Azzad Asset Management Inc. ADV Buys New Shares in Cintas Co. (NASDAQ:CTAS)

Azzad Asset Management Inc. ADV bought a new position in Cintas Co. (NASDAQ:CTAS - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The fund bought 24,965 shares of the business services provider's stock, valued at approximately $5,131,000. Cintas comprises about 0.6% of Azzad Asset Management Inc. ADV's holdings, making the stock its 27th largest position.

Several other hedge funds have also recently made changes to their positions in CTAS. Brighton Jones LLC lifted its stake in shares of Cintas by 9.3% in the 4th quarter. Brighton Jones LLC now owns 1,268 shares of the business services provider's stock valued at $232,000 after purchasing an additional 108 shares during the last quarter. Gladstone Institutional Advisory LLC raised its holdings in Cintas by 11.5% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 2,360 shares of the business services provider's stock valued at $431,000 after buying an additional 244 shares during the period. Allspring Global Investments Holdings LLC lifted its position in Cintas by 43.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 160,319 shares of the business services provider's stock worth $29,192,000 after buying an additional 48,720 shares during the last quarter. Van ECK Associates Corp boosted its stake in Cintas by 1.7% during the fourth quarter. Van ECK Associates Corp now owns 79,988 shares of the business services provider's stock worth $14,614,000 after buying an additional 1,326 shares during the period. Finally, C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new position in Cintas during the fourth quarter valued at $879,000. 63.46% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wells Fargo & Company raised their target price on shares of Cintas from $184.00 to $196.00 and gave the stock an "underweight" rating in a report on Thursday, March 27th. The Goldman Sachs Group upped their target price on Cintas from $211.00 to $233.00 and gave the company a "buy" rating in a research note on Thursday, March 27th. Royal Bank of Canada reiterated a "sector perform" rating and issued a $240.00 price target (up from $215.00) on shares of Cintas in a report on Monday, June 9th. Citigroup began coverage on Cintas in a report on Monday, February 24th. They set a "sell" rating and a $161.00 price objective for the company. Finally, Robert W. Baird upped their price objective on Cintas from $200.00 to $227.00 and gave the company a "neutral" rating in a research report on Thursday, March 27th. Three analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $215.81.

Insider Buying and Selling

In other news, COO Jim Rozakis sold 2,000 shares of the business's stock in a transaction dated Monday, April 7th. The stock was sold at an average price of $190.37, for a total transaction of $380,740.00. Following the sale, the chief operating officer now owns 256,528 shares in the company, valued at approximately $48,835,235.36. The trade was a 0.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ronald W. Tysoe sold 8,521 shares of the company's stock in a transaction dated Monday, April 14th. The shares were sold at an average price of $208.96, for a total transaction of $1,780,548.16. Following the transaction, the director now owns 27,029 shares in the company, valued at approximately $5,647,979.84. This trade represents a 23.97% decrease in their position. The disclosure for this sale can be found here. 15.00% of the stock is currently owned by company insiders.

Cintas Stock Down 0.7%

Shares of NASDAQ CTAS traded down $1.59 during midday trading on Friday, reaching $221.98. 1,252,851 shares of the company's stock traded hands, compared to its average volume of 1,703,980. The company has a market cap of $89.63 billion, a price-to-earnings ratio of 53.52, a P/E/G ratio of 3.98 and a beta of 1.08. The stock's 50 day simple moving average is $215.30 and its 200-day simple moving average is $205.67. The company has a quick ratio of 1.38, a current ratio of 1.58 and a debt-to-equity ratio of 0.47. Cintas Co. has a one year low of $171.26 and a one year high of $229.24.

Cintas (NASDAQ:CTAS - Get Free Report) last announced its quarterly earnings results on Wednesday, March 26th. The business services provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.08. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same period last year, the business posted $3.84 EPS. The business's revenue was up 8.4% compared to the same quarter last year. On average, analysts predict that Cintas Co. will post 4.31 EPS for the current fiscal year.

Cintas Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.70%. The ex-dividend date was Thursday, May 15th. Cintas's payout ratio is currently 36.11%.

Cintas 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.