Azzad Asset Management Inc. ADV Acquires Shares of 24,965 Cintas Co. (NASDAQ:CTAS)

Azzad Asset Management Inc. ADV acquired a new stake in Cintas Co. (NASDAQ:CTAS) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 24,965 shares of the business services provider’s stock, valued at approximately $5,131,000. Cintas accounts for approximately 0.6% of Azzad Asset Management Inc. ADV’s investment portfolio, making the stock its 27th biggest position.

A number of other institutional investors have also recently bought and sold shares of CTAS. Brighton Jones LLC grew its stake in 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 period. Gladstone Institutional Advisory LLC grew its stake in shares of Cintas by 11.5% during the 4th quarter. Gladstone Institutional Advisory LLC now owns 2,360 shares of the business services provider’s stock worth $431,000 after acquiring an additional 244 shares during the period. Allspring Global Investments Holdings LLC grew its stake in shares of Cintas by 43.7% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 160,319 shares of the business services provider’s stock worth $29,192,000 after acquiring an additional 48,720 shares during the period. Van ECK Associates Corp grew its stake in shares of Cintas by 1.7% during the 4th quarter. Van ECK Associates Corp now owns 79,988 shares of the business services provider’s stock worth $14,614,000 after acquiring 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 shares of Cintas during the 4th quarter worth $879,000. Institutional investors own 63.46% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on CTAS. Truist Financial increased their price target on Cintas from $215.00 to $230.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Bank of America began coverage on Cintas in a research note on Thursday, April 10th. They set a “buy” rating and a $250.00 price target for the company. Citigroup began coverage on Cintas in a research note on Monday, February 24th. They set a “sell” rating and a $161.00 price target for the company. Morgan Stanley increased their price target on Cintas from $195.00 to $213.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 27th. Finally, The Goldman Sachs Group increased their price target on Cintas from $211.00 to $233.00 and gave the stock a “buy” rating in a research note on Thursday, March 27th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cintas currently has a consensus rating of “Hold” and an average price target of $215.81.

Cintas Stock Performance

Shares of CTAS opened at $221.98 on Friday. The company has a market cap of $89.63 billion, a PE ratio of 53.52, a price-to-earnings-growth ratio of 3.98 and a beta of 1.08. The company has a current ratio of 1.58, a quick ratio of 1.38 and a debt-to-equity ratio of 0.47. The stock has a 50-day moving average price of $215.30 and a 200-day moving average price of $205.67. Cintas Co. has a 12-month low of $171.26 and a 12-month high of $229.24.

Cintas (NASDAQ:CTAS) last issued 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. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.60 billion. Cintas had a return on equity of 40.62% and a net margin of 17.23%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the company posted $3.84 EPS. As a group, equities analysts forecast that Cintas Co. will post 4.31 earnings per share for the current fiscal year.

Cintas Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Thursday, May 15th were given a dividend of $0.39 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $1.56 dividend on an annualized basis and a dividend yield of 0.70%. Cintas’s dividend payout ratio (DPR) is presently 36.11%.

Insider Activity

In related news, COO Jim Rozakis sold 2,000 shares of the firm’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 transaction, the chief operating officer now directly owns 256,528 shares of the company’s stock, valued at approximately $48,835,235.36. This trade represents a 0.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Ronald W. Tysoe sold 8,521 shares of the firm’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 transaction, the director now directly owns 27,029 shares in the company, valued at approximately $5,647,979.84. This represents a 23.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 15.00% of the company’s stock.

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.