Progressive Investment Management Corp Makes New $1.84 Million Investment in Cintas Corporation (NASDAQ:CTAS)

Progressive Investment Management Corp bought a new position in shares of Cintas Corporation (NASDAQ:CTAS) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 8,939 shares of the business services provider’s stock, valued at approximately $1,837,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in CTAS. Stone House Investment Management LLC bought a new stake in Cintas during the 1st quarter worth approximately $41,000. E Fund Management Hong Kong Co. Ltd. raised its stake in Cintas by 646.4% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider’s stock worth $43,000 after acquiring an additional 181 shares during the period. Washington Trust Advisors Inc. bought a new stake in Cintas during the 1st quarter worth approximately $46,000. Greykasell Wealth Strategies Inc. bought a new stake in Cintas during the 1st quarter worth approximately $46,000. Finally, Wellington Shields & Co. LLC bought a new stake in Cintas during the 1st quarter worth approximately $51,000. Institutional investors own 63.46% of the company’s stock.

Insider Transactions at Cintas

In other news, Director Ronald W. Tysoe sold 5,084 shares of Cintas stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the completion of the sale, the director directly owned 21,945 shares in the company, valued at approximately $4,904,049.15. This trade represents a 18.81% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Martin Mucci bought 1,200 shares of the firm’s stock in a transaction dated Monday, July 21st. The shares were acquired at an average price of $222.55 per share, with a total value of $267,060.00. Following the completion of the transaction, the director owned 2,621 shares of the company’s stock, valued at approximately $583,303.55. The trade was a 84.45% increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 15.00% of the company’s stock.

Analyst Upgrades and Downgrades

CTAS has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Cintas from $233.00 to $257.00 and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $240.00 price objective (up from $215.00) on shares of Cintas in a report on Monday, June 9th. Wells Fargo & Company raised shares of Cintas from an “underweight” rating to an “equal weight” rating and increased their price objective for the company from $196.00 to $221.00 in a report on Tuesday, July 1st. UBS Group increased their price objective on shares of Cintas from $240.00 to $255.00 and gave the company a “buy” rating in a report on Friday, July 18th. Finally, Robert W. Baird increased their price objective on shares of Cintas from $227.00 to $230.00 and gave the company a “neutral” rating in a report on Friday, July 18th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $224.54.

Cintas Stock Down 2.2%

NASDAQ CTAS opened at $216.55 on Friday. The company has a quick ratio of 1.82, a current ratio of 2.09 and a debt-to-equity ratio of 0.52. The company has a fifty day moving average of $220.86 and a two-hundred day moving average of $212.04. The firm has a market capitalization of $87.27 billion, a price-to-earnings ratio of 49.10, a PEG ratio of 3.82 and a beta of 1.03. Cintas Corporation has a 52 week low of $180.78 and a 52 week high of $229.24.

Cintas (NASDAQ:CTAS) last released its earnings results on Thursday, July 17th. The business services provider reported $1.09 earnings per share for the quarter, topping the consensus estimate of $1.07 by $0.02. Cintas had a return on equity of 41.21% and a net margin of 17.53%. The business had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same period last year, the company earned $3.99 earnings per share. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. On average, analysts predict that Cintas Corporation will post 4.31 earnings per share for the current year.

Cintas Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be given a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. This is a positive change from Cintas’s previous quarterly dividend of $0.39. The ex-dividend date is Friday, August 15th. Cintas’s dividend payout ratio is 35.37%.

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.