Sigma Investment Counselors Inc. decreased its holdings in Gentex Corporation (NASDAQ:GNTX) by 18.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 91,630 shares of the auto parts company’s stock after selling 20,770 shares during the period. Sigma Investment Counselors Inc.’s holdings in Gentex Corporation were worth $1,814,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors have also bought and sold shares of the company. Northwestern Mutual Wealth Management Co. grew its stake in shares of Gentex Corporation by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after acquiring an additional 368 shares in the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Gentex Corporation during the second quarter worth $194,000. Verition Fund Management LLC acquired a new position in shares of Gentex Corporation during the second quarter worth $195,000. HL Financial Services LLC acquired a new position in shares of Gentex Corporation during the second quarter worth $202,000. Finally, Breton Hill Capital Ltd. acquired a new position in shares of Gentex Corporation during the second quarter worth $220,000. Institutional investors and hedge funds own 80.83% of the company’s stock.
Gentex Corporation (NASDAQ GNTX) traded up $0.06 during midday trading on Tuesday, reaching $18.73. 1,671,200 shares of the company’s stock traded hands, compared to its average volume of 2,062,185. Gentex Corporation has a one year low of $16.59 and a one year high of $22.12. The firm has a market capitalization of $5,300.46, a P/E ratio of 14.82, a PEG ratio of 1.52 and a beta of 1.20.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. Gentex Corporation had a net margin of 20.80% and a return on equity of 18.45%. The company had revenue of $438.63 million during the quarter, compared to the consensus estimate of $452.42 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. Gentex Corporation’s revenue for the quarter was up 2.1% on a year-over-year basis. analysts forecast that Gentex Corporation will post 1.27 EPS for the current year.
Gentex Corporation announced that its Board of Directors has approved a share repurchase plan on Wednesday, August 23rd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th were paid a $0.10 dividend. The ex-dividend date was Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.14%. Gentex Corporation’s dividend payout ratio is presently 31.75%.
GNTX has been the subject of a number of analyst reports. ValuEngine downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird lowered their target price on shares of Gentex Corporation from $22.00 to $21.00 and set an “outperform” rating for the company in a research note on Monday, October 23rd. Zacks Investment Research upgraded shares of Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research note on Tuesday, October 17th. Craig Hallum downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Monday, July 24th. Finally, FBR & Co reiterated a “buy” rating and set a $25.00 target price on shares of Gentex Corporation in a research note on Wednesday, October 18th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $22.06.
In other news, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $85,104.00. Following the completion of the sale, the insider now directly owns 30,732 shares of the company’s stock, valued at $605,420.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Steven R. Downing sold 8,000 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $157,600.00. Following the completion of the sale, 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. Corporate insiders own 2.50% of the company’s stock.
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Gentex Corporation Company Profile
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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