HB Wealth Management LLC Raises Stock Position in Cintas Corporation $CTAS

HB Wealth Management LLC raised its stake in shares of Cintas Corporation (NASDAQ:CTAS) by 33.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 11,840 shares of the business services provider’s stock after buying an additional 2,970 shares during the period. HB Wealth Management LLC’s holdings in Cintas were worth $2,003,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CTAS. Brighton Jones LLC increased its position in shares of Cintas by 9.3% during the 4th quarter. Brighton Jones LLC now owns 1,268 shares of the business services provider’s stock valued at $232,000 after purchasing an additional 108 shares during the last quarter. Sivia Capital Partners LLC increased its holdings in Cintas by 42.3% during the second quarter. Sivia Capital Partners LLC now owns 1,441 shares of the business services provider’s stock valued at $321,000 after buying an additional 428 shares during the last quarter. Gamco Investors INC. ET AL bought a new position in Cintas in the second quarter worth approximately $625,000. Treasurer of the State of North Carolina boosted its stake in shares of Cintas by 20.3% during the 2nd quarter. Treasurer of the State of North Carolina now owns 212,192 shares of the business services provider’s stock worth $47,291,000 after acquiring an additional 35,781 shares during the last quarter. Finally, Ieq Capital LLC grew its position in shares of Cintas by 50.2% during the 2nd quarter. Ieq Capital LLC now owns 92,924 shares of the business services provider’s stock valued at $20,710,000 after acquiring an additional 31,068 shares during the period. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on CTAS. Bank of America decreased their target price on Cintas from $215.00 to $200.00 and set a “neutral” rating on the stock in a report on Monday, June 29th. Truist Financial reduced their price target on Cintas from $255.00 to $225.00 and set a “buy” rating for the company in a research report on Monday, June 15th. 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 research report on Wednesday, March 11th. Stifel Nicolaus cut their price objective on Cintas from $222.00 to $190.00 and set a “hold” rating for the company in a research note on Thursday, March 26th. Finally, UBS Group restated a “buy” rating on shares of Cintas in a research note on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $211.25.

Insiders Place Their Bets

In other Cintas 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 completion of the transaction, the director 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 filing with the SEC, which is available through this link. 14.90% of the stock is owned by corporate insiders.

Cintas Stock Performance

Shares of NASDAQ CTAS opened at $178.24 on Tuesday. The company has a market cap of $71.31 billion, a P/E ratio of 50.35, a P/E/G ratio of 2.89 and a beta of 0.94. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $226.75. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.74 and a current ratio of 1.98. The firm’s fifty day moving average is $172.75 and its two-hundred day moving average is $182.96.

Cintas Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date was Friday, May 15th. 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.