iA Global Asset Management Inc. Increases Stock Position in Cintas Corporation $CTAS

iA Global Asset Management Inc. raised its stake in shares of Cintas Corporation (NASDAQ:CTAS) by 6.9% in the 1st quarter, HoldingsChannel reports. The firm owned 53,424 shares of the business services provider’s stock after purchasing an additional 3,460 shares during the period. iA Global Asset Management Inc.’s holdings in Cintas were worth $9,036,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of CTAS. Nemes Rush Group LLC purchased a new stake in shares of Cintas during the 4th quarter valued at $25,000. Swiss RE Ltd. purchased a new position in Cintas in the fourth quarter worth $25,000. Kemnay Advisory Services Inc. bought a new position in Cintas in the fourth quarter valued at $26,000. Triumph Capital Management bought a new position in Cintas in the third quarter valued at $29,000. Finally, Camelot Portfolios LLC purchased a new stake in Cintas during the fourth quarter valued at about $26,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Bank of America dropped their price target on Cintas from $215.00 to $200.00 and set a “neutral” rating for the company in a research note on Monday. Citigroup reduced their price objective on Cintas from $181.00 to $160.00 and set a “sell” rating on the stock in a research report on Tuesday, March 31st. Robert W. Baird raised Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price objective on the stock in a report on Wednesday, March 11th. Weiss Ratings downgraded Cintas from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Finally, Stifel Nicolaus cut their target price on Cintas from $222.00 to $190.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Cintas has an average rating of “Hold” and a consensus target price of $211.25.

Insider Buying and Selling at Cintas

In related news, Director Ronald W. Tysoe sold 4,666 shares of the firm’s stock in a transaction that occurred on Monday, April 20th. The stock was sold at an average price of $178.87, for a total transaction of $834,607.42. Following the transaction, the director directly owned 22,448 shares in the company, valued at $4,015,273.76. This trade represents a 17.21% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 14.90% of the company’s stock.

Cintas Stock Performance

Cintas stock opened at $174.23 on Thursday. The firm has a fifty day simple moving average of $172.51 and a two-hundred day simple moving average of $183.05. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. Cintas Corporation has a twelve month low of $161.16 and a twelve month high of $226.75. The company has a market capitalization of $69.71 billion, a PE ratio of 49.22, a P/E/G ratio of 2.71 and a beta of 0.94.

Cintas Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.45 dividend. The ex-dividend date was Friday, May 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. Cintas’s payout ratio is currently 50.85%.

Cintas Company Profile

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.