Palmer Knight Co Sells 41 Shares of Cintas Co. (NASDAQ:CTAS)

Palmer Knight Co reduced its position in Cintas Co. (NASDAQ:CTAS) by 0.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,545 shares of the business services provider’s stock after selling 41 shares during the period. Cintas makes up approximately 3.9% of Palmer Knight Co’s holdings, making the stock its 7th largest holding. Palmer Knight Co’s holdings in Cintas were worth $8,085,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of CTAS. LGT Financial Advisors LLC lifted its position in Cintas by 311.1% during the 2nd quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock worth $26,000 after acquiring an additional 28 shares in the last quarter. Atwood & Palmer Inc. acquired a new position in Cintas during the 2nd quarter worth approximately $27,000. Pathway Financial Advisers LLC acquired a new position in Cintas during the 1st quarter worth approximately $29,000. Rise Advisors LLC acquired a new position in Cintas during the 1st quarter worth approximately $30,000. Finally, Webster Bank N. A. acquired a new position in Cintas during the 1st quarter worth approximately $38,000. 63.46% of the stock is owned by institutional investors and hedge funds.

Cintas Stock Performance

Shares of NASDAQ CTAS traded down $2.43 during trading on Friday, reaching $796.49. The stock had a trading volume of 15,126 shares, compared to its average volume of 368,186. Cintas Co. has a one year low of $474.74 and a one year high of $812.01. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.52 and a current ratio of 1.74. The stock has a market cap of $80.81 billion, a PE ratio of 55.17, a P/E/G ratio of 4.28 and a beta of 1.31. The firm’s 50 day moving average price is $754.69 and its two-hundred day moving average price is $697.77.

Cintas’s stock is scheduled to split on Thursday, September 12th. The 4-1 split was announced on Thursday, May 2nd. The newly issued shares will be payable to shareholders after the closing bell on Wednesday, September 11th.

Cintas (NASDAQ:CTAS) last issued its quarterly earnings data on Thursday, July 18th. The business services provider reported $3.99 EPS for the quarter, topping analysts’ consensus estimates of $3.80 by $0.19. The firm 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 firm’s revenue was up 8.2% on a year-over-year basis. During the same period in the prior year, the business earned $3.33 EPS. On average, research analysts forecast that Cintas Co. will post 16.64 earnings per share for the current fiscal year.

Cintas Increases Dividend

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

Cintas declared that its Board of Directors has initiated a share buyback program on Tuesday, July 23rd that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the business services provider to buy up to 1.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Royal Bank of Canada lowered Cintas from an “outperform” rating to a “sector perform” rating and set a $725.00 price target on the stock. in a research report on Monday, July 15th. Stifel Nicolaus lifted their price objective on Cintas from $667.00 to $798.00 and gave the stock a “hold” rating in a report on Friday, July 19th. Barclays lifted their price objective on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. Wells Fargo & Company upgraded Cintas to a “strong sell” rating in a report on Tuesday, August 13th. Finally, Citigroup downgraded Cintas from a “neutral” rating to a “sell” rating and lifted their price objective for the stock from $530.00 to $570.00 in a report on Friday, May 24th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $742.36.

Insiders Place Their Bets

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $765.72, for a total transaction of $842,292.00. Following the completion of the transaction, the director now owns 31,452 shares in the company, valued at approximately $24,083,425.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 15.10% of the stock is currently owned by insiders.

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.