Teachers Retirement System of The State of Kentucky Reduces Stock Position in Cintas Co. (NASDAQ:CTAS)

Teachers Retirement System of The State of Kentucky lowered its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 5.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,052 shares of the business services provider’s stock after selling 388 shares during the quarter. Teachers Retirement System of The State of Kentucky’s holdings in Cintas were worth $4,845,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Janiczek Wealth Management LLC raised its position in Cintas by 113.0% during the 4th quarter. Janiczek Wealth Management LLC now owns 49 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 26 shares in the last quarter. Rise Advisors LLC bought a new stake in Cintas during the 1st quarter valued at $30,000. Webster Bank N. A. bought a new stake in Cintas during the 1st quarter valued at $38,000. DSM Capital Partners LLC bought a new stake in Cintas during the 4th quarter valued at $40,000. Finally, EverSource Wealth Advisors LLC raised its position in Cintas by 41.7% during the 4th quarter. EverSource Wealth Advisors LLC now owns 68 shares of the business services provider’s stock valued at $41,000 after purchasing an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Barclays boosted their price target on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Morgan Stanley upped their target price on Cintas from $575.00 to $625.00 and gave the company an “equal weight” rating in a research report on Friday, July 19th. Truist Financial upped their target price on Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Robert W. Baird reaffirmed a “neutral” rating and set a $775.00 target price (up from $750.00) on shares of Cintas in a research report on Friday, July 19th. Finally, Citigroup lowered Cintas from a “neutral” rating to a “sell” rating and upped their target price for the company from $530.00 to $570.00 in a research report on Friday, May 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $749.00.

Insider Buying and Selling at Cintas

In other Cintas news, COO Jim Rozakis sold 1,318 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $693.71, for a total transaction of $914,309.78. Following the completion of the transaction, the chief operating officer now owns 59,770 shares of the company’s stock, valued at $41,463,046.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Gerald S. Adolph sold 1,100 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total value of $842,292.00. Following the completion of the transaction, the director now directly owns 31,452 shares in the company, valued at $24,083,425.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jim Rozakis sold 1,318 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $693.71, for a total value of $914,309.78. Following the completion of the transaction, the chief operating officer now owns 59,770 shares of the company’s stock, valued at $41,463,046.70. The disclosure for this sale can be found here. Insiders sold 4,709 shares of company stock valued at $3,346,441 over the last quarter. 15.10% of the stock is currently owned by insiders.

Cintas Stock Performance

Shares of CTAS traded down $5.15 during mid-day trading on Friday, reaching $756.76. The company had a trading volume of 485,161 shares, compared to its average volume of 420,490. Cintas Co. has a 52-week low of $474.74 and a 52-week high of $773.95. 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 $76.26 billion, a P/E ratio of 52.26, a PEG ratio of 4.06 and a beta of 1.31. The stock has a 50 day moving average of $713.86 and a two-hundred day moving average of $669.48.

Shares of Cintas are scheduled to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, September 11th.

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

Cintas Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be issued 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 boost from Cintas’s previous quarterly dividend of $1.35. Cintas’s dividend payout ratio is presently 37.29%.

Cintas declared that its Board of Directors has authorized a stock repurchase program on Tuesday, July 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

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.