Cintas Corporation $CTAS Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System lowered its position in Cintas Corporation (NASDAQ:CTAS) by 1.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266,870 shares of the business services provider’s stock after selling 4,951 shares during the quarter. New York State Teachers Retirement System’s holdings in Cintas were worth $45,138,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. State Street Corp raised its position in Cintas by 1.4% in the 4th quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock valued at $2,879,632,000 after purchasing an additional 210,477 shares during the last quarter. Geode Capital Management LLC boosted its stake in Cintas by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock worth $1,746,453,000 after purchasing an additional 97,220 shares during the period. Norges Bank purchased a new position in Cintas during the 4th quarter worth $923,672,000. Morgan Stanley grew its position in Cintas by 0.8% during the 4th quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider’s stock worth $826,214,000 after purchasing an additional 36,666 shares during the last quarter. Finally, Nordea Investment Management AB grew its position in Cintas by 6.2% during the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider’s stock worth $517,466,000 after purchasing an additional 158,785 shares during the last quarter. 63.46% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Ronald W. Tysoe sold 4,666 shares of the business’s stock in a transaction dated Monday, April 20th. The shares were sold at an average price of $178.87, for a total transaction of $834,607.42. Following the transaction, the director directly owned 22,448 shares in the company, valued at $4,015,273.76. The trade was a 17.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 14.90% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

CTAS has been the subject of a number of research reports. Citigroup reduced their target price on shares of Cintas from $181.00 to $160.00 and set a “sell” rating for the company in a report on Tuesday, March 31st. UBS Group reissued a “buy” rating on shares of Cintas in a report on Thursday, March 12th. Truist Financial dropped their price target on Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a research report on Monday, June 15th. Robert W. Baird raised Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price objective for the company in a research note on Wednesday, March 11th. Finally, Stifel Nicolaus decreased their price objective on Cintas from $222.00 to $190.00 and set a “hold” rating for the company in a research report on Thursday, March 26th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $211.25.

Cintas Stock Performance

Shares of CTAS opened at $181.37 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.74 and a current ratio of 1.98. The stock has a market capitalization of $72.56 billion, a P/E ratio of 51.23, a P/E/G ratio of 2.89 and a beta of 0.94. The company’s fifty day moving average is $172.75 and its two-hundred day moving average is $182.99. Cintas Corporation has a 1 year low of $161.16 and a 1 year high of $226.75.

Cintas Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 15th. Stockholders of record on Friday, May 15th were issued a $0.45 dividend. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. Cintas’s payout ratio is presently 50.85%.

About Cintas

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.