Cintas Co. (NASDAQ:CTAS) Shares Sold by Synovus Financial Corp

Synovus Financial Corp lowered its position in Cintas Co. (NASDAQ:CTAS) by 1.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 15,030 shares of the business services provider’s stock after selling 294 shares during the quarter. Synovus Financial Corp’s holdings in Cintas were worth $2,746,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Cintas during the fourth quarter worth $877,216,000. Franklin Resources Inc. raised its stake in shares of Cintas by 264.7% during the 3rd quarter. Franklin Resources Inc. now owns 3,279,029 shares of the business services provider’s stock worth $693,503,000 after buying an additional 2,379,932 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Cintas by 137.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 2,222,527 shares of the business services provider’s stock worth $457,574,000 after buying an additional 1,286,668 shares in the last quarter. Winslow Capital Management LLC acquired a new stake in Cintas in the 4th quarter valued at about $196,057,000. Finally, Barclays PLC increased its holdings in Cintas by 340.1% during the 3rd quarter. Barclays PLC now owns 1,089,535 shares of the business services provider’s stock valued at $224,312,000 after acquiring an additional 841,952 shares in the last quarter. Institutional investors and hedge funds own 63.46% of the company’s stock.

Insider Activity at Cintas

In other news, COO Jim Rozakis sold 2,000 shares of the stock in a transaction on Monday, April 7th. The shares were sold at an average price of $190.37, for a total value of $380,740.00. Following the completion of the sale, the chief operating officer now owns 256,528 shares of the company’s stock, valued at $48,835,235.36. This represents a 0.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently commented on CTAS. Truist Financial increased their price target on shares of Cintas from $215.00 to $230.00 and gave the company a “buy” rating in a research report on Thursday, March 27th. Wells Fargo & Company increased their target price on Cintas from $184.00 to $196.00 and gave the company an “underweight” rating in a report on Thursday, March 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $215.00 price target on shares of Cintas in a report on Thursday, March 27th. The Goldman Sachs Group increased their price objective on Cintas from $211.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, March 27th. Finally, Bank of America assumed coverage on shares of Cintas in a research note on Thursday, April 10th. They issued a “buy” rating and a $250.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $213.62.

Cintas Stock Up 1.7 %

Shares of CTAS opened at $209.62 on Tuesday. Cintas Co. has a fifty-two week low of $162.16 and a fifty-two week high of $228.12. The company’s fifty day moving average is $201.25 and its two-hundred day moving average is $204.28. The firm has a market cap of $84.64 billion, a PE ratio of 50.54, a price-to-earnings-growth ratio of 3.98 and a beta of 1.20. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 0.47.

Cintas (NASDAQ:CTAS) last issued its earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.08. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.60 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the firm earned $3.84 earnings per share. Analysts forecast that Cintas Co. will post 4.31 earnings per share for the current year.

Cintas Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Thursday, May 15th will be given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a yield of 0.74%. The ex-dividend date of this dividend is Thursday, May 15th. Cintas’s dividend payout ratio (DPR) is presently 36.11%.

About Cintas

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.