New York State Common Retirement Fund Reduces Holdings in Cintas Co. (NASDAQ:CTAS)

New York State Common Retirement Fund cut its position in shares of Cintas Co. (NASDAQ:CTAS) by 1.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 499,988 shares of the business services provider’s stock after selling 6,100 shares during the quarter. New York State Common Retirement Fund’s holdings in Cintas were worth $91,348,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of CTAS. Prossimo Advisors LLC lifted its position in shares of Cintas by 9.3% during the fourth quarter. Prossimo Advisors LLC now owns 14,887 shares of the business services provider’s stock worth $2,720,000 after purchasing an additional 1,271 shares in the last quarter. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors acquired a new position in shares of Cintas during the fourth quarter worth $879,000. Kestra Investment Management LLC acquired a new position in shares of Cintas during the fourth quarter worth $55,000. Venturi Wealth Management LLC increased its stake in shares of Cintas by 10.2% in the fourth quarter. Venturi Wealth Management LLC now owns 12,172 shares of the business services provider’s stock worth $2,224,000 after buying an additional 1,125 shares during the last quarter. Finally, Truist Financial Corp increased its stake in Cintas by 11.8% during the fourth quarter. Truist Financial Corp now owns 42,238 shares of the business services provider’s stock valued at $7,717,000 after purchasing an additional 4,447 shares during the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on CTAS. Robert W. Baird reduced their price target on shares of Cintas from $209.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, December 20th. UBS Group reduced their price objective on shares of Cintas from $240.00 to $218.00 and set a “buy” rating for the company in a report on Friday, December 20th. Wells Fargo & Company reduced their price objective on shares of Cintas from $191.00 to $184.00 and set an “underweight” rating for the company in a report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $215.00 price objective on shares of Cintas in a report on Friday, December 20th. Finally, Morgan Stanley upped their price target on shares of Cintas from $185.00 to $202.00 and gave the company an “equal weight” rating in a report on Thursday, December 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Cintas presently has an average rating of “Hold” and a consensus target price of $198.46.

Cintas Price Performance

NASDAQ CTAS opened at $208.14 on Thursday. The stock’s 50-day moving average price is $196.78 and its two-hundred day moving average price is $207.96. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. The company has a market cap of $83.99 billion, a PE ratio of 50.18, a PEG ratio of 3.94 and a beta of 1.38. Cintas Co. has a 1 year low of $152.77 and a 1 year high of $228.12.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.01 by $0.08. The firm had revenue of $2.56 billion for the quarter, compared to the consensus estimate of $2.56 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $3.61 EPS. On average, analysts predict that Cintas Co. will post 4.31 EPS for the current year.

Cintas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.75%. Cintas’s dividend payout ratio is 37.61%.

About Cintas

Cintas Corporation engages in the provision of 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.