Mattern Capital Management LLC Sells 131 Shares of Cintas Co. (NASDAQ:CTAS)

Mattern Capital Management LLC lessened its position in shares of Cintas Co. (NASDAQ:CTAS) by 1.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,486 shares of the business services provider’s stock after selling 131 shares during the period. Cintas accounts for 1.3% of Mattern Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Mattern Capital Management LLC’s holdings in Cintas were worth $9,444,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in CTAS. Atwood & Palmer Inc. bought a new position in shares of Cintas in the second quarter worth $27,000. Pathway Financial Advisers LLC purchased a new position in Cintas during the 1st quarter valued at about $29,000. Rise Advisors LLC bought a new stake in shares of Cintas during the first quarter valued at about $30,000. Webster Bank N. A. bought a new stake in shares of Cintas during the first quarter valued at about $38,000. Finally, Crewe Advisors LLC grew its stake in Cintas by 133.3% during the second quarter. Crewe Advisors LLC now owns 56 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 32 shares in the last quarter. Institutional investors own 63.46% of the company’s stock.

Insider Activity

In related news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $765.72, for a total value of $842,292.00. Following the completion of the transaction, the director now directly owns 31,452 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 15.10% of the company’s stock.

Cintas Stock Up 0.7 %

NASDAQ CTAS opened at $804.78 on Thursday. The stock has a market capitalization of $81.66 billion, a PE ratio of 55.58, a PEG ratio of 4.28 and a beta of 1.31. Cintas Co. has a 1 year low of $474.74 and a 1 year high of $812.01. The business’s 50-day moving average is $752.94 and its 200 day moving average is $697.06. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.74 and a quick ratio of 1.52.

Cintas shares are set 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 issued to shareholders after the market closes on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.80 by $0.19. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.33 earnings per share. Sell-side analysts forecast that Cintas Co. will post 16.64 earnings per share for the current year.

Cintas declared that its board has authorized a stock repurchase plan on Tuesday, July 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the business services provider to purchase up to 1.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Cintas Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Thursday, August 15th were paid a $1.56 dividend. This represents a $6.24 annualized dividend and a dividend yield of 0.78%. The ex-dividend date of this dividend was Thursday, August 15th. This is an increase from Cintas’s previous quarterly dividend of $1.35. Cintas’s dividend payout ratio is currently 43.09%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on CTAS shares. Royal Bank of Canada downgraded Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price objective on the stock. in a research report on Monday, July 15th. StockNews.com upgraded Cintas from a “hold” rating to a “buy” rating in a research report on Friday, June 14th. Truist Financial increased their price target on shares of Cintas from $775.00 to $850.00 and gave the company a “buy” rating in a research report on Friday, July 19th. Wells Fargo & Company upgraded shares of Cintas to a “strong sell” rating in a report on Tuesday, August 13th. Finally, UBS Group increased their target price on shares of Cintas from $790.00 to $874.00 and gave the company a “buy” rating in a report on Friday, July 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Cintas has a consensus rating of “Hold” and an average price target of $742.36.

About Cintas

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.