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

Cidel Asset Management Inc. boosted its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 13.7% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 450,780 shares of the auto parts company’s stock after buying an additional 54,328 shares during the period. Cidel Asset Management Inc. owned approximately 0.21% of Gentex worth $12,757,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Nordea Investment Management AB bought a new stake in Gentex in the third quarter worth $6,422,000. Aurora Investment Counsel purchased a new position in shares of Gentex in the 2nd quarter worth $534,000. Deprince Race & Zollo Inc. bought a new stake in shares of Gentex in the 3rd quarter worth about $26,283,000. Global Alpha Capital Management Ltd. purchased a new stake in shares of Gentex during the 2nd quarter valued at about $19,318,000. Finally, Jump Financial LLC raised its position in shares of Gentex by 37.3% during the 2nd quarter. Jump Financial LLC now owns 224,065 shares of the auto parts company’s stock valued at $4,927,000 after buying an additional 60,827 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on GNTX. Robert W. Baird set a $26.00 price objective on Gentex in a research report on Wednesday, January 14th. Weiss Ratings restated a “hold (c)” rating on shares of Gentex in a report on Thursday, January 22nd. The Goldman Sachs Group set a $27.00 price objective on shares of Gentex and gave the stock a “neutral” rating in a research note on Monday, October 27th. B. Riley Financial lowered their target price on shares of Gentex from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, February 2nd. Finally, UBS Group set a $25.00 price target on Gentex in a research report on Monday, February 2nd. Two research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $26.71.

Gentex Stock Up 1.9%

Shares of NASDAQ GNTX opened at $24.89 on Friday. The firm has a market cap of $5.45 billion, a price-to-earnings ratio of 14.30 and a beta of 0.78. The company’s 50-day simple moving average is $23.83 and its 200-day simple moving average is $25.24. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $29.38.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, January 30th. The auto parts company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The firm had revenue of $644.40 million during the quarter, compared to analysts’ expectations of $650.90 million. During the same period in the previous year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 19.0% on a year-over-year basis. Equities research analysts anticipate that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Wednesday, January 7th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.9%. The ex-dividend date was Wednesday, January 7th. Gentex’s dividend payout ratio (DPR) is 27.59%.

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).