TD Asset Management Inc Decreases Position in Gentex Corporation $GNTX

Key Points

• TD Asset Management reduced its Gentex position by 38.1% in the fourth quarter, though it still held about 2.59 million shares worth roughly $60.2 million.
• Gentex reported better-than-expected quarterly results, with EPS of $0.48 versus $0.44 expected and revenue of $675.44 million, up 17.1% year over year.
• The company declared a quarterly dividend of $0.12 per share, while analysts currently rate the stock a consensus “Hold” with an average price target of $26.83.

TD Asset Management Inc cut its position in Gentex Corporation (NASDAQ:GNTX - Free Report) by 38.1% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,587,362 shares of the auto parts company's stock after selling 1,595,181 shares during the period. TD Asset Management Inc owned approximately 1.18% of Gentex worth $60,208,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of GNTX. Clearstead Advisors LLC raised its holdings in shares of Gentex by 21.4% during the fourth quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company's stock valued at $58,000 after purchasing an additional 437 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Gentex by 0.7% during the third quarter. Arizona State Retirement System now owns 66,519 shares of the auto parts company's stock valued at $1,882,000 after purchasing an additional 487 shares during the last quarter. Orion Porfolio Solutions LLC raised its holdings in shares of Gentex by 4.5% during the second 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 last quarter. Merit Financial Group LLC raised its holdings in shares of Gentex by 2.1% during the fourth quarter. Merit Financial Group LLC now owns 30,641 shares of the auto parts company's stock valued at $713,000 after purchasing an additional 635 shares during the last quarter. Finally, Novem Group raised its holdings in shares of Gentex by 6.3% during the fourth quarter. Novem Group now owns 11,683 shares of the auto parts company's stock valued at $272,000 after purchasing an additional 696 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently weighed in on GNTX. Weiss Ratings reissued a "hold (c-)" rating on shares of Gentex in a report on Tuesday. Robert W. Baird upped their target price on shares of Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, April 27th. JPMorgan Chase & Co. increased their price target on shares of Gentex from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. UBS Group set a $26.00 price target on shares of Gentex in a research report on Sunday, April 26th. Finally, B. Riley Financial reiterated a "buy" rating and issued a $29.00 price target (up from $28.00) on shares of Gentex in a research report on Monday, April 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $26.83.

Insiders Place Their Bets

In other Gentex news, Director Richard O. Schaum sold 4,815 shares of the company'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 directly owned 81,443 shares in the company, valued at $1,898,436.33. This represents a 5.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the company's stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $22.98, for a total transaction of $136,478.22. The SEC filing for this sale provides additional information. Insiders sold a total of 16,693 shares of company stock worth $385,194 over the last three months. 0.55% of the stock is currently owned by company insiders.

Gentex Trading Down 1.7%

GNTX opened at $24.63 on Friday. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.38. The company has a market capitalization of $5.24 billion, a PE ratio of 13.84 and a beta of 0.79. The firm's 50 day simple moving average is $22.94 and its two-hundred day simple moving average is $23.14.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share 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 business had revenue of $675.44 million for the quarter, compared to the consensus estimate of $649.42 million. During the same period last year, the firm earned $0.42 earnings per share. The company's quarterly revenue was up 17.1% on a year-over-year basis. Equities analysts forecast that Gentex Corporation will post 1.96 earnings per share for the current fiscal year.

Gentex Announces Dividend

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

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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