Impax Asset Management Group plc Has $545.97 Million Stock Position in Cintas Co. (NASDAQ:CTAS)

Impax Asset Management Group plc lessened its position in Cintas Co. (NASDAQ:CTAS) by 12.3% during the 2nd quarter, Holdings Channel reports. The firm owned 780,922 shares of the business services provider’s stock after selling 109,804 shares during the quarter. Cintas makes up about 2.2% of Impax Asset Management Group plc’s investment portfolio, making the stock its 7th biggest position. Impax Asset Management Group plc’s holdings in Cintas were worth $545,973,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in CTAS. Arizona State Retirement System grew its position in Cintas by 1.1% during the 2nd quarter. Arizona State Retirement System now owns 26,473 shares of the business services provider’s stock worth $18,538,000 after acquiring an additional 292 shares during the last quarter. LGT Financial Advisors LLC increased its stake in shares of Cintas by 311.1% in the second quarter. LGT Financial Advisors LLC now owns 37 shares of the business services provider’s stock valued at $26,000 after buying an additional 28 shares in the last quarter. MCF Advisors LLC increased its stake in shares of Cintas by 16.1% in the second quarter. MCF Advisors LLC now owns 180 shares of the business services provider’s stock valued at $126,000 after buying an additional 25 shares in the last quarter. Kornitzer Capital Management Inc. KS raised its holdings in shares of Cintas by 4.6% in the second quarter. Kornitzer Capital Management Inc. KS now owns 2,930 shares of the business services provider’s stock valued at $2,052,000 after buying an additional 130 shares during the last quarter. Finally, SouthState Corp grew its holdings in Cintas by 114.1% during the 2nd quarter. SouthState Corp now owns 274 shares of the business services provider’s stock worth $192,000 after acquiring an additional 146 shares during the last quarter. Institutional investors own 63.46% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on CTAS. Baird R W downgraded shares of Cintas from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 19th. StockNews.com raised Cintas from a “hold” rating to a “buy” rating in a report on Friday, June 14th. Redburn Atlantic started coverage on Cintas in a research report on Friday, August 9th. They set a “neutral” rating and a $670.00 target price for the company. Barclays boosted their target price on Cintas from $700.00 to $850.00 and gave the stock an “overweight” rating in a research report on Friday, July 19th. Finally, UBS Group boosted their target price on Cintas from $790.00 to $874.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, Cintas has a consensus rating of “Hold” and an average target price of $742.36.

Insider Buying and Selling at Cintas

In other Cintas news, Director Gerald S. Adolph sold 1,100 shares of the business’s stock in a transaction dated Wednesday, July 24th. The stock was 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 of the company’s stock, valued at $24,083,425.44. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 15.10% of the company’s stock.

Cintas Trading Down 0.2 %

Shares of Cintas stock traded down $1.74 during trading on Friday, reaching $797.18. 12,713 shares of the company were exchanged, compared to its average volume of 368,164. The company has a quick ratio of 1.52, a current ratio of 1.74 and a debt-to-equity ratio of 0.47. Cintas Co. has a twelve month low of $474.74 and a twelve month high of $812.01. The business has a 50-day moving average price of $754.69 and a 200-day moving average price of $697.77. The firm has a market capitalization of $80.88 billion, a price-to-earnings ratio of 55.17, a P/E/G ratio of 4.28 and a beta of 1.31.

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 posted its earnings results 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. Cintas had a return on equity of 37.82% and a net margin of 16.38%. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.47 billion. During the same period in the previous year, the firm earned $3.33 earnings per share. The company’s revenue was up 8.2% on a year-over-year basis. Sell-side analysts anticipate that Cintas Co. will post 16.64 EPS for the current fiscal year.

Cintas Increases Dividend

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

Cintas announced that its Board of Directors has approved a share repurchase plan on Tuesday, July 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the business services provider to repurchase up to 1.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Cintas Company Profile

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.