Scharf Investments LLC boosted its stake in Gentex Corporation (NASDAQ:GNTX) by 1.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,195,520 shares of the auto parts company’s stock after purchasing an additional 116,104 shares during the period. Gentex makes up approximately 3.0% of Scharf Investments LLC’s holdings, making the stock its 18th largest position. Scharf Investments LLC owned about 2.18% of Gentex worth $122,671,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of GNTX. Alps Advisors Inc. boosted its holdings in Gentex by 0.3% in the 2nd quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock worth $416,000 after buying an additional 56 shares during the period. Synovus Financial Corp lifted its stake in Gentex by 2.8% in the 2nd quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock worth $236,000 after purchasing an additional 336 shares in the last quarter. Northwestern Mutual Investment Management Company LLC lifted its stake in Gentex by 0.7% in the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 49,864 shares of the auto parts company’s stock worth $770,000 after purchasing an additional 353 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Gentex by 7.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after purchasing an additional 368 shares in the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Gentex by 2.1% in the 2nd quarter. Teacher Retirement System of Texas now owns 23,062 shares of the auto parts company’s stock worth $437,000 after purchasing an additional 469 shares in the last quarter. 81.84% of the stock is owned by institutional investors and hedge funds.
Several brokerages have commented on GNTX. B. Riley reiterated a “buy” rating on shares of Gentex in a research note on Wednesday, November 1st. KeyCorp restated a “buy” rating and set a $25.00 target price on shares of Gentex in a research report on Sunday, October 15th. Zacks Investment Research cut shares of Gentex from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. BidaskClub upgraded shares of Gentex from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, Robert W. Baird upgraded shares of Gentex from a “neutral” rating to an “outperform” rating and upped their target price for the company from $17.36 to $22.00 in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $22.06.
Gentex Corporation (NASDAQ GNTX) opened at $20.33 on Thursday. Gentex Corporation has a one year low of $16.59 and a one year high of $22.12. The stock has a market cap of $5,766.06, a P/E ratio of 16.12, a PEG ratio of 1.65 and a beta of 1.21.
Gentex (NASDAQ:GNTX) last posted its earnings results on Friday, October 20th. The auto parts company reported $0.31 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.31. Gentex 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 analysts’ expectations of $452.42 million. During the same quarter in the prior year, the company posted $0.32 earnings per share. Gentex’s revenue for the quarter was up 2.1% compared to the same quarter last year. equities analysts expect that Gentex Corporation will post 1.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Friday, January 5th will be issued a $0.10 dividend. The ex-dividend date is Thursday, January 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.97%. Gentex’s dividend payout ratio is currently 31.75%.
Gentex announced that its board has approved a stock buyback plan on Wednesday, August 23rd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the auto parts company to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.
In other Gentex news, insider Kevin C. Nash sold 4,320 shares of the firm’s stock in a transaction on 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 transaction, the insider now owns 30,732 shares of the company’s stock, valued at $605,420.40. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Steven R. Downing sold 8,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at approximately $933,031.40. The disclosure for this sale can be found here. Company insiders own 2.50% of the company’s stock.
Gentex 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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