Bank of Nova Scotia Has $18.54 Million Stake in Cintas Co. (NASDAQ:CTAS)

Bank of Nova Scotia lifted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 47.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 101,459 shares of the business services provider’s stock after acquiring an additional 32,514 shares during the period. Bank of Nova Scotia’s holdings in Cintas were worth $18,537,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CTAS. Sound Income Strategies LLC bought a new position in shares of Cintas during the 4th quarter valued at approximately $27,000. Cyrus J. Lawrence LLC bought a new position in Cintas in the 4th quarter valued at $29,000. Endeavor Private Wealth Inc. bought a new position in Cintas in the 4th quarter valued at $31,000. IAG Wealth Partners LLC boosted its holdings in Cintas by 136.8% in the 4th quarter. IAG Wealth Partners LLC now owns 180 shares of the business services provider’s stock valued at $33,000 after purchasing an additional 104 shares during the period. Finally, Newbridge Financial Services Group Inc. purchased a new stake in shares of Cintas during the 4th quarter valued at $34,000. 63.46% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, COO Jim Rozakis sold 2,000 shares of the company’s stock in a transaction on Monday, April 7th. The shares were sold at an average price of $190.37, for a total transaction of $380,740.00. Following the sale, the chief operating officer now owns 256,528 shares of the company’s stock, valued at $48,835,235.36. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 15.00% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on CTAS. The Goldman Sachs Group raised their price objective on shares of Cintas from $211.00 to $233.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. UBS Group raised their price target on shares of Cintas from $218.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, March 27th. Morgan Stanley lifted their target price on shares of Cintas from $195.00 to $213.00 and gave the company an “equal weight” rating in a research note on Thursday, March 27th. Truist Financial boosted their price objective on shares of Cintas from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Finally, Robert W. Baird boosted their price objective on shares of Cintas from $200.00 to $227.00 and gave the stock a “neutral” rating in a research note on Thursday, March 27th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Cintas presently has an average rating of “Hold” and a consensus target price of $210.58.

Cintas Stock Up 7.3 %

Shares of CTAS stock opened at $203.99 on Thursday. Cintas Co. has a 12 month low of $162.16 and a 12 month high of $228.12. The stock has a market cap of $82.32 billion, a P/E ratio of 49.18, a P/E/G ratio of 3.98 and a beta of 1.20. 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 50 day simple moving average of $200.97 and a two-hundred day simple moving average of $204.27.

Cintas (NASDAQ:CTAS) last announced its earnings results on Wednesday, March 26th. The business services provider reported $1.13 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.08. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.60 billion. Cintas had a net margin of 17.23% and a return on equity of 40.62%. The firm’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.84 earnings per share. On average, research analysts expect that Cintas Co. will post 4.31 earnings per share for the current year.

Cintas Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.76%. Cintas’s dividend payout ratio is 36.11%.

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.