Nippon Life Global Investors Americas Inc. Has $18.19 Million Stake in Cintas Co. (NASDAQ:CTAS)

Nippon Life Global Investors Americas Inc. reduced its holdings in Cintas Co. (NASDAQ:CTAS) by 1.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 25,980 shares of the business services provider’s stock after selling 480 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in Cintas were worth $18,193,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. LGT Financial Advisors LLC boosted its stake in Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after purchasing an additional 28 shares in the last quarter. Atwood & Palmer Inc. acquired a new position in Cintas during the 2nd quarter worth about $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas during the 1st quarter worth about $29,000. Rise Advisors LLC bought a new stake in Cintas during the 1st quarter worth about $30,000. Finally, Meeder Asset Management Inc. increased its position in Cintas by 226.7% in the 2nd quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after acquiring an additional 34 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Cintas Stock Up 0.2 %

Shares of NASDAQ:CTAS opened at $204.16 on Monday. The company has a 50 day moving average price of $206.76 and a two-hundred day moving average price of $182.66. The company has a market capitalization of $20.71 billion, a PE ratio of 14.10, a PEG ratio of 4.36 and a beta of 1.32. Cintas Co. has a 52 week low of $118.68 and a 52 week high of $209.12. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74.

Cintas (NASDAQ:CTAS) last posted its earnings results on Thursday, July 18th. The business services provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.05. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the previous year, the company posted $0.83 earnings per share. The company’s revenue for the quarter was up 8.2% on a year-over-year basis. Analysts forecast that Cintas Co. will post 16.64 earnings per share for the current year.

Cintas Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were paid a dividend of $0.39 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.56 dividend on an annualized basis and a yield of 0.76%. Cintas’s payout ratio is 10.77%.

Cintas announced that its Board of Directors has approved a share repurchase plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CTAS shares. Truist Financial upped their target price on shares of Cintas from $212.50 to $225.00 and gave the stock a “buy” rating in a research report on Tuesday, September 17th. Barclays decreased their price objective on Cintas from $850.00 to $210.00 and set an “overweight” rating on the stock in a research report on Friday, September 13th. Royal Bank of Canada downgraded Cintas from an “outperform” rating to a “sector perform” rating and set a $181.25 target price for the company. in a research report on Monday, July 15th. Redburn Atlantic started coverage on Cintas in a research note on Friday, August 9th. They set a “neutral” rating and a $167.50 price target on the stock. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $193.75 price objective (up from $187.50) on shares of Cintas in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $186.30.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of Cintas stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $191.43, for a total value of $842,292.00. Following the transaction, the director now owns 125,808 shares of the company’s stock, valued at $24,083,425.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 15.10% of the company’s stock.

Cintas Company Profile

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.