Contravisory Investment Management Inc. Raises Holdings in Cintas Co. (NASDAQ:CTAS)

by · The Markets Daily

Contravisory Investment Management Inc. raised its position in shares of Cintas Co. (NASDAQ:CTAS – Free Report) by 296.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,299 shares of the business services provider’s stock after acquiring an additional 42,852 shares during the quarter. Cintas comprises 2.5% of Contravisory Investment Management Inc.’s investment portfolio, making the stock its 3rd biggest holding. Contravisory Investment Management Inc.’s holdings in Cintas were worth $11,797,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of CTAS. LGT Financial Advisors LLC raised its holdings in shares of Cintas by 311.1% during the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after purchasing an additional 28 shares during the period. Atwood & Palmer Inc. acquired a new position in shares of Cintas during the second quarter valued at about $27,000. Pathway Financial Advisers LLC acquired a new position in shares of Cintas during the first quarter valued at about $29,000. Rise Advisors LLC acquired a new position in shares of Cintas during the first quarter valued at about $30,000. Finally, Meeder Asset Management Inc. raised its holdings in shares of Cintas by 226.7% during the second quarter. Meeder Asset Management Inc. now owns 49 shares of the business services provider’s stock valued at $34,000 after purchasing an additional 34 shares during the period. Institutional investors own 63.46% of the company’s stock.

Cintas Stock Down 1.4 %

CTAS opened at $206.13 on Friday. The company has a 50 day moving average of $211.32 and a 200 day moving average of $186.85. The company has a market cap of $83.13 billion, a PE ratio of 52.05, a price-to-earnings-growth ratio of 4.12 and a beta of 1.32. Cintas Co. has a 12 month low of $123.65 and a 12 month high of $211.57. The company has a current ratio of 1.53, a quick ratio of 1.33 and a debt-to-equity ratio of 0.50.

Cintas (NASDAQ:CTAS – Get Free Report) last released its quarterly earnings data on Wednesday, September 25th. The business services provider reported $1.10 EPS for the quarter, topping the consensus estimate of $1.00 by $0.10. Cintas had a net margin of 16.80% and a return on equity of 39.56%. The company had revenue of $2.50 billion during the quarter, compared to the consensus estimate of $2.49 billion. During the same period last year, the firm earned $3.70 EPS. Cintas’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, sell-side analysts expect that Cintas Co. will post 4.23 EPS for the current year.

Cintas Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th were issued a $0.39 dividend. This represents a $1.56 annualized dividend and a yield of 0.76%. The ex-dividend date of this dividend was Thursday, August 15th. Cintas’s payout ratio is 39.39%.

Cintas announced that its board has authorized a stock buyback plan on Tuesday, July 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the business services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group upped their target price on shares of Cintas from $212.00 to $236.00 and gave the stock a “buy” rating in a report on Thursday, September 26th. Redburn Atlantic assumed coverage on shares of Cintas in a report on Friday, August 9th. They issued a “neutral” rating and a $167.50 target price on the stock. Barclays upped their target price on shares of Cintas from $210.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, September 27th. Baird R W lowered shares of Cintas from a “strong-buy” rating to a “hold” rating in a report on Friday, July 19th. Finally, Stifel Nicolaus increased their price objective on shares of Cintas from $166.75 to $199.50 and gave the company a “hold” rating in a research note on Friday, July 19th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $199.63.

Get Our Latest Report on Cintas

Insider Buying and Selling at Cintas

In other Cintas news, Director Gerald S. Adolph sold 4,400 shares of the firm’s stock in a transaction 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 completion of the transaction, the director now directly owns 125,808 shares of the company’s stock, valued at $24,083,425.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 15.00% of the company’s stock.

Cintas Profile

(Free Report)

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.

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