Meiji Yasuda Asset Management Co Ltd. increased its position in shares of Cintas Co. (NASDAQ:CTAS) by 91.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,401 shares of the business services provider’s stock after purchasing an additional 3,064 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in Cintas were worth $1,294,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Capital Financial Planning LLC acquired a new stake in Cintas during the fourth quarter worth about $29,000. Financial Gravity Wealth Inc. purchased a new position in Cintas during the first quarter worth about $36,000. CWM LLC boosted its stake in Cintas by 52.4% during the first quarter. CWM LLC now owns 192 shares of the business services provider’s stock worth $39,000 after buying an additional 66 shares during the period. Washington Trust Bank purchased a new position in Cintas during the first quarter worth about $45,000. Finally, Rockefeller Capital Management L.P. boosted its stake in Cintas by 836.7% during the first quarter. Rockefeller Capital Management L.P. now owns 281 shares of the business services provider’s stock worth $57,000 after buying an additional 251 shares during the period. Hedge funds and other institutional investors own 67.09% of the company’s stock.
NASDAQ:CTAS traded up $0.36 during mid-day trading on Thursday, hitting $235.06. The stock had a trading volume of 96,118 shares, compared to its average volume of 424,500. The stock has a market cap of $24.29 billion, a price-to-earnings ratio of 39.57, a price-to-earnings-growth ratio of 2.30 and a beta of 1.00. Cintas Co. has a twelve month low of $155.98 and a twelve month high of $236.39. The company has a quick ratio of 1.89, a current ratio of 2.24 and a debt-to-equity ratio of 0.80.
In other Cintas news, VP Thomas E. Frooman sold 2,415 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $207.81, for a total transaction of $501,861.15. Following the sale, the vice president now owns 122,251 shares of the company’s stock, valued at $25,404,980.31. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Joseph Scaminace sold 6,255 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $222.20, for a total transaction of $1,389,861.00. Following the sale, the director now directly owns 7,973 shares in the company, valued at approximately $1,771,600.60. The disclosure for this sale can be found here. 19.10% of the stock is owned by company insiders.
Several research firms have recently commented on CTAS. BidaskClub lowered shares of Cintas from a “strong-buy” rating to a “buy” rating in a research note on Tuesday. Zacks Investment Research raised shares of Cintas from a “hold” rating to a “buy” rating and set a $248.00 price objective for the company in a research note on Thursday, May 16th. JPMorgan Chase & Co. raised their target price on shares of Cintas from $210.00 to $235.00 and gave the company an “overweight” rating in a report on Friday, March 22nd. Finally, Morgan Stanley raised their target price on shares of Cintas from $163.00 to $172.00 and gave the company an “underweight” rating in a report on Friday, March 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. Cintas has an average rating of “Buy” and an average target price of $200.05.
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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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