AHL Partners LLP reduced its holdings in Gentex Corporation (NASDAQ:GNTX) by 59.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,379 shares of the auto parts company’s stock after selling 181,313 shares during the quarter. AHL Partners LLP’s holdings in Gentex Corporation were worth $2,302,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. lifted its holdings in Gentex Corporation by 17.8% during the 1st quarter. Russell Investments Group Ltd. now owns 89,479 shares of the auto parts company’s stock worth $1,910,000 after buying an additional 13,542 shares in the last quarter. Legal & General Group Plc lifted its holdings in Gentex Corporation by 7.4% during the 2nd quarter. Legal & General Group Plc now owns 1,243,650 shares of the auto parts company’s stock worth $23,592,000 after buying an additional 85,684 shares in the last quarter. Airain ltd acquired a new position in Gentex Corporation during the 2nd quarter worth $1,055,000. Provident Investment Management Inc. lifted its holdings in Gentex Corporation by 2.9% during the 2nd quarter. Provident Investment Management Inc. now owns 1,172,702 shares of the auto parts company’s stock worth $22,246,000 after buying an additional 33,133 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its holdings in Gentex Corporation by 4.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,554,717 shares of the auto parts company’s stock worth $29,493,000 after buying an additional 63,254 shares in the last quarter. 80.83% of the stock is currently owned by institutional investors and hedge funds.
In other news, CFO Steven R. Downing sold 8,000 shares of the business’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at $933,031.40. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the sale, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 251,720 shares of company stock valued at $4,391,506. Insiders own 2.50% of the company’s stock.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 19.83 on Friday. The company has a market cap of $5.66 billion, a PE ratio of 15.74 and a beta of 1.18. Gentex Corporation has a 12 month low of $16.06 and a 12 month high of $22.12. The firm’s 50 day moving average is $19.18 and its 200 day moving average is $19.01.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.01). Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. During the same period last year, the firm posted $0.30 earnings per share. The company’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, equities analysts predict that Gentex Corporation will post $1.27 earnings per share for the current year.
The business also recently declared 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 2.02%. The ex-dividend date is Thursday, October 5th. Gentex Corporation’s dividend payout ratio (DPR) is currently 31.50%.
Gentex Corporation announced that its board has approved a stock repurchase program on Wednesday, August 23rd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Several research analysts have issued reports on GNTX shares. ValuEngine downgraded Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird raised Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price objective for the stock from $17.36 to $22.00 in a report on Thursday, August 24th. Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Monday, July 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $22.00 price objective (down previously from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, BidaskClub downgraded Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. 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. Gentex Corporation has a consensus rating of “Hold” and a consensus target price of $21.58.
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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