State of New Jersey Common Pension Fund D Decreases Stake in Cintas Co. (NASDAQ:CTAS)

State of New Jersey Common Pension Fund D lessened its position in shares of Cintas Co. (NASDAQ:CTAS) by 35.6% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,714 shares of the business services provider’s stock after selling 18,056 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Cintas were worth $22,908,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. LGT Financial Advisors LLC increased its position 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 during the last quarter. Atwood & Palmer Inc. purchased a new position in shares of Cintas in the 2nd quarter worth $27,000. Pathway Financial Advisers LLC bought a new stake in shares of Cintas in the 1st quarter worth about $29,000. Rise Advisors LLC purchased a new stake in shares of Cintas during the 1st quarter valued at about $30,000. Finally, Webster Bank N. A. bought a new position in shares of Cintas in the 1st quarter valued at about $38,000. Institutional investors own 63.46% of the company’s stock.

Cintas Price Performance

Shares of CTAS stock opened at $206.02 on Friday. The stock has a market capitalization of $20.90 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 4.16 and a beta of 1.32. The company has a current ratio of 1.74, a quick ratio of 1.52 and a debt-to-equity ratio of 0.47. Cintas Co. has a twelve month low of $118.68 and a twelve month high of $207.49. The stock has a fifty day simple moving average of $203.68 and a two-hundred day simple moving average of $180.34.

Cintas (NASDAQ:CTAS) last released its quarterly earnings data on Thursday, July 18th. The business services provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.05. The company had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.47 billion. Cintas had a net margin of 16.38% and a return on equity of 37.82%. The firm’s revenue for the quarter was up 8.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, analysts predict that Cintas Co. will post 16.64 EPS for the current fiscal year.

Cintas announced that its board has authorized 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 purchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Cintas Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were given a dividend of $0.39 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio (DPR) is presently 43.09%.

Insider Buying and Selling at Cintas

In related news, Director Gerald S. Adolph sold 4,400 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $191.43, for a total transaction of $842,292.00. Following the completion of the sale, the director now directly owns 125,808 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.10% of the company’s stock.

Analyst Upgrades and Downgrades

CTAS has been the topic of a number of recent research reports. Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a research report on Tuesday, August 13th. Citigroup downgraded Cintas from a “neutral” rating to a “sell” rating and raised their price target for the stock from $132.50 to $142.50 in a research report on Friday, May 24th. Robert W. Baird reiterated a “neutral” rating and set a $193.75 price objective (up previously from $187.50) on shares of Cintas in a research report on Friday, July 19th. UBS Group raised their target price on shares of Cintas from $197.50 to $218.50 and gave the stock a “buy” rating in a report on Friday, July 19th. Finally, Truist Financial upped their price target on shares of Cintas from $193.75 to $212.50 and gave the company a “buy” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $185.59.

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.