Welch & Forbes LLC Sells 824 Shares of Cintas Co. (NASDAQ:CTAS)

Welch & Forbes LLC reduced its holdings in shares of Cintas Co. (NASDAQ:CTAS) by 1.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 42,393 shares of the business services provider’s stock after selling 824 shares during the quarter. Welch & Forbes LLC’s holdings in Cintas were worth $11,365,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the stock. Lenox Wealth Management Inc. grew its position in shares of Cintas by 20.5% in the second quarter. Lenox Wealth Management Inc. now owns 235 shares of the business services provider’s stock valued at $55,000 after purchasing an additional 40 shares in the last quarter. Silvercrest Asset Management Group LLC grew its position in shares of Cintas by 1.6% in the second quarter. Silvercrest Asset Management Group LLC now owns 2,755 shares of the business services provider’s stock valued at $654,000 after purchasing an additional 44 shares in the last quarter. D.B. Root & Company LLC grew its position in shares of Cintas by 2.7% in the second quarter. D.B. Root & Company LLC now owns 1,916 shares of the business services provider’s stock valued at $454,000 after purchasing an additional 50 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Cintas by 1.8% in the second quarter. Steward Partners Investment Advisory LLC now owns 2,833 shares of the business services provider’s stock valued at $672,000 after purchasing an additional 50 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Cintas by 0.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 8,990 shares of the business services provider’s stock valued at $2,133,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 66.26% of the company’s stock.

In related news, insider Michael Lawrence Thompson sold 4,888 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total value of $1,274,741.52. Following the transaction, the insider now directly owns 69,053 shares of the company’s stock, valued at approximately $18,008,331.87. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Thomas E. Frooman sold 5,373 shares of the firm’s stock in a transaction on Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total value of $1,401,224.67. Following the completion of the transaction, the vice president now directly owns 127,624 shares in the company, valued at $33,283,062.96. The disclosure for this sale can be found here. 15.90% of the stock is currently owned by company insiders.

Several equities analysts have recently weighed in on CTAS shares. ValuEngine cut Cintas from a “buy” rating to a “hold” rating in a research report on Wednesday, October 2nd. Morgan Stanley increased their price target on Cintas from $217.00 to $223.00 and gave the company an “underweight” rating in a report on Thursday. Bank of America reissued a “buy” rating and set a $287.00 price target (up from $261.00) on shares of Cintas in a report on Tuesday, August 13th. Barclays set a $295.00 price target on Cintas and gave the company a “buy” rating in a report on Friday, September 27th. Finally, Royal Bank of Canada increased their price target on Cintas from $267.00 to $275.00 and gave the company an “outperform” rating in a report on Wednesday, September 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the stock. Cintas presently has an average rating of “Hold” and a consensus price target of $262.40.

NASDAQ CTAS opened at $267.61 on Friday. The business’s fifty day moving average price is $259.40 and its 200-day moving average price is $238.83. The stock has a market capitalization of $27.63 billion, a price-to-earnings ratio of 35.21, a PEG ratio of 2.96 and a beta of 1.00. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.04 and a quick ratio of 1.74. Cintas Co. has a 1-year low of $155.98 and a 1-year high of $271.78.

Cintas (NASDAQ:CTAS) last released its quarterly earnings results on Tuesday, September 24th. The business services provider reported $2.32 earnings per share for the quarter, beating the consensus estimate of $2.15 by $0.17. The firm had revenue of $1.81 billion for the quarter, compared to analysts’ expectations of $1.79 billion. Cintas had a return on equity of 28.61% and a net margin of 13.18%. The company’s revenue was up 6.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.93 EPS. Equities research analysts anticipate that Cintas Co. will post 8.57 EPS for the current 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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Institutional Ownership by Quarter for Cintas (NASDAQ:CTAS)

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