Utah Retirement Systems held its stake in Gentex Corporation (NASDAQ:GNTX) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 51,618 shares of the auto parts company’s stock at the end of the second quarter. Utah Retirement Systems’ holdings in Gentex Corporation were worth $979,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. Asset Management One Co. Ltd. increased 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 purchasing an additional 870 shares during the period. BB&T Corp acquired a new position in shares of Gentex Corporation in the 1st quarter valued at about $200,000. LVM Capital Management Ltd. MI acquired a new position in shares of Gentex Corporation in the 2nd quarter valued at about $194,000. HL Financial Services LLC acquired a new position in shares of Gentex Corporation in the 2nd quarter valued at about $202,000. Finally, Level Four Advisory Services LLC acquired a new position in shares of Gentex Corporation in the 1st quarter valued at about $226,000. Institutional investors own 80.84% of the company’s stock.
GNTX has been the topic of a number of research reports. Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Monday, July 24th. ValuEngine downgraded Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Robert W. Baird upgraded Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $17.36 to $22.00 in a report on Thursday, August 24th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $22.00 price objective (down previously from $25.00) 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 assigned a hold rating and five have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $21.79.
Gentex Corporation (NASDAQ:GNTX) opened at 19.22 on Friday. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12. The company has a 50-day moving average price of $17.75 and a 200-day moving average price of $19.22. The firm has a market cap of $5.49 billion, a P/E ratio of 15.25 and a beta of 1.15.
Gentex Corporation (NASDAQ:GNTX) last released its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.01). The firm had revenue of $443.10 million during the quarter, compared to the consensus estimate 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 was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.30 EPS. On average, analysts predict that Gentex Corporation will post $1.27 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.08%. The ex-dividend date is Thursday, October 5th. Gentex Corporation’s payout ratio is 31.50%.
Gentex Corporation declared that its board has authorized a stock buyback program on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $17.33, for a total value of $4,148,802.00. Following the sale, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.50% of the company’s stock.
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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