Cintas (NASDAQ:CTAS) Downgraded by Royal Bank of Canada to “Sector Perform”

Cintas (NASDAQ:CTAS) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a note issued to investors on Monday, Briefing.com reports. They currently have a $725.00 price target on the business services provider’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 0.45% from the stock’s previous close.

Several other analysts have also recently weighed in on CTAS. Deutsche Bank Aktiengesellschaft raised their target price on shares of Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a report on Thursday, March 28th. Oppenheimer reiterated a “market perform” rating on shares of Cintas in a research note on Monday, April 1st. Bank of America raised their price target on Cintas from $700.00 to $790.00 and gave the company a “buy” rating in a research note on Thursday, March 28th. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Finally, Truist Financial boosted their target price on Cintas from $660.00 to $775.00 and gave the stock a “buy” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $710.55.

Cintas Price Performance

Shares of CTAS opened at $721.76 on Monday. The company has a market cap of $73.23 billion, a P/E ratio of 49.85, a PEG ratio of 3.66 and a beta of 1.31. Cintas has a fifty-two week low of $474.74 and a fifty-two week high of $725.99. The company has a quick ratio of 2.03, a current ratio of 2.38 and a debt-to-equity ratio of 0.58. The firm’s 50 day moving average price is $696.01 and its 200 day moving average price is $653.40.

Cintas shares are set to split on the morning of Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly minted shares will be payable to shareholders after the market closes on Wednesday, September 11th.

Insider Activity at Cintas

In other Cintas news, Director Ronald W. Tysoe sold 2,291 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $693.95, for a total transaction of $1,589,839.45. Following the completion of the sale, the director now directly owns 6,655 shares of the company’s stock, valued at approximately $4,618,237.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, COO Jim Rozakis sold 1,318 shares of the business’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $693.71, for a total transaction of $914,309.78. Following the transaction, the chief operating officer now directly owns 59,770 shares in the company, valued at $41,463,046.70. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ronald W. Tysoe sold 2,291 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $693.95, for a total transaction of $1,589,839.45. Following the completion of the sale, the director now owns 6,655 shares of the company’s stock, valued at approximately $4,618,237.25. The disclosure for this sale can be found here. 15.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Cintas

Large investors have recently modified their holdings of the business. Atwood & Palmer Inc. purchased a new stake in shares of Cintas in the second quarter valued at approximately $27,000. Pathway Financial Advisers LLC acquired a new position in shares of Cintas during the 1st quarter worth $29,000. Janiczek Wealth Management LLC increased its holdings in shares of Cintas by 113.0% in the 4th quarter. Janiczek Wealth Management LLC now owns 49 shares of the business services provider’s stock valued at $30,000 after purchasing an additional 26 shares in the last quarter. Rise Advisors LLC acquired a new stake in shares of Cintas in the first quarter valued at about $30,000. Finally, Webster Bank N. A. purchased a new stake in Cintas during the first quarter worth about $38,000. 63.46% of the stock is owned by hedge funds and other institutional investors.

About Cintas

Cintas Corporation provides 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.