Cintas Co. (NASDAQ:CTAS) Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lessened its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 4.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 23,096 shares of the business services provider’s stock after selling 1,111 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Cintas were worth $16,173,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Cintas by 1.1% during the 4th quarter. Vanguard Group Inc. now owns 10,299,288 shares of the business services provider’s stock valued at $6,206,969,000 after purchasing an additional 112,361 shares in the last quarter. Norges Bank acquired a new stake in Cintas during the 4th quarter valued at approximately $872,895,000. Bank of New York Mellon Corp grew its stake in Cintas by 3.5% during the 1st quarter. Bank of New York Mellon Corp now owns 806,369 shares of the business services provider’s stock valued at $554,000,000 after purchasing an additional 27,470 shares in the last quarter. Brown Advisory Inc. grew its stake in Cintas by 2.2% during the 4th quarter. Brown Advisory Inc. now owns 726,515 shares of the business services provider’s stock valued at $437,842,000 after purchasing an additional 15,444 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Cintas by 6.3% during the 1st quarter. Nordea Investment Management AB now owns 638,038 shares of the business services provider’s stock valued at $438,402,000 after purchasing an additional 37,727 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Cintas Stock Performance

Cintas stock traded down $17.02 during mid-day trading on Friday, hitting $781.90. 375,733 shares of the company’s stock traded hands, compared to its average volume of 370,279. The firm has a 50 day moving average price of $756.32 and a 200 day moving average price of $698.93. 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 company has a market cap of $79.33 billion, a PE ratio of 54.00, a price-to-earnings-growth ratio of 4.28 and a beta of 1.31. Cintas Co. has a one year low of $474.74 and a one year high of $812.01.

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 announced its earnings results on Thursday, July 18th. The business services provider reported $3.99 earnings per share for the quarter, beating the consensus estimate of $3.80 by $0.19. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The firm had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the previous year, the business earned $3.33 EPS. The firm’s revenue for the quarter was up 8.2% on a year-over-year basis. On average, equities analysts forecast that Cintas Co. will post 16.64 EPS for the current year.

Cintas Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $1.56 dividend. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date was Thursday, August 15th. This is an increase from Cintas’s previous quarterly dividend of $1.35. Cintas’s payout ratio is currently 43.09%.

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

Analyst Ratings Changes

CTAS has been the subject of several research reports. Robert W. Baird reiterated a “neutral” rating and issued a $775.00 target price (up previously from $750.00) on shares of Cintas in a research report on Friday, July 19th. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Morgan Stanley lifted their target price on Cintas from $575.00 to $625.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Redburn Atlantic initiated coverage on Cintas in a research report on Friday, August 9th. They issued a “neutral” rating and a $670.00 target price for the company. Finally, Royal Bank of Canada lowered Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 target price for the company. in a research report on Monday, July 15th. Two 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 stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $742.36.

Insider Transactions at Cintas

In other news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction 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 sale, the director now owns 31,452 shares of the company’s stock, valued at approximately $24,083,425.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 15.10% of the company’s stock.

Cintas Profile

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.