Cintas Corporation (CTAS) Squeezes Out Bottom Line Beat, Misses On Top

What have hedge funds been doing with Cintas Corporation (NASDAQ:CTAS)?

According to hedge fund experts at Insider Monkey, AQR Capital Management, helmed by Cliff Asness, holds the most valuable position in Cintas Corporation (NASDAQ:CTAS), as the fund had a $56.1 million position in the stock in 686,705 shares of the firm, comprising 0.1% of its 13F portfolio at the end of March. Mark Wolfson and Jamie Alexander of Jasper Ridge Partners followed Asness with a $52.6 million position of 644,715 shares; 3.9% of their 13F portfolio was allocated to the company. Other peers that hold long positions comprise Joel Greenblatt’s Gotham Asset Management, Steve Cohen’s Point72 Asset Management, and Panayotis Takis Sparaggis’ Alkeon Capital Management.

Cintas Corporation (NASDAQ:CTAS), witnessing bearish sentiment from the entirety of the hedge funds we track, also saw a few fund managers that elected to dump their entire stakes in the first quarter. Intriguingly, Jim Simons‘ Renaissance Technologies cut the biggest position of all the hedgies watched by Insider Monkey, selling 208,776 shares valued at about $16.4 million. Paul Marshall and Ian Wace of Marshall Wace LLP followed, as the fund managers dropped about $14.7 million worth of shares, 187,223 in all.

The bearishness of hedge funds on Cintas Corporation (NASDAQ:CTAS) in the first quarter and the sluggish growth of the company leads us to conclude that a long position in the stock may not be a good idea at the moment.

Disclosure: None