Morse Asset Management Inc Purchases 1,385 Shares of Cintas Co. (NASDAQ:CTAS)
Morse Asset Management Inc grew its position in shares of Cintas Co. (NASDAQ:CTAS) by 14.7% in the second quarter, according to its most recent filing with the SEC. The fund owned 10,832 shares of the business services provider’s stock after acquiring an additional 1,385 shares during the quarter. Morse Asset Management Inc’s holdings in Cintas were worth $2,570,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Gravity Wealth Inc. bought a new position in shares of Cintas during the 1st quarter valued at approximately $36,000. CWM LLC boosted its position in shares of Cintas by 52.4% during the 1st quarter. CWM LLC now owns 192 shares of the business services provider’s stock valued at $39,000 after acquiring an additional 66 shares during the last quarter. Sonora Investment Management LLC bought a new stake in Cintas in the second quarter worth $42,000. Lenox Wealth Management Inc. lifted its position in Cintas by 20.5% in the second quarter. Lenox Wealth Management Inc. now owns 235 shares of the business services provider’s stock worth $55,000 after buying an additional 40 shares during the last quarter. Finally, Resources Investment Advisors Inc. bought a new stake in Cintas in the first quarter worth $81,000. Hedge funds and other institutional investors own 68.31% of the company’s stock.
In other Cintas news, VP Thomas E. Frooman sold 5,373 shares of Cintas stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $260.79, for a total value of $1,401,224.67. Following the transaction, the vice president now owns 127,624 shares in the company, valued at $33,283,062.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Lawrence Thompson sold 4,888 shares of Cintas stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $260.79, for a total value of $1,274,741.52. Following the completion of the transaction, the insider now owns 69,053 shares in the company, valued at approximately $18,008,331.87. The disclosure for this sale can be found here. 19.10% of the stock is owned by insiders.
Cintas (NASDAQ:CTAS) last announced its quarterly earnings results on Tuesday, July 16th. The business services provider reported $2.07 EPS for the quarter, beating the consensus estimate of $1.94 by $0.13. Cintas had a return on equity of 26.77% and a net margin of 12.80%. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.78 billion. During the same quarter last year, the firm posted $1.77 earnings per share. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. On average, equities research analysts anticipate that Cintas Co. will post 8.45 earnings per share for the current fiscal year.
CTAS has been the subject of a number of analyst reports. Nomura raised their price target on Cintas from $217.00 to $248.00 and gave the stock a “neutral” rating in a research report on Monday, July 22nd. Royal Bank of Canada increased their target price on Cintas to $267.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 17th. Zacks Investment Research upgraded Cintas from a “hold” rating to a “buy” rating and set a $273.00 target price on the stock in a research note on Thursday, July 18th. BidaskClub upgraded Cintas from a “hold” rating to a “buy” rating in a research note on Friday. Finally, William Blair reiterated a “buy” rating on shares of Cintas in a research note on Thursday, June 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have given a buy rating to the stock. Cintas currently has an average rating of “Buy” and an average target price of $241.44.
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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