Cidel Asset Management Inc. Buys 108,899 Shares of Gentex Corporation (NASDAQ:GNTX)

Cidel Asset Management Inc. raised its stake in Gentex Corporation (NASDAQ:GNTX - Free Report) by 26.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 520,131 shares of the auto parts company's stock after buying an additional 108,899 shares during the period. Cidel Asset Management Inc. owned about 0.23% of Gentex worth $12,119,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its position in Gentex by 16.1% in the 4th quarter. Bank of New York Mellon Corp now owns 2,787,311 shares of the auto parts company's stock worth $80,079,000 after buying an additional 386,461 shares during the last quarter. LPL Financial LLC lifted its position in Gentex by 31.6% in the 4th quarter. LPL Financial LLC now owns 189,254 shares of the auto parts company's stock worth $5,437,000 after buying an additional 45,475 shares during the last quarter. Raymond James Financial Inc. bought a new stake in Gentex in the 4th quarter worth approximately $24,479,000. Marshall Wace LLP bought a new stake in Gentex in the 4th quarter worth approximately $10,868,000. Finally, AlphaQuest LLC purchased a new position in Gentex in the 4th quarter worth approximately $2,312,000. Institutional investors own 86.76% of the company's stock.

Insider Activity at Gentex

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $22.87, for a total value of $86,082.68. Following the transaction, the director owned 5,939 shares of the company's stock, valued at approximately $135,824.93. This represents a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.45% of the stock is owned by company insiders.

Gentex Stock Performance

GNTX opened at $21.99 on Tuesday. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $35.32. The stock has a market capitalization of $4.94 billion, a PE ratio of 12.86, a price-to-earnings-growth ratio of 1.09 and a beta of 0.82. The stock's 50 day moving average price is $21.89 and its 200-day moving average price is $24.17.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The company had revenue of $576.77 million for the quarter, compared to analysts' expectations of $578.68 million. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The firm's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 earnings per share. Research analysts forecast that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.48 annualized dividend and a dividend yield of 2.18%. Gentex's dividend payout ratio (DPR) is presently 28.07%.

Analyst Ratings Changes

GNTX has been the subject of several recent research reports. UBS Group lowered their price objective on Gentex from $29.00 to $21.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Guggenheim lowered their price objective on Gentex from $30.00 to $24.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Robert W. Baird reiterated a "neutral" rating and issued a $25.00 price objective (down previously from $31.00) on shares of Gentex in a research report on Tuesday, April 15th. The Goldman Sachs Group lowered their price objective on Gentex from $28.00 to $23.00 and set a "neutral" rating for the company in a research report on Thursday, April 10th. Finally, Baird R W downgraded Gentex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Eight research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Gentex has a consensus rating of "Hold" and an average target price of $28.31.

Gentex Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.

Want to see what other hedge funds are holding GNTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gentex Corporation (NASDAQ:GNTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.