Cintas Co. (NASDAQ:CTAS) is Impax Asset Management Group plc’s 7th Largest Position

Impax Asset Management Group plc lessened its position in Cintas Co. (NASDAQ:CTAS) by 12.3% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 780,922 shares of the business services provider’s stock after selling 109,804 shares during the quarter. Cintas makes up about 2.2% of Impax Asset Management Group plc’s holdings, making the stock its 7th biggest holding. Impax Asset Management Group plc owned 0.77% of Cintas worth $545,973,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in CTAS. LGT Financial Advisors LLC increased its stake in Cintas by 311.1% in the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares during the period. Atwood & Palmer Inc. acquired a new position in Cintas in the 2nd quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas in the 1st quarter valued at approximately $29,000. Rise Advisors LLC acquired a new position in Cintas in the 1st quarter valued at approximately $30,000. Finally, Webster Bank N. A. acquired a new position in Cintas in the 1st quarter valued at approximately $38,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Insider Activity at Cintas

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of Cintas stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total transaction of $842,292.00. Following the sale, the director now owns 31,452 shares in the company, valued at $24,083,425.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 15.10% of the stock is currently owned by corporate insiders.

Cintas Stock Performance

Shares of Cintas stock traded down $1.74 during midday trading on Friday, hitting $797.18. The company had a trading volume of 12,713 shares, compared to its average volume of 368,164. The stock has a market cap of $80.88 billion, a PE ratio of 55.17, a P/E/G ratio of 4.28 and a beta of 1.31. Cintas Co. has a 1-year low of $474.74 and a 1-year high of $812.01. The business’s 50 day simple moving average is $754.69 and its two-hundred day simple moving average is $697.77. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52.

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

Cintas (NASDAQ:CTAS) last released 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 net margin of 16.38% and a return on equity of 37.82%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the company earned $3.33 earnings per share. The firm’s revenue was up 8.2% on a year-over-year basis. As a group, equities analysts predict that Cintas Co. will post 16.64 EPS for the current fiscal year.

Cintas announced that its board has authorized a stock repurchase plan 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

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 given a dividend of $1.56 per share. The ex-dividend date of this dividend was Thursday, August 15th. This is a boost from Cintas’s previous quarterly dividend of $1.35. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.78%. Cintas’s payout ratio is currently 43.09%.

Analysts Set New Price Targets

Several research analysts have weighed in on CTAS shares. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. Truist Financial increased their price target on shares of Cintas from $775.00 to $850.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Stifel Nicolaus increased their price target on shares of Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a research note on Friday, July 19th. Royal Bank of Canada lowered shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price target on the stock. in a research note on Monday, July 15th. Finally, Morgan Stanley increased their price target on shares of Cintas from $575.00 to $625.00 and gave the stock an “equal weight” rating in a research note on Friday, July 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Cintas has an average rating of “Hold” and a consensus price target of $742.36.

Cintas Company 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.