AMI Asset Management Corp Has $27.59 Million Holdings in Cintas Co. (NASDAQ:CTAS)

AMI Asset Management Corp decreased its stake in shares of Cintas Co. (NASDAQ:CTAS) by 32.5% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,405 shares of the business services provider’s stock after selling 18,979 shares during the quarter. AMI Asset Management Corp’s holdings in Cintas were worth $27,594,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of CTAS. Atwood & Palmer Inc. purchased a new position in Cintas during the second quarter worth about $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the first quarter valued at approximately $29,000. Rise Advisors LLC bought a new stake in Cintas during the 1st quarter worth approximately $30,000. Webster Bank N. A. bought a new stake in Cintas during the 1st quarter worth approximately $38,000. Finally, DSM Capital Partners LLC bought a new stake in Cintas during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 63.46% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CTAS. UBS Group upped their price objective on shares of Cintas from $790.00 to $874.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Robert W. Baird reiterated a “neutral” rating and issued a $775.00 price target (up from $750.00) on shares of Cintas in a research note on Friday, July 19th. Redburn Atlantic began coverage on shares of Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $670.00 price objective for the company. Truist Financial raised their price objective on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Finally, Citigroup lowered shares of Cintas from a “neutral” rating to a “sell” rating and boosted their target price for the company from $530.00 to $570.00 in a research report on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Cintas has a consensus rating of “Hold” and an average price target of $742.36.

Cintas Stock Performance

Shares of CTAS traded up $3.86 during mid-day trading on Friday, hitting $788.50. The stock had a trading volume of 257,244 shares, compared to its average volume of 372,748. The company has a market cap of $80.00 billion, a PE ratio of 54.45, a PEG ratio of 4.06 and a beta of 1.31. The company’s fifty day simple moving average is $738.41 and its two-hundred day simple moving average is $686.71. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. Cintas Co. has a fifty-two week low of $474.74 and a fifty-two week high of $791.65.

Shares of Cintas are scheduled to split on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be distributed to shareholders after the market closes on Wednesday, September 11th.

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

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be paid a $1.56 dividend. This is an increase from Cintas’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $6.24 annualized dividend and a dividend yield of 0.79%. Cintas’s dividend payout ratio (DPR) is currently 43.09%.

Cintas declared that its Board of Directors has approved a stock buyback program on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Cintas

In other news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was 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 in the company, valued at $24,083,425.44. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 15.10% of the stock is currently owned by insiders.

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.