business services provider’s stock after selling 11,471 shares during the quarter. JPMorgan Chase & Co.’s holdings in Cintas were worth $103,942,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. Investors Asset Management of Georgia Inc. GA ADV acquired a new stake in shares of Cintas during the second quarter valued at about $37,000. MCF Advisors LLC acquired a new stake in shares of Cintas during the first quarter valued at about $39,000. Glassman Wealth Services boosted its stake in shares of Cintas by 22.9% during the second quarter. Glassman Wealth Services now owns 134 shares of the business services provider’s stock valued at $50,000 after purchasing an additional 25 shares in the last quarter. Standard Family Office LLC acquired a new stake in shares of Cintas during the first quarter valued at about $70,000. Finally, CX Institutional acquired a new stake in shares of Cintas during the second quarter valued at about $90,000. 76.66% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of analysts have recently commented on the company. Stifel Nicolaus lifted their price target on Cintas from $415.00 to $435.00 in a research note on Wednesday, September 28th. Morgan Stanley raised their price objective on Cintas from $352.00 to $373.00 in a research report on Thursday, September 29th. Robert W. Baird lowered their price objective on Cintas from $475.00 to $450.00 and set an “outperform” rating for the company in a research report on Thursday, September 29th. Jefferies Financial Group restated a “buy” rating and set a $463.00 price objective on shares of Cintas in a research report on Tuesday, October 25th. Finally, StockNews.com started coverage on Cintas in a research report on Wednesday, October 12th. They set a “buy” rating for the company. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $440.70.
Cintas Trading Up 1.3 %
Cintas (NASDAQ:CTAS – Get Rating) last released its quarterly earnings data on Wednesday, September 28th. The business services provider reported $3.39 EPS for the quarter, beating the consensus estimate of $3.13 by $0.26. The firm had revenue of $2.17 billion during the quarter, compared to the consensus estimate of $2.08 billion. Cintas had a return on equity of 36.63% and a net margin of 15.46%. The company’s quarterly revenue was up 14.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $3.11 earnings per share. As a group, equities analysts expect that Cintas Co. will post 12.52 earnings per share for the current fiscal year.
Cintas Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be issued a dividend of $1.15 per share. The ex-dividend date is Monday, November 14th. This represents a $4.60 annualized dividend and a dividend yield of 1.01%. Cintas’s dividend payout ratio is 38.56%.
In related news, Director Melanie W. Barstad sold 2,116 shares of Cintas stock in a transaction that occurred on Thursday, October 27th. The stock was sold at an average price of $415.43, for a total transaction of $879,049.88. Following the transaction, the director now owns 6,250 shares of the company’s stock, valued at $2,596,437.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 15.10% of the company’s stock.
Cintas Corporation provides 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.
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