Legal & General Group Plc Sells 83,981 Shares of Gentex Corporation $GNTX

Legal & General Group Plc cut its stake in Gentex Corporation (NASDAQ:GNTX) by 18.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 364,647 shares of the auto parts company’s stock after selling 83,981 shares during the quarter. Legal & General Group Plc owned approximately 0.17% of Gentex worth $8,485,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new position in Gentex in the 3rd quarter valued at about $38,000. Clearstead Advisors LLC lifted its position in Gentex by 82.3% during the third quarter. Clearstead Advisors LLC now owns 2,042 shares of the auto parts company’s stock worth $58,000 after acquiring an additional 922 shares during the last quarter. CIBC Private Wealth Group LLC boosted its holdings in shares of Gentex by 2,420.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,067 shares of the auto parts company’s stock worth $58,000 after acquiring an additional 1,985 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Gentex during the fourth quarter worth approximately $73,000. Finally, EverSource Wealth Advisors LLC grew its position in shares of Gentex by 2,038.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company’s stock valued at $99,000 after purchasing an additional 4,301 shares during the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

Insider Buying and Selling

In related news, Director Brian C. Walker sold 5,939 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. Following the completion of the transaction, the director owned 24,205 shares of the company’s stock, valued at $556,230.90. The trade was a 19.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $22.98, for a total transaction of $136,478.22. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 16,693 shares of company stock worth $385,194. Company insiders own 0.55% of the company’s stock.

Gentex Trading Up 0.2%

Shares of GNTX opened at $25.05 on Friday. Gentex Corporation has a 12 month low of $20.48 and a 12 month high of $29.38. The firm’s 50 day moving average is $22.89 and its 200-day moving average is $23.13. The stock has a market capitalization of $5.33 billion, a PE ratio of 14.07 and a beta of 0.79.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.44 by $0.04. Gentex had a return on equity of 16.27% and a net margin of 14.75%.The business had revenue of $675.44 million for the quarter, compared to the consensus estimate of $649.42 million. During the same quarter in the prior year, the business posted $0.42 earnings per share. The firm’s quarterly revenue was up 17.1% compared to the same quarter last year. Equities research analysts predict that Gentex Corporation will post 1.96 earnings per share for the current fiscal year.

Gentex Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 8th. Gentex’s dividend payout ratio is 26.97%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen upgraded Gentex from a “hold” rating to a “buy” rating in a research note on Sunday, March 8th. B. Riley Financial restated a “buy” rating and issued a $29.00 price target (up from $28.00) on shares of Gentex in a research note on Monday, April 27th. UBS Group set a $26.00 price objective on Gentex in a report on Sunday, April 26th. Freedom Capital raised Gentex to a “strong-buy” rating in a report on Friday, March 27th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Gentex from $27.00 to $28.00 and gave the company a “neutral” rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $26.83.

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).