Citigroup Inc. grew its position in Cintas Co. (NASDAQ:CTAS – Free Report) by 8.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 121,512 shares of the business services provider’s stock after purchasing an additional 9,451 shares during the period. Citigroup Inc. owned about 0.12% of Cintas worth $60,401,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Cintas in the fourth quarter valued at approximately $379,291,000. Select Equity Group L.P. raised its stake in shares of Cintas by 1,344.1% during the 4th quarter. Select Equity Group L.P. now owns 473,448 shares of the business services provider’s stock worth $213,819,000 after purchasing an additional 440,662 shares during the period. BlackRock Inc. raised its stake in shares of Cintas by 3.7% during the 1st quarter. BlackRock Inc. now owns 7,944,495 shares of the business services provider’s stock worth $3,675,759,000 after purchasing an additional 283,872 shares during the period. Impax Asset Management Group plc boosted its holdings in shares of Cintas by 21.4% in the 1st quarter. Impax Asset Management Group plc now owns 1,247,840 shares of the business services provider’s stock worth $576,464,000 after buying an additional 220,333 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Cintas by 8,140.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 173,039 shares of the business services provider’s stock worth $73,609,000 after buying an additional 170,939 shares during the last quarter. 62.26% of the stock is owned by institutional investors.
Insider Buying and Selling
In other Cintas news, Director Melanie W. Barstad sold 1,968 shares of the company’s stock in a transaction on Friday, October 13th. The shares were sold at an average price of $514.17, for a total value of $1,011,886.56. Following the completion of the transaction, the director now directly owns 6,250 shares in the company, valued at approximately $3,213,562.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.90% of the stock is currently owned by insiders.
Cintas Stock Up 0.1 %
Cintas (NASDAQ:CTAS – Get Free Report) last released its quarterly earnings data on Tuesday, September 26th. The business services provider reported $3.70 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.67 by $0.03. The firm had revenue of $2.34 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Cintas had a net margin of 15.36% and a return on equity of 36.82%. The company’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.39 earnings per share. On average, equities analysts expect that Cintas Co. will post 14.37 EPS for the current year.
Cintas Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a dividend of $1.35 per share. The ex-dividend date is Tuesday, November 14th. This represents a $5.40 dividend on an annualized basis and a dividend yield of 0.99%. Cintas’s dividend payout ratio is presently 40.63%.
Wall Street Analysts Forecast Growth
A number of research firms have recently weighed in on CTAS. Royal Bank of Canada reissued an “outperform” rating and set a $525.00 target price on shares of Cintas in a research report on Wednesday, September 27th. Robert W. Baird boosted their target price on Cintas from $524.00 to $540.00 and gave the company an “outperform” rating in a research note on Wednesday, September 27th. The Goldman Sachs Group upgraded Cintas from a “buy” rating to a “conviction-buy” rating in a research note on Monday, October 2nd. Stifel Nicolaus boosted their price objective on Cintas from $521.00 to $526.00 and gave the company a “hold” rating in a research note on Wednesday, September 27th. Finally, Truist Financial began coverage on shares of Cintas in a research note on Monday. They issued a “buy” rating and a $625.00 target price for the company. Five investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Cintas presently has an average rating of “Moderate Buy” and a consensus price target of $534.40.
Cintas Company Profile
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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