5 Best Debt Free Dividend Stocks to Buy

4. Gentex Corporation (NASDAQ:GNTX)

Number of Hedge Fund Holders: 26

Dividend Yield as of April 19: 1.77%

Founded in 1974, Gentex Corporation (NASDAQ:GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market.

Gentex Corporation (NASDAQ:GNTX) managed to secure solid financial results in Q4 2022. Its revenue increased by 18% y-o-y to $494 million while it generated a net income of $86 million. The company returned $227 million to shareholders during 2022 in the form of dividends and share repurchases.

On April 6, Baird designated Gentex Corporation (NASDAQ:GNTX) as a new Fresh Pick ahead of Q1 earnings and maintained its ‘Outperform’ rating and $35 price target.

As of Q4 2022, Gentex Corporation (NASDAQ:GNTX) shares were held by 26 hedge funds with a total value of $511 million. Notable hedge funds including Renaissance Technologies, and Ray Dalio’s Bridgewater Associates, significantly increased their exposure to Gentex Corporation (NASDAQ:GNTX) during the quarter.