Parsons Capital Management Inc. RI Cuts Stock Holdings in Cintas Co. (NASDAQ:CTAS)

Parsons Capital Management Inc. RI trimmed its position in Cintas Co. (NASDAQ:CTAS) by 17.3% during the 1st quarter, HoldingsChannel reports. The firm owned 978 shares of the business services provider’s stock after selling 205 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Cintas were worth $672,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new position in Cintas during the fourth quarter worth $872,895,000. Clearbridge Investments LLC grew its holdings in Cintas by 475.7% during the 4th quarter. Clearbridge Investments LLC now owns 299,378 shares of the business services provider’s stock valued at $180,423,000 after purchasing an additional 247,378 shares during the last quarter. Invesco Ltd. raised its position in Cintas by 17.4% in the 3rd quarter. Invesco Ltd. now owns 1,025,615 shares of the business services provider’s stock worth $493,331,000 after purchasing an additional 151,783 shares during the period. American Century Companies Inc. grew its position in Cintas by 40.7% in the 3rd quarter. American Century Companies Inc. now owns 488,574 shares of the business services provider’s stock valued at $235,009,000 after acquiring an additional 141,375 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its holdings in Cintas by 711.1% during the 4th quarter. Public Employees Retirement Association of Colorado now owns 152,516 shares of the business services provider’s stock valued at $91,915,000 after buying an additional 133,713 shares in the last quarter. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Barclays increased their target price on Cintas from $630.00 to $700.00 and gave the company an “overweight” rating in a research report on Thursday, February 29th. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a report on Monday, March 25th. Bank of America raised their price objective on Cintas from $700.00 to $790.00 and gave the company a “buy” rating in a report on Thursday, March 28th. Royal Bank of Canada lifted their price objective on Cintas from $675.00 to $725.00 and gave the stock an “outperform” rating in a report on Thursday, March 28th. Finally, Deutsche Bank Aktiengesellschaft upped their price objective on shares of Cintas from $629.00 to $726.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $661.21.

Cintas Trading Up 0.1 %

Shares of Cintas stock traded up $0.98 on Friday, reaching $666.23. 274,164 shares of the company were exchanged, compared to its average volume of 368,220. The stock has a fifty day moving average price of $648.22 and a 200-day moving average price of $594.56. Cintas Co. has a fifty-two week low of $440.01 and a fifty-two week high of $704.84. The company has a current ratio of 2.38, a quick ratio of 2.03 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $67.54 billion, a price-to-earnings ratio of 46.01, a price-to-earnings-growth ratio of 3.90 and a beta of 1.27.

Cintas (NASDAQ:CTAS) last posted its quarterly earnings results on Wednesday, March 27th. The business services provider reported $3.84 earnings per share for the quarter, topping analysts’ consensus estimates of $3.58 by $0.26. Cintas had a net margin of 15.98% and a return on equity of 37.19%. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $3.14 earnings per share. Cintas’s revenue for the quarter was up 9.9% compared to the same quarter last year. On average, analysts expect that Cintas Co. will post 14.95 EPS for the current year.

Cintas Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $5.40 annualized dividend and a dividend yield of 0.81%. Cintas’s payout ratio is 37.29%.

About Cintas

Cintas Corporation provides 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.