Parsons Capital Management Inc. RI Has $219,000 Stake in Gentex Co. (NASDAQ:GNTX)

Parsons Capital Management Inc. RI lowered its stake in shares of Gentex Co. (NASDAQ:GNTX) by 15.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,405 shares of the auto parts company’s stock after selling 1,734 shares during the period. Parsons Capital Management Inc. RI’s holdings in Gentex were worth $219,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. GAMMA Investing LLC lifted its holdings in shares of Gentex by 16.1% in the 1st quarter. GAMMA Investing LLC now owns 5,957 shares of the auto parts company’s stock worth $139,000 after purchasing an additional 824 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Gentex by 50.1% in the first quarter. Farther Finance Advisors LLC now owns 9,283 shares of the auto parts company’s stock valued at $218,000 after buying an additional 3,098 shares in the last quarter. Wedge Capital Management L L P NC grew its holdings in shares of Gentex by 1.4% during the first quarter. Wedge Capital Management L L P NC now owns 389,796 shares of the auto parts company’s stock valued at $9,082,000 after buying an additional 5,345 shares during the last quarter. UMB Bank n.a. grew its holdings in shares of Gentex by 103.3% during the first quarter. UMB Bank n.a. now owns 2,124 shares of the auto parts company’s stock valued at $49,000 after buying an additional 1,079 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Gentex by 102.9% during the first quarter. Thurston Springer Miller Herd & Titak Inc. now owns 4,908 shares of the auto parts company’s stock worth $114,000 after acquiring an additional 2,489 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Baird R W downgraded Gentex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Robert W. Baird reaffirmed a “neutral” rating and set a $25.00 target price (down previously from $31.00) on shares of Gentex in a research report on Tuesday, April 15th. Guggenheim lowered their price target on Gentex from $30.00 to $24.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. The Goldman Sachs Group cut their price objective on shares of Gentex from $28.00 to $23.00 and set a “neutral” rating on the stock in a report on Thursday, April 10th. Finally, UBS Group reduced their target price on shares of Gentex from $29.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $28.31.

Insider Transactions at Gentex

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the business’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $22.87, for a total transaction of $86,082.68. Following the completion of the transaction, the director now directly owns 5,939 shares in the company, valued at $135,824.93. The trade was a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.45% of the company’s stock.

Gentex Price Performance

Shares of NASDAQ:GNTX opened at $22.05 on Thursday. Gentex Co. has a 1 year low of $20.28 and a 1 year high of $35.32. The company has a market capitalization of $4.96 billion, a PE ratio of 12.53, a price-to-earnings-growth ratio of 0.84 and a beta of 0.82. The business has a fifty day moving average price of $21.78 and a two-hundred day moving average price of $25.05.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. Gentex had a net margin of 17.49% and a return on equity of 16.74%. The company had revenue of $576.77 million during the quarter, compared to analyst estimates of $578.68 million. During the same quarter in the prior year, the business earned $0.47 earnings per share. The firm’s revenue for the quarter was down 2.3% on a year-over-year basis. Sell-side analysts anticipate that Gentex Co. will post 2.04 earnings per share for the current year.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.48 dividend on an annualized basis and a yield of 2.18%. Gentex’s dividend payout ratio (DPR) is 28.07%.

About Gentex

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.