Assenagon Asset Management S.A. Purchases 582,651 Shares of Cintas Corporation $CTAS

Assenagon Asset Management S.A. increased its position in Cintas Corporation (NASDAQ:CTAS) by 131.2% in the first quarter, Holdings Channel.com reports. The fund owned 1,026,585 shares of the business services provider’s stock after purchasing an additional 582,651 shares during the period. Assenagon Asset Management S.A.’s holdings in Cintas were worth $173,637,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CTAS. One Capital Management LLC boosted its position in shares of Cintas by 0.9% during the fourth quarter. One Capital Management LLC now owns 6,160 shares of the business services provider’s stock valued at $1,159,000 after buying an additional 53 shares during the last quarter. Richardson Financial Services Inc. grew its stake in shares of Cintas by 1.1% in the fourth quarter. Richardson Financial Services Inc. now owns 5,058 shares of the business services provider’s stock worth $951,000 after acquiring an additional 54 shares during the period. Woodward Diversified Capital LLC grew its stake in shares of Cintas by 4.8% in the fourth quarter. Woodward Diversified Capital LLC now owns 1,288 shares of the business services provider’s stock worth $242,000 after acquiring an additional 59 shares during the period. Mather Group LLC. raised its holdings in shares of Cintas by 1.4% during the fourth quarter. Mather Group LLC. now owns 4,381 shares of the business services provider’s stock valued at $824,000 after purchasing an additional 59 shares during the last quarter. Finally, Ausdal Financial Partners Inc. raised its holdings in shares of Cintas by 2.8% during the second quarter. Ausdal Financial Partners Inc. now owns 2,287 shares of the business services provider’s stock valued at $510,000 after purchasing an additional 63 shares during the last quarter. 63.46% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on CTAS shares. Citigroup dropped their target price on shares of Cintas from $181.00 to $160.00 and set a “sell” rating on the stock in a report on Tuesday, March 31st. Stifel Nicolaus decreased their target price on shares of 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 cut Cintas from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, June 17th. Robert W. Baird upgraded Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price target on the stock in a research note on Wednesday, March 11th. Finally, Truist Financial dropped their price target on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cintas currently has a consensus rating of “Hold” and a consensus target price of $215.92.

Cintas Price Performance

Shares of NASDAQ:CTAS opened at $170.93 on Thursday. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $68.39 billion, a PE ratio of 48.29, a price-to-earnings-growth ratio of 2.69 and a beta of 0.94. The firm’s 50 day moving average price is $173.18 and its 200-day moving average price is $183.56. Cintas Corporation has a twelve month low of $161.16 and a twelve month high of $226.75.

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

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, May 15th. Cintas’s dividend payout ratio (DPR) is currently 50.85%.

Insider Buying and Selling at Cintas

In other news, Director Ronald W. Tysoe sold 4,666 shares of the business’s stock in a transaction on Monday, April 20th. The shares were sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the sale, the director owned 22,448 shares of the company’s stock, valued at $4,015,273.76. The trade was a 17.21% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 14.90% of the stock is owned by corporate insiders.

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.