Mirae Asset Global Investments Co. Ltd. Acquires 40,790 Shares of Cintas Corporation (NASDAQ:CTAS)

Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Cintas Corporation (NASDAQ:CTAS - Free Report) by 32.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 167,443 shares of the business services provider's stock after acquiring an additional 40,790 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Cintas were worth $34,086,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Oakworth Capital Inc. increased its position in shares of Cintas by 17.4% in the first quarter. Oakworth Capital Inc. now owns 1,080 shares of the business services provider's stock valued at $222,000 after acquiring an additional 160 shares during the period. Achmea Investment Management B.V. boosted its stake in Cintas by 6.3% during the 1st quarter. Achmea Investment Management B.V. now owns 146,670 shares of the business services provider's stock valued at $30,145,000 after purchasing an additional 8,719 shares during the last quarter. Bartlett & CO. Wealth Management LLC raised its stake in shares of Cintas by 0.5% in the first quarter. Bartlett & CO. Wealth Management LLC now owns 32,063 shares of the business services provider's stock worth $6,590,000 after purchasing an additional 160 shares during the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Cintas by 4.7% during the first quarter. Illinois Municipal Retirement Fund now owns 93,917 shares of the business services provider's stock valued at $19,303,000 after buying an additional 4,225 shares during the last quarter. Finally, Trust Co. of Vermont lifted its position in Cintas by 76.1% during the first quarter. Trust Co. of Vermont now owns 331 shares of the business services provider's stock valued at $68,000 after purchasing an additional 143 shares during the period. Institutional investors own 63.46% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on CTAS shares. Bank of America started coverage on Cintas in a report on Thursday, April 10th. They set a "buy" rating and a $250.00 price target for the company. Morgan Stanley raised their price target on Cintas from $195.00 to $213.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 27th. Redburn Atlantic cut shares of Cintas from a "neutral" rating to a "sell" rating and set a $171.00 price objective on the stock. in a research report on Thursday, May 1st. Robert W. Baird upped their price target on shares of Cintas from $200.00 to $227.00 and gave the company a "neutral" rating in a report on Thursday, March 27th. Finally, Royal Bank Of Canada reissued a "sector perform" rating and issued a $240.00 price objective (up previously from $215.00) on shares of Cintas in a research note on Monday, June 9th. Three research analysts have rated the stock with a sell rating, six have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $215.81.

Cintas Trading Up 1.0%

NASDAQ CTAS traded up $2.12 during trading hours on Monday, hitting $222.87. The company's stock had a trading volume of 1,378,728 shares, compared to its average volume of 1,664,855. The stock has a fifty day moving average of $218.64 and a 200 day moving average of $205.59. The company has a quick ratio of 1.50, a current ratio of 1.72 and a debt-to-equity ratio of 0.44. Cintas Corporation has a twelve month low of $172.20 and a twelve month high of $229.24. The firm has a market capitalization of $89.99 billion, a P/E ratio of 51.62, a PEG ratio of 3.44 and a beta of 1.08.

Cintas Dividend Announcement

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

Insider Buying and Selling

In other Cintas news, COO Jim Rozakis sold 2,000 shares of the company's stock in a transaction on Monday, April 7th. The stock was sold at an average price of $190.37, for a total value of $380,740.00. Following the transaction, the chief operating officer directly owned 256,528 shares of the company's stock, valued at $48,835,235.36. This represents a 0.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 value of $1,780,548.16. Following the sale, the director owned 27,029 shares in the company, valued at approximately $5,647,979.84. The trade was 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 insiders.

About Cintas

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.