Cintas Co. (NASDAQ:CTAS) Shares Acquired by Varma Mutual Pension Insurance Co

Varma Mutual Pension Insurance Co lifted its stake in shares of Cintas Co. (NASDAQ:CTAS) by 3.3% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,589 shares of the business services provider’s stock after purchasing an additional 744 shares during the period. Varma Mutual Pension Insurance Co’s holdings in Cintas were worth $16,518,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently modified their holdings of the stock. Ballentine Partners LLC raised its stake in Cintas by 25.8% in the 2nd quarter. Ballentine Partners LLC now owns 639 shares of the business services provider’s stock valued at $447,000 after purchasing an additional 131 shares during the last quarter. Caprock Group LLC raised its position in shares of Cintas by 273.7% in the second quarter. Caprock Group LLC now owns 7,728 shares of the business services provider’s stock valued at $5,412,000 after buying an additional 5,660 shares during the last quarter. Certuity LLC lifted its stake in shares of Cintas by 12.5% in the second quarter. Certuity LLC now owns 767 shares of the business services provider’s stock worth $537,000 after buying an additional 85 shares in the last quarter. Acadian Asset Management LLC boosted its position in Cintas by 21.1% during the second quarter. Acadian Asset Management LLC now owns 387,510 shares of the business services provider’s stock worth $271,323,000 after acquiring an additional 67,440 shares during the last quarter. Finally, Norden Group LLC grew its stake in Cintas by 2.8% during the 2nd quarter. Norden Group LLC now owns 847 shares of the business services provider’s stock valued at $593,000 after acquiring an additional 23 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Insider Buying and Selling

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total value of $842,292.00. Following the completion of the transaction, the director now owns 31,452 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 15.10% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts recently commented on CTAS shares. Royal Bank of Canada downgraded Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price objective on the stock. in a research report on Monday, July 15th. Baird R W cut shares of Cintas from a “strong-buy” rating to a “hold” rating in a research report on Friday, July 19th. Truist Financial boosted their target price on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a report on Friday, July 19th. Wells Fargo & Company raised shares of Cintas to a “strong sell” rating in a research note on Tuesday, August 13th. Finally, Redburn Atlantic initiated coverage on shares of Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $670.00 price target on the stock. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company. According to MarketBeat, Cintas presently has an average rating of “Hold” and a consensus price target of $742.36.

Cintas Stock Down 2.1 %

Shares of NASDAQ CTAS opened at $781.90 on Monday. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $756.32 and its two-hundred day moving average is $700.09. Cintas Co. has a 52-week low of $474.74 and a 52-week high of $812.01. The firm has a market cap of $78.79 billion, a price-to-earnings ratio of 54.00, a PEG ratio of 4.16 and a beta of 1.32.

Cintas’s stock is going to split on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly minted shares will be issued to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its earnings results on Thursday, July 18th. The business services provider reported $3.99 EPS for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. Cintas’s revenue for the quarter was up 8.2% on a year-over-year basis. During the same period last year, the business posted $3.33 EPS. Research analysts predict that Cintas Co. will post 16.64 EPS for the current year.

Cintas declared that its board has initiated a share buyback plan on Tuesday, July 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes 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 management believes its stock is undervalued.

Cintas Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were issued a $1.56 dividend. The ex-dividend date was Thursday, August 15th. This represents a $6.24 dividend on an annualized basis and a dividend yield of 0.80%. This is a boost from Cintas’s previous quarterly dividend of $1.35. Cintas’s payout ratio is 43.09%.

Cintas 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.