Cidel Asset Management Inc. Acquires 246,235 Shares of Gentex Corporation $GNTX

Key Points

• Cidel Asset Management increased its Gentex stake by 61.4% in the first quarter, buying 246,235 shares and bringing its total holdings to 647,425 shares worth about $14.1 million.
• Gentex shares were down 3.7% in Wednesday trading, with the stock opening at $24.75 amid a market cap of $5.27 billion and a 1-year range of $20.48 to $29.38.
• The company beat earnings expectations in its latest quarter, reporting $0.48 EPS versus $0.44 expected and revenue of $675.4 million, while also declaring a quarterly dividend of $0.12 per share.

Cidel Asset Management Inc. boosted its holdings in Gentex Corporation (NASDAQ:GNTX - Free Report) by 61.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 647,425 shares of the auto parts company's stock after purchasing an additional 246,235 shares during the quarter. Cidel Asset Management Inc. owned about 0.30% of Gentex worth $14,146,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Steph & Co. bought a new stake in shares of Gentex in the 1st quarter valued at $81,000. AdvisorNet Financial Inc boosted its stake in Gentex by 2,299.0% during the first quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company's stock worth $52,000 after acquiring an additional 2,299 shares in the last quarter. Hsbc Holdings PLC grew its holdings in Gentex by 308.9% in the fourth quarter. Hsbc Holdings PLC now owns 134,570 shares of the auto parts company's stock worth $3,141,000 after purchasing an additional 101,656 shares during the period. Rockefeller Capital Management L.P. grew its holdings in Gentex by 269.9% in the fourth quarter. Rockefeller Capital Management L.P. now owns 18,816 shares of the auto parts company's stock worth $438,000 after purchasing an additional 13,729 shares during the period. Finally, Corient Private Wealth LLC increased its stake in Gentex by 49.2% in the fourth quarter. Corient Private Wealth LLC now owns 66,612 shares of the auto parts company's stock valued at $1,551,000 after purchasing an additional 21,963 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Gentex Trading Down 3.7%

Gentex stock opened at $24.75 on Wednesday. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.38. The firm has a market capitalization of $5.27 billion, a price-to-earnings ratio of 13.90 and a beta of 0.79. The firm's fifty day moving average price is $23.83 and its two-hundred day moving average price is $23.39.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its earnings results on Friday, April 24th. The auto parts company reported $0.48 EPS for the quarter, topping the consensus estimate of $0.44 by $0.04. Gentex had a net margin of 14.75% and a return on equity of 16.27%. The company had revenue of $675.44 million during the quarter, compared to the consensus estimate of $649.42 million. During the same period in the previous year, the firm posted $0.42 earnings per share. The firm's revenue for the quarter was up 17.1% on a year-over-year basis. On average, research analysts forecast that Gentex Corporation will post 1.96 EPS for the current year.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 8th. Gentex's payout ratio is currently 26.97%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GNTX. JPMorgan Chase & Co. upped their price objective on shares of Gentex from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. B. Riley Financial reaffirmed a "buy" rating and issued a $29.00 target price (up from $28.00) on shares of Gentex in a research report on Monday, April 27th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Gentex in a research note on Tuesday, June 2nd. Robert W. Baird increased their price target on Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. Finally, Wall Street Zen cut Gentex from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $26.83.

Insiders Place Their Bets

In other news, Director Brian C. Walker sold 5,939 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. Following the completion of the sale, the director directly owned 24,205 shares of the company's stock, valued at $556,230.90. This represents a 19.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Richard O. Schaum sold 4,815 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $23.31, for a total value of $112,237.65. Following the completion of the transaction, the director owned 81,443 shares in the company, valued at $1,898,436.33. This represents a 5.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 16,693 shares of company stock valued at $385,194. Corporate insiders own 0.55% of the company's stock.

Gentex Profile

Gentex Corporation NASDAQ: GNTX is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company's primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world's leading original equipment manufacturers (OEMs).

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