TD Asset Management Inc Has $121.02 Million Stock Holdings in Gentex Corporation (NASDAQ:GNTX)

Key Points

• TD Asset Management Inc has reduced its stake in Gentex Corporation by 4.1%, now holding 5,194,045 shares, valued at approximately $121 million, after selling 221,826 shares in the first quarter.
• The company's recent earnings report showed a 14.8% year-over-year revenue increase, with earnings per share beating expectations at $0.47, compared to analysts' estimates of $0.39.
• Gentex announced a quarterly dividend of $0.12 per share, reflecting an annualized dividend yield of 1.75%, along with a stock buyback plan allowing the repurchase of up to 40 million shares.

TD Asset Management Inc lowered its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 4.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,194,045 shares of the auto parts company's stock after selling 221,826 shares during the period. TD Asset Management Inc owned about 2.30% of Gentex worth $121,021,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. LPL Financial LLC grew its holdings in Gentex by 31.6% in the fourth quarter. LPL Financial LLC now owns 189,254 shares of the auto parts company's stock valued at $5,437,000 after purchasing an additional 45,475 shares during the period. Principal Financial Group Inc. grew its stake in Gentex by 0.4% during the first quarter. Principal Financial Group Inc. now owns 523,489 shares of the auto parts company's stock worth $12,197,000 after buying an additional 1,923 shares during the period. Marshall Wace LLP purchased a new stake in Gentex during the fourth quarter worth approximately $10,868,000. Asset Management One Co. Ltd. grew its stake in Gentex by 5.9% during the first quarter. Asset Management One Co. Ltd. now owns 219,454 shares of the auto parts company's stock worth $5,113,000 after buying an additional 12,168 shares during the period. Finally, Praxis Investment Management Inc. purchased a new stake in Gentex during the first quarter worth approximately $359,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Insiders Place Their Bets

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $22.87, for a total transaction 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 trade represents a 38.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.45% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Gentex from a "hold" rating to a "buy" rating in a research note on Saturday. Robert W. Baird upped their price target on shares of Gentex from $26.00 to $30.00 and gave the company a "neutral" rating in a report on Monday. B. Riley upped their price target on shares of Gentex from $28.00 to $32.00 and gave the company a "buy" rating in a report on Monday. Industrial Alliance Securities set a $25.00 price target on shares of Gentex in a report on Friday, July 11th. Finally, Baird R W cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Seven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Gentex currently has a consensus rating of "Hold" and a consensus price target of $29.22.

Gentex Trading Up 1.8%

Shares of GNTX traded up $0.50 during midday trading on Monday, hitting $27.92. The stock had a trading volume of 4,641,181 shares, compared to its average volume of 2,347,519. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $31.75. The business has a 50-day simple moving average of $22.37 and a two-hundred day simple moving average of $23.46. The firm has a market cap of $6.28 billion, a P/E ratio of 15.77 and a beta of 0.81.

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

Gentex declared that its Board of Directors has initiated a share buyback program on Wednesday, July 16th that authorizes the company to buyback 40,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company's management believes its stock is undervalued.

Gentex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.72%. The ex-dividend date of this dividend was Wednesday, July 9th. Gentex's payout ratio is presently 27.12%.

About Gentex

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.