Sumitomo Mitsui Asset Management Company LTD lifted its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 12.0% in the first quarter, HoldingsChannel reports. The institutional investor owned 6,522 shares of the business services provider’s stock after purchasing an additional 701 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Cintas were worth $1,318,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also modified their holdings of CTAS. CWM Advisors LLC grew its holdings in Cintas by 46.5% during the 4th quarter. CWM Advisors LLC now owns 4,007 shares of the business services provider’s stock valued at $673,000 after buying an additional 1,272 shares during the last quarter. Roman Butler Fullerton & Co. grew its holdings in Cintas by 10.7% during the 1st quarter. Roman Butler Fullerton & Co. now owns 2,238 shares of the business services provider’s stock valued at $452,000 after buying an additional 217 shares during the last quarter. Fulton Bank N.A. acquired a new stake in Cintas during the 1st quarter valued at $227,000. Empire Life Investments Inc. acquired a new stake in Cintas during the 4th quarter valued at $5,381,000. Finally, Lunia Capital LP acquired a new stake in Cintas during the 4th quarter valued at $15,696,000. 67.15% of the stock is owned by institutional investors and hedge funds.
Shares of CTAS stock traded up $1.55 during mid-day trading on Tuesday, hitting $224.93. 134,106 shares of the company’s stock were exchanged, compared to its average volume of 479,646. Cintas Co. has a fifty-two week low of $155.98 and a fifty-two week high of $225.33. The company has a quick ratio of 1.89, a current ratio of 2.24 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $23.60 billion, a price-to-earnings ratio of 37.87, a price-to-earnings-growth ratio of 2.46 and a beta of 1.08.
A number of brokerages have commented on CTAS. JPMorgan Chase & Co. increased their target price on Cintas from $210.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. Zacks Investment Research cut Cintas from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. BidaskClub upgraded Cintas from a “buy” rating to a “strong-buy” rating in a report on Thursday, April 18th. Morgan Stanley raised their price objective on Cintas from $163.00 to $172.00 and gave the stock an “underweight” rating in a report on Friday, March 22nd. Finally, ValuEngine upgraded Cintas from a “hold” rating to a “buy” rating in a report on Monday, February 4th. One analyst has rated the stock with a sell rating, four have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $200.05.
In related news, VP Thomas E. Frooman sold 2,415 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $207.81, for a total value of $501,861.15. Following the transaction, the vice president now directly owns 122,251 shares of the company’s stock, valued at approximately $25,404,980.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph Scaminace sold 6,255 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $222.20, for a total value of $1,389,861.00. Following the completion of the transaction, the director now directly owns 7,973 shares in the company, valued at $1,771,600.60. The disclosure for this sale can be found here. Company insiders own 19.10% of the company’s stock.
Cintas Corporation provides corporate identity uniforms and related business services primarily in North America, Latin America, Europe, and Asia. It operates through Uniform Rental and Facility Services and First Aid and Safety Services 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, and carpet and tile cleaning services, as well as sells uniforms directly.
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