Jennison Associates LLC Has $49.60 Million Holdings in Cintas Co. (CTAS)
Jennison Associates LLC cut its holdings in Cintas Co. (NASDAQ:CTAS) by 30.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 250,753 shares of the business services provider’s stock after selling 110,247 shares during the period. Jennison Associates LLC’s holdings in Cintas were worth $49,601,000 as of its most recent SEC filing.
A number of other institutional investors have also bought and sold shares of CTAS. Fort L.P. purchased a new position in shares of Cintas during the second quarter worth about $118,000. Polaris Greystone Financial Group LLC purchased a new position in shares of Cintas during the third quarter worth about $154,000. Piedmont Investment Advisors LLC purchased a new position in shares of Cintas during the second quarter worth about $181,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Cintas during the third quarter worth about $184,000. Finally, Ropes Wealth Advisors LLC purchased a new position in shares of Cintas during the second quarter worth about $185,000. Institutional investors own 65.94% of the company’s stock.
NASDAQ CTAS opened at $177.80 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 2.65 and a current ratio of 3.10. Cintas Co. has a 52-week low of $146.56 and a 52-week high of $217.34. The stock has a market cap of $19.20 billion, a P/E ratio of 29.93, a P/E/G ratio of 2.06 and a beta of 1.03.
The business also recently declared an annual dividend, which will be paid on Friday, December 7th. Investors of record on Friday, November 9th will be issued a dividend of $2.05 per share. The ex-dividend date is Thursday, November 8th. This represents a dividend yield of 1.13%. This is a positive change from Cintas’s previous annual dividend of $1.62. Cintas’s dividend payout ratio (DPR) is currently 34.51%.
Several equities analysts have issued reports on the company. BidaskClub raised Cintas from a “buy” rating to a “strong-buy” rating in a report on Tuesday. Royal Bank of Canada assumed coverage on Cintas in a report on Monday. They set an “outperform” rating and a $215.00 price objective on the stock. Robert W. Baird set a $235.00 price objective on Cintas and gave the stock a “buy” rating in a report on Tuesday, October 30th. Barclays raised their price objective on Cintas from $210.00 to $235.00 and gave the stock an “overweight” rating in a report on Wednesday, September 26th. Finally, Morgan Stanley raised their price objective on Cintas from $178.00 to $183.00 and gave the stock a “sell” rating in a report on Wednesday, September 26th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, eight have given a buy rating and two have assigned a strong buy rating to the company’s stock. Cintas presently has a consensus rating of “Buy” and an average target price of $202.17.
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Cintas Company Profile
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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