State of Michigan Retirement System Sells 600 Shares of Cintas Co. (NASDAQ:CTAS)

State of Michigan Retirement System cut its position in shares of Cintas Co. (NASDAQ:CTAS) by 0.6% during the fourth quarter, HoldingsChannel.com reports. The firm owned 99,472 shares of the business services provider’s stock after selling 600 shares during the period. State of Michigan Retirement System’s holdings in Cintas were worth $18,174,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of CTAS. Hollencrest Capital Management increased its holdings in Cintas by 433.3% in the 3rd quarter. Hollencrest Capital Management now owns 128 shares of the business services provider’s stock valued at $26,000 after buying an additional 104 shares during the period. Sound Income Strategies LLC acquired a new stake in shares of Cintas during the 4th quarter valued at about $27,000. Addison Advisors LLC increased its stake in Cintas by 495.7% in the third quarter. Addison Advisors LLC now owns 137 shares of the business services provider’s stock valued at $28,000 after acquiring an additional 114 shares during the period. Endeavor Private Wealth Inc. acquired a new position in Cintas in the fourth quarter worth about $31,000. Finally, Quintet Private Bank Europe S.A. lifted its stake in Cintas by 357.1% during the third quarter. Quintet Private Bank Europe S.A. now owns 160 shares of the business services provider’s stock worth $33,000 after purchasing an additional 125 shares during the period. 63.46% of the stock is currently owned by institutional investors and hedge funds.

Cintas Stock Performance

CTAS stock opened at $204.56 on Wednesday. The company has a 50 day moving average price of $197.86 and a 200 day moving average price of $209.14. Cintas Co. has a fifty-two week low of $154.15 and a fifty-two week high of $228.12. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.58 and a quick ratio of 1.38. The stock has a market capitalization of $82.55 billion, a PE ratio of 49.32, a price-to-earnings-growth ratio of 3.98 and a beta of 1.38.

Cintas (NASDAQ:CTAS) last announced its quarterly earnings data on Thursday, December 19th. The business services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.01 by $0.08. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The firm had revenue of $2.56 billion during the quarter, compared to analyst estimates of $2.56 billion. During the same period last year, the company earned $3.61 earnings per share. The company’s revenue was up 7.8% on a year-over-year basis. Analysts forecast that Cintas Co. will post 4.31 EPS for the current year.

Cintas Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Friday, February 14th will be issued a $0.39 dividend. The ex-dividend date is Friday, February 14th. This represents a $1.56 annualized dividend and a yield of 0.76%. Cintas’s dividend payout ratio is currently 37.59%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on CTAS shares. UBS Group lowered their price objective on Cintas from $240.00 to $218.00 and set a “buy” rating on the stock in a research note on Friday, December 20th. Truist Financial lowered their price target on Cintas from $225.00 to $215.00 and set a “buy” rating on the stock in a research report on Friday, December 20th. Wells Fargo & Company cut their price objective on Cintas from $191.00 to $184.00 and set an “underweight” rating for the company in a report on Friday, December 20th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $215.00 target price on shares of Cintas in a report on Friday, December 20th. Finally, Robert W. Baird cut their price target on shares of Cintas from $209.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, December 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Cintas has an average rating of “Hold” and a consensus target price of $199.79.

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.