TimesSquare Capital Management LLC trimmed its holdings in Cintas Co. (NASDAQ:CTAS) by 24.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 288,500 shares of the business services provider’s stock after selling 94,300 shares during the quarter. TimesSquare Capital Management LLC owned about 0.28% of Cintas worth $68,458,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of CTAS. Financial Gravity Wealth Inc. bought a new stake in shares of Cintas during the 1st quarter valued at $36,000. Coastal Investment Advisors Inc. purchased a new stake in shares of Cintas in the second quarter valued at approximately $36,000. CWM LLC boosted its stake in shares of Cintas by 52.4% in the first quarter. CWM LLC now owns 192 shares of the business services provider’s stock valued at $39,000 after buying an additional 66 shares in the last quarter. Sonora Investment Management LLC purchased a new stake in shares of Cintas in the second quarter valued at approximately $42,000. Finally, Lenox Wealth Management Inc. boosted its stake in shares of Cintas by 20.5% in the second quarter. Lenox Wealth Management Inc. now owns 235 shares of the business services provider’s stock valued at $55,000 after buying an additional 40 shares in the last quarter. Institutional investors own 68.31% of the company’s stock.
In other news, insider Michael Lawrence Thompson sold 4,888 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total value of $1,274,741.52. Following the completion of the sale, the insider now owns 69,053 shares of the company’s stock, valued at $18,008,331.87. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas E. Frooman sold 5,373 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total value of $1,401,224.67. Following the completion of the sale, the vice president now directly owns 127,624 shares of the company’s stock, valued at approximately $33,283,062.96. The disclosure for this sale can be found here. Corporate insiders own 19.10% of the company’s stock.
Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Tuesday, July 16th. The business services provider reported $2.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.94 by $0.13. The company had revenue of $1.79 billion during the quarter, compared to analyst estimates of $1.78 billion. Cintas had a return on equity of 26.77% and a net margin of 12.80%. The firm’s revenue was up 7.4% on a year-over-year basis. During the same period in the prior year, the firm posted $1.77 earnings per share. As a group, analysts predict that Cintas Co. will post 8.45 earnings per share for the current year.
A number of research firms recently weighed in on CTAS. Morgan Stanley lifted their price target on Cintas from $184.00 to $202.00 and gave the company an “underweight” rating in a research note on Wednesday, July 17th. Zacks Investment Research upgraded Cintas from a “hold” rating to a “buy” rating and set a $273.00 target price for the company in a research note on Thursday, July 18th. Credit Suisse Group upped their target price on Cintas from $160.00 to $195.00 and gave the company a “neutral” rating in a research note on Wednesday, July 17th. Royal Bank of Canada upped their target price on Cintas to $267.00 and gave the company an “outperform” rating in a research note on Wednesday, July 17th. Finally, Nomura upped their target price on Cintas from $217.00 to $248.00 and gave the company a “neutral” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company. The company has an average rating of “Buy” and an average target price of $241.44.
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.
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