Intellectus Partners LLC lessened its stake in Gentex Corporation (NASDAQ:GNTX) by 2.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 14,092 shares of the auto parts company’s stock after selling 345 shares during the quarter. Intellectus Partners LLC’s holdings in Gentex Corporation were worth $267,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. BlackRock Inc. raised its holdings in Gentex Corporation by 4.4% in the 2nd quarter. BlackRock Inc. now owns 24,223,258 shares of the auto parts company’s stock worth $459,513,000 after purchasing an additional 1,009,789 shares during the period. Vanguard Group Inc. raised its holdings in Gentex Corporation by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,196,105 shares of the auto parts company’s stock worth $440,030,000 after purchasing an additional 358,903 shares during the period. State Street Corp raised its holdings in Gentex Corporation by 4.6% in the 1st quarter. State Street Corp now owns 7,765,951 shares of the auto parts company’s stock worth $165,651,000 after purchasing an additional 339,317 shares during the period. Schroder Investment Management Group raised its holdings in Gentex Corporation by 164.3% in the 2nd quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock worth $124,467,000 after purchasing an additional 4,144,300 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Gentex Corporation by 22.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,357,501 shares of the auto parts company’s stock worth $82,659,000 after purchasing an additional 813,219 shares during the period. 80.83% of the stock is owned by institutional investors.
In other news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the completion of the transaction, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Steven R. Downing sold 8,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $157,600.00. Following the transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at $933,031.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 251,720 shares of company stock valued at $4,391,506. Corporate insiders own 2.50% of the company’s stock.
Gentex Corporation (NASDAQ:GNTX) traded up 1.589% during midday trading on Friday, reaching $20.145. The company’s stock had a trading volume of 229,524 shares. The firm has a market capitalization of $5.75 billion, a P/E ratio of 15.988 and a beta of 1.18. The company’s 50-day moving average is $19.18 and its 200 day moving average is $19.01. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by ($0.01). Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company had revenue of $443.10 million for the quarter, compared to analyst estimates of $446.36 million. During the same quarter in the previous year, the business posted $0.30 earnings per share. Gentex Corporation’s revenue was up 4.6% on a year-over-year basis. Analysts expect that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
Gentex Corporation declared that its Board of Directors has authorized a share buyback program on Wednesday, August 23rd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.02%. Gentex Corporation’s dividend payout ratio (DPR) is 31.50%.
A number of research firms recently weighed in on GNTX. ValuEngine cut Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub raised Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Robert W. Baird raised Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $17.36 to $22.00 in a report on Thursday, August 24th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.58.
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About Gentex Corporation
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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