Sprucegrove Investment Management Ltd. lowered its position in shares of Gentex Corporation (NASDAQ:GNTX – Free Report) by 64.1% in the fourth quarter, Holdings Channel.com reports. The fund owned 222,494 shares of the auto parts company’s stock after selling 397,266 shares during the quarter. Gentex makes up approximately 0.6% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 21st biggest holding. Sprucegrove Investment Management Ltd.’s holdings in Gentex were worth $5,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also made changes to their positions in the company. Royal Bank of Canada raised its stake in Gentex by 33.1% in the 1st quarter. Royal Bank of Canada now owns 189,561 shares of the auto parts company’s stock valued at $4,418,000 after purchasing an additional 47,150 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Gentex by 1.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,321,634 shares of the auto parts company’s stock worth $30,794,000 after buying an additional 23,454 shares in the last quarter. Empowered Funds LLC raised its position in shares of Gentex by 255.6% in the first quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company’s stock valued at $1,891,000 after buying an additional 58,323 shares during the last quarter. Invesco Ltd. lifted its stake in shares of Gentex by 8.0% in the second quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company’s stock worth $17,881,000 after buying an additional 60,127 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in Gentex by 2,038.4% during the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company’s stock worth $99,000 after acquiring an additional 4,301 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on GNTX. Robert W. Baird upped their price objective on shares of Gentex from $25.00 to $26.00 and gave the company a “neutral” rating in a research note on Monday, April 27th. B. Riley Financial restated a “buy” rating and set a $29.00 target price (up from $28.00) on shares of Gentex in a report on Monday, April 27th. JPMorgan Chase & Co. dropped their price target on Gentex from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Thursday, April 23rd. UBS Group set a $26.00 price target on Gentex in a report on Sunday, April 26th. Finally, Freedom Capital upgraded Gentex to a “strong-buy” rating in a research report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, Gentex currently has a consensus rating of “Hold” and a consensus target price of $26.67.
Insiders Place Their Bets
In other news, CFO Kevin C. Nash sold 11,885 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $24.98, for a total value of $296,887.30. Following the transaction, the chief financial officer owned 59,430 shares of the company’s stock, valued at $1,484,561.40. This represents a 16.67% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steven R. Downing sold 35,000 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total value of $866,250.00. Following the sale, the chief executive officer directly owned 211,670 shares of the company’s stock, valued at $5,238,832.50. The trade was a 14.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 62,948 shares of company stock valued at $1,554,550. 0.55% of the stock is currently owned by insiders.
Gentex Trading Up 1.5%
Gentex stock opened at $22.93 on Wednesday. The company has a 50-day moving average price of $22.23 and a 200 day moving average price of $23.22. Gentex Corporation has a 12-month low of $20.48 and a 12-month high of $29.38. The stock has a market cap of $4.90 billion, a P/E ratio of 12.88 and a beta of 0.78.
Gentex (NASDAQ:GNTX – Get Free Report) last posted its earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.04. Gentex had a net margin of 14.75% and a return on equity of 16.27%. The company had revenue of $675.44 million for the quarter, compared to analyst estimates of $649.42 million. During the same period in the previous year, the business posted $0.42 EPS. Gentex’s revenue was up 17.1% on a year-over-year basis. As a group, analysts forecast that Gentex Corporation will post 1.92 EPS for the current year.
Gentex Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 22nd. Investors of record on Wednesday, April 8th were given a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.1%. The ex-dividend date was Wednesday, April 8th. Gentex’s dividend payout ratio is presently 26.97%.
Gentex Company Profile
Gentex Corporation (NASDAQ: GNTX) is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company’s primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world’s leading original equipment manufacturers (OEMs).
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