Sii Investments Inc. WI decreased its stake in Gentex Corporation (NASDAQ:GNTX) by 68.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,565 shares of the auto parts company’s stock after selling 29,760 shares during the period. Sii Investments Inc. WI’s holdings in Gentex Corporation were worth $258,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Gentex Corporation by 7.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after acquiring an additional 368 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Gentex Corporation by 11.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock valued at $181,000 after acquiring an additional 870 shares in the last quarter. HPM Partners LLC bought a new position in shares of Gentex Corporation in the 2nd quarter valued at about $339,000. Sheaff Brock Investment Advisors LLC bought a new position in shares of Gentex Corporation in the 2nd quarter valued at about $194,000. Finally, LVM Capital Management Ltd. MI bought a new position in shares of Gentex Corporation in the 2nd quarter valued at about $194,000. Institutional investors own 80.83% of the company’s stock.
A number of equities analysts recently commented on the company. Craig Hallum cut Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a report on Monday, July 24th. BMO Capital Markets reiterated an “outperform” rating and set a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Robert W. Baird upgraded Gentex Corporation from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $17.36 to $22.00 in a report on Thursday, August 24th. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Finally, FBR & Co reiterated an “outperform” rating and set a $25.00 price target on shares of Gentex Corporation in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $21.58.
Gentex Corporation (GNTX) opened at 20.39 on Friday. The company’s 50-day moving average price is $18.85 and its 200-day moving average price is $19.04. The company has a market cap of $5.82 billion, a PE ratio of 16.18 and a beta of 1.18. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data 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 return on equity of 18.95% and a net margin of 21.01%. The firm had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. During the same period in the previous year, the company posted $0.30 earnings per share. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current year.
Gentex Corporation declared that its board has authorized a share buyback plan on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s payout ratio is 31.50%.
In other news, CFO Steven R. Downing sold 8,000 shares of the stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at approximately $933,031.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin C. Nash sold 4,320 shares of the stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $85,104.00. Following the transaction, the insider now directly owns 30,732 shares of the company’s stock, valued at $605,420.40. The disclosure for this sale can be found here. Insiders sold a total of 251,720 shares of company stock valued at $4,391,506 over the last ninety days. 2.50% of the stock is currently owned by insiders.
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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