QRG Capital Management Inc. Boosts Stock Position in Cintas Corporation $CTAS

QRG Capital Management Inc. boosted its position in Cintas Corporation (NASDAQ:CTAS) by 71.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,575 shares of the business services provider’s stock after purchasing an additional 24,069 shares during the quarter. QRG Capital Management Inc.’s holdings in Cintas were worth $9,738,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Nemes Rush Group LLC acquired a new position in shares of Cintas in the fourth quarter valued at approximately $25,000. Swiss RE Ltd. acquired a new stake in Cintas during the fourth quarter worth approximately $25,000. Kemnay Advisory Services Inc. acquired a new stake in Cintas during the fourth quarter worth approximately $26,000. Triumph Capital Management purchased a new stake in Cintas in the 3rd quarter worth approximately $29,000. Finally, Camelot Portfolios LLC purchased a new stake in Cintas in the 4th quarter worth approximately $26,000. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on CTAS. Citigroup reduced their price target on Cintas from $181.00 to $160.00 and set a “sell” rating on the stock in a research note on Tuesday, March 31st. Truist Financial lowered their price objective on Cintas from $255.00 to $225.00 and set a “buy” rating for the company in a research report on Monday, June 15th. Robert W. Baird upgraded Cintas from a “neutral” rating to an “outperform” rating and set a $250.00 target price for the company in a research note on Wednesday, March 11th. Weiss Ratings downgraded Cintas from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, June 17th. Finally, UBS Group reissued a “buy” rating on shares of Cintas in a research note on Thursday, March 12th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $211.25.

Insiders Place Their Bets

In related news, Director Ronald W. Tysoe sold 4,666 shares of Cintas stock in a transaction on Monday, April 20th. The stock was sold at an average price of $178.87, for a total value of $834,607.42. Following the transaction, the director owned 22,448 shares in the company, valued at approximately $4,015,273.76. This trade represents a 17.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 14.90% of the company’s stock.

Cintas Stock Performance

NASDAQ:CTAS opened at $181.37 on Friday. The company has a market cap of $72.56 billion, a P/E ratio of 51.23, a P/E/G ratio of 2.89 and a beta of 0.94. The firm’s 50 day moving average is $172.75 and its two-hundred day moving average is $182.99. Cintas Corporation has a fifty-two week low of $161.16 and a fifty-two week high of $226.75. The company has a quick ratio of 1.74, a current ratio of 1.98 and a debt-to-equity ratio of 0.51.

Cintas Dividend Announcement

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

Cintas 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.