Swedbank AB Has $37.96 Million Stake in Cintas Co. (NASDAQ:CTAS)

Swedbank AB reduced its holdings in Cintas Co. (NASDAQ:CTAS) by 1.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 54,213 shares of the business services provider’s stock after selling 600 shares during the period. Swedbank AB owned approximately 0.05% of Cintas worth $37,963,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Atwood & Palmer Inc. bought a new position in Cintas during the second quarter worth about $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas during the first quarter valued at approximately $29,000. Rise Advisors LLC bought a new stake in Cintas in the first quarter valued at approximately $30,000. Webster Bank N. A. acquired a new stake in Cintas in the first quarter worth $38,000. Finally, DSM Capital Partners LLC bought a new position in shares of Cintas during the fourth quarter worth $40,000. 63.46% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the company’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total value of $842,292.00. Following the transaction, the director now directly owns 31,452 shares of the company’s stock, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 15.10% of the company’s stock.

Cintas Stock Performance

Cintas stock traded down $2.88 during midday trading on Friday, reaching $764.86. 267,647 shares of the company’s stock were exchanged, compared to its average volume of 372,777. The stock’s 50-day simple moving average is $727.70 and its 200 day simple moving average is $679.29. The firm has a market cap of $77.60 billion, a price-to-earnings ratio of 52.91, a P/E/G ratio of 4.06 and a beta of 1.31. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. Cintas Co. has a 52 week low of $474.74 and a 52 week high of $773.95.

Shares of Cintas are going to split before the market opens on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly created shares will be distributed to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.80 by $0.19. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The company’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter last year, the firm posted $3.33 EPS. On average, analysts expect that Cintas Co. will post 16.62 earnings per share for the current fiscal year.

Cintas declared that its board has approved a share repurchase program on Tuesday, July 23rd that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the business services provider to repurchase up to 1.3% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board believes its shares are undervalued.

Cintas Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be issued a $1.56 dividend. This is a boost from Cintas’s previous quarterly dividend of $1.35. This represents a $6.24 annualized dividend and a yield of 0.82%. The ex-dividend date is Thursday, August 15th. Cintas’s dividend payout ratio is currently 43.09%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Robert W. Baird reaffirmed a “neutral” rating and set a $775.00 price objective (up previously from $750.00) on shares of Cintas in a research note on Friday, July 19th. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. UBS Group increased their target price on Cintas from $790.00 to $874.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Royal Bank of Canada lowered shares of Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price target on the stock. in a research note on Monday, July 15th. Finally, Morgan Stanley increased their price objective on shares of Cintas from $575.00 to $625.00 and gave the stock an “equal weight” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $742.36.

Cintas Company Profile

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.