Utah Retirement Systems continued to hold its position in Gentex Corporation (NASDAQ:GNTX) during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 51,618 shares of the auto parts company’s stock at the close of the second quarter. Utah Retirement Systems’ holdings in Gentex Corporation were worth $979,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in GNTX. Russell Investments Group Ltd. increased its position in shares of Gentex Corporation by 17.8% in the first quarter. Russell Investments Group Ltd. now owns 89,479 shares of the auto parts company’s stock valued at $1,910,000 after acquiring an additional 13,542 shares during the period. BB&T Corp purchased a new position in shares of Gentex Corporation in the first quarter valued at about $200,000. Great West Life Assurance Co. Can increased its position in shares of Gentex Corporation by 3.4% in the first quarter. Great West Life Assurance Co. Can now owns 236,983 shares of the auto parts company’s stock valued at $5,051,000 after acquiring an additional 7,790 shares during the period. Elkfork Partners LLC increased its position in shares of Gentex Corporation by 111.3% in the first quarter. Elkfork Partners LLC now owns 33,012 shares of the auto parts company’s stock valued at $704,000 after acquiring an additional 17,388 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of Gentex Corporation by 3.7% during the 1st quarter. Bank of New York Mellon Corp now owns 4,070,220 shares of the auto parts company’s stock valued at $86,817,000 after purchasing an additional 145,338 shares in the last quarter. Hedge funds and other institutional investors own 80.83% of the company’s stock.
A number of equities research analysts have recently weighed in on GNTX shares. Zacks Investment Research lowered shares of Gentex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Craig Hallum lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Monday, July 24th. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $22.00 target price (down previously from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company. Gentex Corporation presently has a consensus rating of “Hold” and a consensus price target of $21.79.
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In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the transaction, the chairman now owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 2.50% of the company’s stock.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 19.48 on Friday. The company has a market cap of $5.56 billion, a price-to-earnings ratio of 15.46 and a beta of 1.15. Gentex Corporation has a 1-year low of $16.06 and a 1-year high of $22.12. The company’s 50-day moving average is $17.87 and its 200 day moving average is $19.16.
Gentex Corporation (NASDAQ:GNTX) last posted its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $443.10 million for the quarter, compared to analysts’ expectations of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the business posted $0.30 EPS. Equities analysts anticipate that Gentex Corporation will post $1.27 EPS for the current year.
Gentex Corporation announced that its board has authorized a share repurchase plan on Wednesday, August 23rd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.05%. The ex-dividend date is Thursday, October 5th. Gentex Corporation’s dividend payout ratio (DPR) is 31.50%.
Gentex Corporation Company Profile
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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