Moran Wealth Management LLC Sells 3,597 Shares of Cintas Corporation $CTAS

Moran Wealth Management LLC lowered its position in shares of Cintas Corporation (NASDAQ:CTAS) by 5.8% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 58,837 shares of the business services provider’s stock after selling 3,597 shares during the period. Moran Wealth Management LLC’s holdings in Cintas were worth $9,952,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in CTAS. State Street Corp lifted its stake in Cintas by 1.4% in the fourth quarter. State Street Corp now owns 15,311,491 shares of the business services provider’s stock worth $2,879,632,000 after acquiring an additional 210,477 shares during the period. Geode Capital Management LLC increased its position in Cintas by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 9,293,485 shares of the business services provider’s stock valued at $1,746,453,000 after purchasing an additional 97,220 shares during the period. Norges Bank purchased a new position in Cintas during the 4th quarter valued at about $923,672,000. Morgan Stanley raised its holdings in shares of Cintas by 0.8% in the 4th quarter. Morgan Stanley now owns 4,393,116 shares of the business services provider’s stock valued at $826,214,000 after purchasing an additional 36,666 shares in the last quarter. Finally, Nordea Investment Management AB raised its holdings in shares of Cintas by 6.2% in the 4th quarter. Nordea Investment Management AB now owns 2,729,394 shares of the business services provider’s stock valued at $517,466,000 after purchasing an additional 158,785 shares in the last quarter. 63.46% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CTAS. Truist Financial dropped their price objective on shares of Cintas from $255.00 to $225.00 and set a “buy” rating on the stock in a research note on Monday, June 15th. UBS Group reissued a “buy” rating on shares of Cintas in a report on Thursday, March 12th. Robert W. Baird raised shares of Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 price objective for the company in a research note on Wednesday, March 11th. Citigroup lowered their target price on Cintas from $181.00 to $160.00 and set a “sell” rating for the company in a report on Tuesday, March 31st. Finally, Bank of America dropped their target price on Cintas from $215.00 to $200.00 and set a “neutral” rating on the stock in a research report on Monday, June 29th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $211.25.

Cintas Stock Performance

Shares of Cintas stock opened at $181.37 on Friday. The company has a market capitalization of $72.56 billion, a PE ratio of 51.23, a P/E/G ratio of 2.89 and a beta of 0.94. The company has a 50-day simple moving average of $172.75 and a two-hundred day simple moving average of $182.99. Cintas Corporation has a one year low of $161.16 and a one year high of $226.75. The company has a debt-to-equity ratio of 0.51, a quick ratio of 1.74 and a current ratio of 1.98.

Cintas Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 15th. Investors of record on Friday, May 15th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 1.0%. The ex-dividend date was Friday, May 15th. Cintas’s payout ratio is 50.85%.

Insider Activity at Cintas

In related news, Director Ronald W. Tysoe sold 4,666 shares of the stock in a transaction that occurred on Monday, April 20th. The shares were sold at an average price of $178.87, for a total transaction of $834,607.42. Following the completion of the sale, the director owned 22,448 shares of the company’s stock, valued at $4,015,273.76. This represents a 17.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 14.90% of the stock is currently owned by company insiders.

Cintas Company Profile

Cintas Corporation (NASDAQ: CTAS) is a provider of business services and products focused on workplace appearance, safety and facility maintenance. The company is best known for its uniform rental and corporate apparel programs, which include rental, leasing and direct-purchase options, laundering and garment repair. Cintas markets its services to a wide range of end-users, including manufacturing, food service, healthcare, hospitality, retail and government customers.

Beyond uniforms, Cintas offers a suite of facility services and products designed to help organizations maintain clean, safe and compliant workplaces.