Aspire Private Capital LLC Decreases Holdings in Cintas Co. (NASDAQ:CTAS)

Aspire Private Capital LLC reduced its position in Cintas Co. (NASDAQ:CTAS) by 0.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,147 shares of the business services provider’s stock after selling 23 shares during the period. Aspire Private Capital LLC’s holdings in Cintas were worth $2,204,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Simplicity Solutions LLC grew its stake in shares of Cintas by 117.7% during the fourth quarter. Simplicity Solutions LLC now owns 3,224 shares of the business services provider’s stock valued at $1,943,000 after acquiring an additional 1,743 shares in the last quarter. Louisiana State Employees Retirement System acquired a new position in Cintas in the fourth quarter worth about $8,015,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cintas by 91.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 48,642 shares of the business services provider’s stock worth $29,315,000 after purchasing an additional 23,197 shares in the last quarter. QRG Capital Management Inc. grew its stake in Cintas by 111.5% in the second quarter. QRG Capital Management Inc. now owns 7,355 shares of the business services provider’s stock worth $5,151,000 after purchasing an additional 3,878 shares in the last quarter. Finally, Swedbank AB acquired a new position in Cintas in the first quarter worth about $37,658,000. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

CTAS has been the subject of a number of research reports. Citigroup downgraded Cintas from a “neutral” rating to a “sell” rating and lifted their price target for the stock from $530.00 to $570.00 in a research note on Friday, May 24th. Barclays lifted their price target on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Robert W. Baird reissued a “neutral” rating and issued a $775.00 target price (up previously from $750.00) on shares of Cintas in a report on Friday, July 19th. Wells Fargo & Company started coverage on shares of Cintas in a report on Monday. They issued an “underweight” rating and a $735.00 target price on the stock. Finally, Royal Bank of Canada cut shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price on the stock. in a report on Monday, July 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, Cintas has a consensus rating of “Hold” and an average price target of $742.36.

Cintas Price Performance

Cintas stock traded up $3.98 during mid-day trading on Monday, hitting $759.63. The company’s stock had a trading volume of 321,536 shares, compared to its average volume of 374,721. 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 stock has a market capitalization of $77.07 billion, a P/E ratio of 52.46, a P/E/G ratio of 4.06 and a beta of 1.31. Cintas Co. has a twelve month low of $474.74 and a twelve month high of $773.95. The stock’s fifty day moving average price is $721.21 and its two-hundred day moving average price is $675.80.

Cintas shares are set to split before the market opens on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly minted shares will be distributed to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share for the quarter, topping the consensus estimate of $3.80 by $0.19. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the previous year, the company posted $3.33 EPS. The company’s quarterly revenue was up 8.2% compared to the same quarter last year. Research analysts forecast that Cintas Co. will post 16.62 earnings per share for the current year.

Cintas Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be paid a dividend of $1.56 per share. The ex-dividend date is Thursday, August 15th. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.82%. This is a positive change from Cintas’s previous quarterly dividend of $1.35. Cintas’s dividend payout ratio (DPR) is 43.09%.

Cintas declared that its board has authorized a share buyback program on Tuesday, July 23rd that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the business services provider to buy up to 1.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Cintas

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of Cintas stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total transaction of $842,292.00. Following the completion of the sale, the director now owns 31,452 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 15.10% of the company’s stock.

About Cintas

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.