CIBC Asset Management Inc Has $29.37 Million Stake in Cintas Corporation $CTAS

CIBC Asset Management Inc lifted its position in Cintas Corporation (NASDAQ:CTAS) by 32.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 156,138 shares of the business services provider’s stock after purchasing an additional 38,068 shares during the quarter. CIBC Asset Management Inc’s holdings in Cintas were worth $29,365,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Camelot Portfolios LLC acquired a new position in shares of Cintas in the fourth quarter valued at $26,000. Key Capital Management INC acquired a new position in shares of Cintas in the fourth quarter valued at $28,000. Triumph Capital Management acquired a new position in shares of Cintas in the third quarter valued at $29,000. Ares Financial Consulting LLC acquired a new position in shares of Cintas in the fourth quarter valued at $32,000. Finally, Aventura Private Wealth LLC acquired a new position in shares of Cintas in the fourth quarter valued at $34,000. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Performance

Cintas stock opened at $174.76 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.98 and a quick ratio of 1.74. The stock has a fifty day moving average price of $172.50 and a two-hundred day moving average price of $184.57. Cintas Corporation has a 52-week low of $161.16 and a 52-week high of $229.24. The firm has a market capitalization of $69.92 billion, a P/E ratio of 49.37, a P/E/G ratio of 2.75 and a beta of 0.94.

Cintas (NASDAQ:CTAS) last released its quarterly earnings data on Wednesday, March 25th. The business services provider reported $1.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.24. Cintas had a return on equity of 41.47% and a net margin of 17.57%.The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.82 billion. During the same period in the prior year, the company posted $1.13 earnings per share. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. As a group, analysts anticipate that Cintas Corporation will post 4.89 EPS for the current fiscal year.

Cintas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Friday, May 15th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date is Friday, May 15th. Cintas’s dividend payout ratio is presently 50.85%.

Analysts Set New Price Targets

A number of brokerages recently commented on CTAS. 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. Weiss Ratings lowered Cintas from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, April 1st. Citigroup dropped their price objective on Cintas from $181.00 to $160.00 and set a “sell” rating for the company in a research note on Tuesday, March 31st. Bank of America started coverage on Cintas in a research note on Tuesday, February 17th. They set a “neutral” rating and a $215.00 price objective for the company. Finally, Robert W. Baird upgraded Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price objective for the company in a research note on Wednesday, March 11th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $215.17.

Insider Activity at Cintas

In other news, Director Ronald W. Tysoe sold 4,666 shares of the stock in a transaction 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 sale, the director owned 22,448 shares in the company, valued at approximately $4,015,273.76. This represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 14.90% of the company’s stock.

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.