Burgundy Asset Management Ltd. Reduces Stock Position in Gentex Corporation $GNTX

Burgundy Asset Management Ltd. cut its stake in Gentex Corporation (NASDAQ:GNTX) by 0.5% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,923,912 shares of the auto parts company’s stock after selling 40,643 shares during the quarter. Gentex comprises about 2.1% of Burgundy Asset Management Ltd.’s holdings, making the stock its 11th largest position. Burgundy Asset Management Ltd.’s holdings in Gentex were worth $221,949,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Addison Advisors LLC purchased a new position in Gentex during the 2nd quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Gentex in the third quarter valued at approximately $38,000. Clearstead Advisors LLC grew its stake in Gentex by 82.3% during the third quarter. Clearstead Advisors LLC now owns 2,042 shares of the auto parts company’s stock valued at $58,000 after acquiring an additional 922 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new stake in Gentex during the 3rd quarter worth approximately $65,000. Finally, Steph & Co. lifted its stake in Gentex by 30.5% in the 3rd quarter. Steph & Co. now owns 2,684 shares of the auto parts company’s stock worth $76,000 after purchasing an additional 627 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Gentex Trading Down 0.6%

Shares of NASDAQ:GNTX opened at $22.87 on Thursday. The stock has a market capitalization of $4.93 billion, a P/E ratio of 13.14 and a beta of 0.76. The stock’s 50-day moving average price is $23.89 and its 200-day moving average price is $24.96. Gentex Corporation has a 12-month low of $20.28 and a 12-month high of $29.38.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, January 30th. The auto parts company reported $0.44 earnings per share for the quarter, beating the consensus estimate of $0.43 by $0.01. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The company had revenue of $644.40 million during the quarter, compared to analysts’ expectations of $650.90 million. During the same period in the prior year, the business posted $0.39 EPS. Gentex’s quarterly revenue was up 19.0% compared to the same quarter last year. As a group, research analysts predict that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Stockholders of record on Wednesday, April 8th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, April 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. Gentex’s dividend payout ratio (DPR) is currently 27.59%.

Insider Buying and Selling

In other news, CEO Steven R. Downing sold 35,000 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $24.75, for a total transaction of $866,250.00. Following the completion of the transaction, the chief executive officer directly owned 211,670 shares of the company’s stock, valued at approximately $5,238,832.50. This represents a 14.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Kevin C. Nash sold 11,885 shares of the firm’s stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $24.98, for a total value of $296,887.30. Following the completion of the sale, the chief financial officer directly owned 59,430 shares in the company, valued at $1,484,561.40. The trade was a 16.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,133 shares of company stock valued at $1,442,313 over the last three months. 0.45% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. UBS Group set a $25.00 price target on shares of Gentex in a research report on Monday, February 2nd. Wall Street Zen cut Gentex from a “buy” rating to a “hold” rating in a research report on Saturday, February 28th. B. Riley Financial lowered their price target on Gentex from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, February 2nd. Weiss Ratings reissued a “hold (c)” rating on shares of Gentex in a report on Thursday, January 22nd. Finally, Robert W. Baird set a $26.00 price objective on shares of Gentex in a research report on Wednesday, January 14th. Two investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, Gentex has an average rating of “Hold” and a consensus price target of $26.71.

About Gentex

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).