Cidel Asset Management Inc. Has $9.34 Million Stock Holdings in Gentex Corporation $GNTX

Key Points

• Cidel Asset Management cut its stake in Gentex by 11.0% in Q4 to 401,190 shares worth about $9.34 million, representing roughly 0.18% of the company.
• Significant insider selling occurred: CEO Steven Downing sold 35,000 shares (≈$866,250) and CFO Kevin Nash sold 11,885 shares (≈$296,887), with insiders selling 58,133 shares (~$1.44M) in the quarter and now owning 0.45% of the stock.
• Gentex beat Q4 EPS estimates ($0.44 vs. $0.43) while revenue of $644.4M slightly missed estimates but rose 19% YoY, and the board declared a $0.12 quarterly dividend (annual $0.48, ~2.2% yield); the stock trades around $21.51 with a PE of 12.36 and a $4.63B market cap.

Cidel Asset Management Inc. decreased its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 11.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 401,190 shares of the auto parts company's stock after selling 49,590 shares during the period. Cidel Asset Management Inc. owned approximately 0.18% of Gentex worth $9,336,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of GNTX. CWM LLC grew its stake in shares of Gentex by 5.1% in the third quarter. CWM LLC now owns 9,648 shares of the auto parts company's stock valued at $273,000 after acquiring an additional 467 shares in the last quarter. Arizona State Retirement System raised its stake in Gentex by 0.7% in the 3rd quarter. Arizona State Retirement System now owns 66,519 shares of the auto parts company's stock worth $1,882,000 after purchasing an additional 487 shares in the last quarter. Orion Porfolio Solutions LLC boosted its holdings in Gentex by 4.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,025 shares of the auto parts company's stock valued at $286,000 after purchasing an additional 562 shares during the period. Steph & Co. boosted its holdings in Gentex by 30.5% in the 3rd quarter. Steph & Co. now owns 2,684 shares of the auto parts company's stock valued at $76,000 after purchasing an additional 627 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its position in shares of Gentex by 5.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 12,509 shares of the auto parts company's stock worth $275,000 after purchasing an additional 634 shares in the last quarter. Institutional investors own 86.76% of the company's stock.

Insider Transactions at Gentex

In related news, CEO Steven R. Downing sold 35,000 shares of the firm's stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total value of $866,250.00. Following the sale, the chief executive officer directly owned 211,670 shares of the company's stock, valued at $5,238,832.50. This trade represents a 14.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Kevin C. Nash sold 11,885 shares of Gentex stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $24.98, for a total value of $296,887.30. Following the completion of the transaction, the chief financial officer owned 59,430 shares in the company, valued at approximately $1,484,561.40. This represents a 16.67% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 58,133 shares of company stock valued at $1,442,313. Corporate insiders own 0.45% of the company's stock.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $21.51 on Monday. The firm has a 50 day moving average of $22.87 and a 200-day moving average of $23.92. Gentex Corporation has a 12 month low of $20.28 and a 12 month high of $29.38. The stock has a market capitalization of $4.63 billion, a PE ratio of 12.36 and a beta of 0.77.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings results on Friday, January 30th. The auto parts company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.01. Gentex had a net margin of 15.19% and a return on equity of 16.05%. The business had revenue of $644.40 million for the quarter, compared to analyst estimates of $650.90 million. During the same quarter last year, the business posted $0.39 EPS. The firm's revenue for the quarter was up 19.0% on a year-over-year basis. On average, research analysts predict that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Wednesday, April 8th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, April 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. Gentex's dividend payout ratio (DPR) is presently 27.59%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on GNTX shares. Robert W. Baird set a $26.00 price target on shares of Gentex in a research report on Wednesday, January 14th. Freedom Capital raised Gentex to a "strong-buy" rating in a research report on Friday, March 27th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gentex in a report on Thursday, January 22nd. B. Riley Financial cut their target price on Gentex from $32.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, February 2nd. Finally, UBS Group set a $25.00 target price on Gentex in a report on Monday, February 2nd. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $26.71.

About Gentex

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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