TD Asset Management Inc Sells 833,208 Shares of Gentex Corporation $GNTX

Key Points

• TD Asset Management Inc has reduced its stake in Gentex Corporation by 16.0%, selling 833,208 shares in the second quarter, now holding approximately 1.94% of the company, valued at around $95.9 million.
• Gentex reported an earnings per share (EPS) of $0.47 for the latest quarter, exceeding analyst expectations by $0.08, and experienced a revenue increase of 14.8% compared to the previous year.
• The company has authorized a share repurchase program allowing the buyback of up to 40 million shares, indicating management's confidence in the current valuation of its stock.

TD Asset Management Inc reduced its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 16.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,360,837 shares of the auto parts company's stock after selling 833,208 shares during the quarter. TD Asset Management Inc owned about 1.94% of Gentex worth $95,895,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GNTX. Farther Finance Advisors LLC raised its holdings in Gentex by 50.1% during the 1st quarter. Farther Finance Advisors LLC now owns 9,283 shares of the auto parts company's stock worth $218,000 after purchasing an additional 3,098 shares during the last quarter. GAMMA Investing LLC raised its holdings in Gentex by 16.1% during the 1st quarter. GAMMA Investing LLC now owns 5,957 shares of the auto parts company's stock worth $139,000 after purchasing an additional 824 shares during the last quarter. SG Americas Securities LLC bought a new stake in Gentex during the 1st quarter worth about $456,000. Assenagon Asset Management S.A. raised its holdings in Gentex by 28.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 98,081 shares of the auto parts company's stock worth $2,285,000 after purchasing an additional 21,802 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Gentex by 42.9% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 50,056 shares of the auto parts company's stock worth $1,166,000 after purchasing an additional 15,025 shares during the last quarter. 86.76% of the stock is owned by institutional investors.

Gentex Stock Performance

NASDAQ GNTX opened at $25.96 on Wednesday. The business has a 50 day simple moving average of $27.75 and a 200 day simple moving average of $24.34. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $31.48. The stock has a market cap of $5.70 billion, a price-to-earnings ratio of 14.67 and a beta of 0.84.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its 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. Gentex had a return on equity of 16.86% and a net margin of 16.82%.The business had revenue of $657.86 million during the quarter, compared to analysts' expectations of $591.94 million. During the same period in the prior year, the business earned $0.37 EPS. Gentex's revenue for the quarter was up 14.8% compared to the same quarter last year. Gentex has set its FY 2025 guidance at EPS. On average, analysts predict that Gentex Corporation will post 2.04 EPS for the current year.

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

Gentex Dividend Announcement

The firm also recently announced 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 of this dividend is Wednesday, October 8th. Gentex's dividend payout ratio is presently 27.12%.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GNTX. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. B. Riley upped their price target on Gentex from $28.00 to $32.00 and gave the company a "buy" rating in a research note on Monday, July 28th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Gentex in a research note on Wednesday, October 8th. Robert W. Baird upped their price target on Gentex from $26.00 to $30.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, Industrial Alliance Securities set a $25.00 price target on Gentex in a research note on Friday, July 11th. Two analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $29.14.

Gentex Company 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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