Cidel Asset Management Inc. Cuts Holdings in Gentex Corporation $GNTX

Key Points

• Cidel Asset Management Inc. reduced its stake in Gentex Corporation by 23.8%, selling 123,679 shares in the second quarter, bringing its ownership to approximately 0.18% of Gentex, valued at $8.72 million.
• Gentex announced a quarterly dividend of $0.12 per share, with an annualized yield of 1.8%, and has initiated a share repurchase program allowing for the buyback of up to 40 million shares.
• Wall Street analysts currently rate Gentex with two Buy ratings and seven Hold ratings, with a mixed average price target of $29.14 for the stock.

Cidel Asset Management Inc. decreased its stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 23.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 396,452 shares of the auto parts company's stock after selling 123,679 shares during the quarter. Cidel Asset Management Inc. owned approximately 0.18% of Gentex worth $8,718,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Larson Financial Group LLC increased its holdings in Gentex by 1,471.0% during the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock worth $25,000 after purchasing an additional 1,015 shares during the period. Brooklyn Investment Group increased its holdings in Gentex by 305.7% during the 1st quarter. Brooklyn Investment Group now owns 1,217 shares of the auto parts company's stock worth $28,000 after purchasing an additional 917 shares during the period. Whittier Trust Co. of Nevada Inc. increased its holdings in Gentex by 85.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company's stock worth $28,000 after purchasing an additional 563 shares during the period. State of Wyoming purchased a new stake in Gentex during the 1st quarter worth about $45,000. Finally, Steph & Co. purchased a new stake in Gentex during the 2nd quarter worth about $45,000. Hedge funds and other institutional investors own 86.76% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. The Goldman Sachs Group set a $32.00 price target on Gentex in a report on Monday, September 29th. B. Riley increased their price objective on Gentex from $28.00 to $32.00 and gave the company a "buy" rating in a report on Monday, July 28th. Wall Street Zen upgraded Gentex from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Weiss Ratings reiterated a "hold (c)" rating on shares of Gentex in a report on Wednesday, October 8th. Finally, Robert W. Baird increased their price objective on Gentex from $26.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $29.14.

Gentex Stock Down 0.7%

NASDAQ:GNTX opened at $26.01 on Friday. The stock's 50 day moving average price is $27.72 and its 200 day moving average price is $24.40. The company has a market capitalization of $5.71 billion, a PE ratio of 14.69 and a beta of 0.84. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $31.48.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.08. The firm had revenue of $657.86 million for the quarter, compared to the consensus estimate of $591.94 million. Gentex had a return on equity of 16.86% and a net margin of 16.82%.The firm's quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.37 EPS. Gentex has set its FY 2025 guidance at EPS. As a group, sell-side analysts anticipate that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Wednesday, October 8th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date is Wednesday, October 8th. Gentex's dividend payout ratio (DPR) is currently 27.12%.

Gentex declared that its board has initiated a share repurchase program on Wednesday, July 16th that permits the company to buyback 40,000,000 outstanding shares. This buyback authorization permits the auto parts company to buy shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's leadership believes its stock is undervalued.

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.

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