Wolverine Asset Management LLC Reduces Holdings in Cintas Corporation (NASDAQ:CTAS)

Wolverine Asset Management LLC lowered its position in shares of Cintas Corporation (NASDAQ:CTAS) by 10.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,800 shares of the business services provider’s stock after selling 200 shares during the period. Wolverine Asset Management LLC’s holdings in Cintas were worth $370,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in CTAS. E Fund Management Hong Kong Co. Ltd. raised its stake in shares of Cintas by 646.4% during the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 209 shares of the business services provider’s stock valued at $43,000 after purchasing an additional 181 shares during the period. Washington Trust Advisors Inc. acquired a new stake in shares of Cintas during the first quarter worth approximately $46,000. Greykasell Wealth Strategies Inc. acquired a new stake in shares of Cintas during the first quarter worth approximately $46,000. Wellington Shields & Co. LLC acquired a new stake in shares of Cintas during the first quarter worth approximately $51,000. Finally, Olde Wealth Management LLC acquired a new stake in shares of Cintas during the first quarter worth approximately $55,000. Hedge funds and other institutional investors own 63.46% of the company’s stock.

Insider Activity

In other news, Director Ronald W. Tysoe sold 5,084 shares of the business’s stock in a transaction on Wednesday, July 30th. The shares were sold at an average price of $223.47, for a total transaction of $1,136,121.48. Following the completion of the transaction, the director owned 21,945 shares of the company’s stock, valued at approximately $4,904,049.15. The trade was a 18.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Todd M. Schneider sold 17,301 shares of the business’s stock in a transaction on Monday, July 28th. The shares were sold at an average price of $220.90, for a total transaction of $3,821,790.90. Following the transaction, the chief executive officer directly owned 622,712 shares of the company’s stock, valued at approximately $137,557,080.80. This trade represents a 2.70% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 15.00% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on CTAS. Argus raised shares of Cintas to a “strong-buy” rating in a research report on Wednesday, April 16th. Morgan Stanley raised their price target on shares of Cintas from $213.00 to $220.00 and gave the stock an “equal weight” rating in a research report on Friday, July 18th. JPMorgan Chase & Co. began coverage on shares of Cintas in a research report on Monday, July 14th. They set an “overweight” rating and a $239.00 price target for the company. The Goldman Sachs Group raised their price target on shares of Cintas from $233.00 to $257.00 and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Finally, Robert W. Baird raised their price target on shares of Cintas from $227.00 to $230.00 and gave the stock a “neutral” rating in a research report on Friday, July 18th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Cintas has an average rating of “Hold” and an average price target of $224.54.

Cintas Stock Performance

Cintas stock opened at $226.27 on Monday. The company has a market cap of $91.18 billion, a PE ratio of 51.31, a P/E/G ratio of 3.90 and a beta of 1.03. The company has a fifty day moving average price of $221.38 and a two-hundred day moving average price of $211.44. The company has a debt-to-equity ratio of 0.52, a current ratio of 2.09 and a quick ratio of 1.82. Cintas Corporation has a 12 month low of $180.78 and a 12 month high of $229.24.

Cintas (NASDAQ:CTAS) last released its quarterly earnings data on Thursday, July 17th. The business services provider reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.07 by $0.02. Cintas had a net margin of 17.53% and a return on equity of 41.21%. The firm had revenue of $2.67 billion during the quarter, compared to the consensus estimate of $2.63 billion. During the same quarter in the previous year, the company posted $3.99 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis. Research analysts expect that Cintas Corporation will post 4.31 earnings per share for the current year.

Cintas Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Friday, August 15th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 0.8%. This is a positive change from Cintas’s previous quarterly dividend of $0.39. The ex-dividend date of this dividend is Friday, August 15th. Cintas’s dividend payout ratio is presently 35.37%.

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.