Cintas Co. (NASDAQ:CTAS) Shares Purchased by Industrial Alliance Investment Management Inc.

Posted by MarketBeat News on Mar 17th, 2023

Industrial Alliance Investment Management Inc. boosted its holdings in Cintas Co. (NASDAQ:CTAS – Get Rating) by 3.6% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 6,361 shares of the business services provider’s stock after purchasing an additional 223 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Cintas were worth $2,469,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of CTAS. BlackRock Inc. raised its position in shares of Cintas by 5.2% during the 3rd quarter. BlackRock Inc. now owns 7,579,704 shares of the business services provider’s stock worth $2,942,364,000 after acquiring an additional 375,669 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Cintas by 5.2% during the 1st quarter. Royal Bank of Canada now owns 1,163,413 shares of the business services provider’s stock worth $494,904,000 after buying an additional 57,674 shares during the last quarter. Northern Trust Corp grew its position in shares of Cintas by 0.9% in the 2nd quarter. Northern Trust Corp now owns 951,780 shares of the business services provider’s stock valued at $355,519,000 after buying an additional 8,139 shares during the last quarter. Invesco Ltd. raised its stake in Cintas by 9.6% during the 1st quarter. Invesco Ltd. now owns 803,504 shares of the business services provider’s stock worth $341,802,000 after acquiring an additional 70,120 shares in the last quarter. Finally, Pictet Asset Management SA lifted its position in Cintas by 17.5% in the third quarter. Pictet Asset Management SA now owns 620,717 shares of the business services provider’s stock valued at $240,018,000 after acquiring an additional 92,226 shares during the last quarter. 61.92% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Up 0.8 %

Shares of Cintas stock opened at $435.61 on Friday. Cintas Co. has a one year low of $343.86 and a one year high of $470.23. The company has a market cap of $44.27 billion, a P/E ratio of 35.44, a PEG ratio of 3.02 and a beta of 1.34. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.53 and a current ratio of 1.86. The firm has a fifty day moving average of $439.95 and a two-hundred day moving average of $431.10.

Want More Great Investing Ideas?

Cintas (NASDAQ:CTAS – Get Rating) last issued its quarterly earnings results on Wednesday, December 21st. The business services provider reported $3.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.03 by $0.09. The business had revenue of $2.17 billion for the quarter, compared to analyst estimates of $2.13 billion. Cintas had a net margin of 15.35% and a return on equity of 37.89%. The business’s revenue was up 13.1% compared to the same quarter last year. During the same period in the previous year, the business posted $2.76 earnings per share. On average, analysts forecast that Cintas Co. will post 12.68 earnings per share for the current year.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Wednesday, February 15th were issued a $1.15 dividend. The ex-dividend date of this dividend was Tuesday, February 14th. This represents a $4.60 annualized dividend and a dividend yield of 1.06%. Cintas’s dividend payout ratio is currently 37.43%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Barclays lifted their target price on Cintas from $435.00 to $500.00 in a research report on Friday, December 2nd. Wells Fargo & Company boosted their price objective on Cintas from $393.00 to $450.00 and gave the company an “equal weight” rating in a research note on Thursday, December 22nd. Robert W. Baird raised their target price on shares of Cintas from $475.00 to $500.00 in a research report on Thursday, December 22nd. Royal Bank of Canada upped their price target on shares of Cintas from $450.00 to $525.00 and gave the company an “outperform” rating in a research report on Monday, November 28th. Finally, StockNews.com initiated coverage on shares of Cintas in a research report on Thursday. They set a “buy” rating on the stock. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $476.10.

Insider Activity at Cintas

In related news, CAO Michael Lawrence Thompson sold 14,795 shares of the company’s stock in a transaction on Thursday, January 12th. The stock was sold at an average price of $444.98, for a total transaction of $6,583,479.10. Following the transaction, the chief accounting officer now owns 23,318 shares of the company’s stock, valued at $10,376,043.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Michael Lawrence Thompson sold 14,795 shares of the business’s stock in a transaction dated Thursday, January 12th. The shares were sold at an average price of $444.98, for a total transaction of $6,583,479.10. Following the sale, the chief accounting officer now owns 23,318 shares of the company’s stock, valued at $10,376,043.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO J. Michael Hansen sold 1,618 shares of the company’s stock in a transaction dated Monday, February 6th. The stock was sold at an average price of $441.85, for a total transaction of $714,913.30. Following the transaction, the chief financial officer now owns 30,132 shares in the company, valued at $13,313,824.20. The disclosure for this sale can be found here. Company insiders own 15.10% of the company’s stock.

Cintas Company Profile

(Get Rating)

Cintas Corp. engages in the provision of corporate identity uniforms through rental and sales programs. It operates through the following segments: Uniform Rental and Facility Services, First Aid and Safety Services, and All Other. The Uniform Rental and Facility Services segment consists of the rental and servicing of uniforms and other garments including flame resistant clothing, mats, mops and shop towels, and other ancillary items.