Cintas Co. (NASDAQ:CTAS) Sees Significant Increase in Short Interest

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Cintas Co. (NASDAQ:CTAS) was the target of a large increase in short interest in the month of July. As of July 31st, there was short interest totalling 3,002,900 shares, an increase of 7.6% from the June 30th total of 2,791,900 shares. Approximately 3.6% of the shares of the company are short sold. Based on an average daily trading volume, of 540,400 shares, the short-interest ratio is presently 5.6 days.

Several analysts recently issued reports on CTAS shares. Bank of America reaffirmed a “buy” rating and set a $287.00 price objective (up from $261.00) on shares of Cintas in a report on Tuesday. Zacks Investment Research raised shares of Cintas from a “hold” rating to a “buy” rating and set a $273.00 price objective for the company in a report on Thursday, July 18th. BidaskClub raised shares of Cintas from a “hold” rating to a “buy” rating in a report on Friday, August 9th. Credit Suisse Group upped their price objective on shares of Cintas from $160.00 to $195.00 and gave the stock a “neutral” rating in a report on Wednesday, July 17th. Finally, Nomura upped their price objective on shares of Cintas from $217.00 to $248.00 and gave the stock a “neutral” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and nine have given a buy rating to the company’s stock. Cintas currently has an average rating of “Buy” and a consensus price target of $241.44.

In related news, VP Thomas E. Frooman sold 5,373 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $260.79, for a total transaction of $1,401,224.67. Following the completion of the sale, the vice president now directly owns 127,624 shares of the company’s stock, valued at approximately $33,283,062.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Lawrence Thompson sold 4,888 shares of the company’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total transaction of $1,274,741.52. Following the sale, the insider now directly owns 69,053 shares of the company’s stock, valued at $18,008,331.87. The disclosure for this sale can be found here. 19.10% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in CTAS. Invesco Ltd. raised its stake in shares of Cintas by 41.1% in the 2nd quarter. Invesco Ltd. now owns 3,146,487 shares of the business services provider’s stock valued at $746,630,000 after buying an additional 916,169 shares in the last quarter. OppenheimerFunds Inc. raised its stake in shares of Cintas by 336.6% in the 1st quarter. OppenheimerFunds Inc. now owns 653,407 shares of the business services provider’s stock valued at $132,061,000 after buying an additional 503,747 shares in the last quarter. FMR LLC raised its stake in shares of Cintas by 21.2% in the 1st quarter. FMR LLC now owns 2,722,998 shares of the business services provider’s stock valued at $550,345,000 after buying an additional 475,757 shares in the last quarter. Nuveen Asset Management LLC raised its stake in shares of Cintas by 17,451.5% in the 2nd quarter. Nuveen Asset Management LLC now owns 420,359 shares of the business services provider’s stock valued at $99,748,000 after buying an additional 417,964 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Cintas by 4.0% in the 2nd quarter. Vanguard Group Inc. now owns 10,033,781 shares of the business services provider’s stock valued at $2,380,916,000 after buying an additional 382,578 shares in the last quarter. Institutional investors own 68.31% of the company’s stock.

Cintas stock traded up $3.30 during mid-day trading on Thursday, reaching $260.02. The company had a trading volume of 366,512 shares, compared to its average volume of 508,641. The company has a quick ratio of 1.69, a current ratio of 1.98 and a debt-to-equity ratio of 0.85. Cintas has a 52 week low of $155.98 and a 52 week high of $266.73. The company has a 50 day moving average of $251.98 and a 200-day moving average of $222.75. The firm has a market cap of $26.79 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 3.04 and a beta of 0.99.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings results on Tuesday, July 16th. The business services provider reported $2.07 earnings per share for the quarter, beating analysts’ consensus estimates of $1.94 by $0.13. Cintas had a net margin of 12.80% and a return on equity of 26.77%. The firm had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.78 billion. During the same period in the prior year, the firm earned $1.77 EPS. The business’s revenue was up 7.4% on a year-over-year basis. On average, analysts predict that Cintas will post 8.45 earnings per share for the current fiscal year.

About Cintas

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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