Reinhart Partners Inc. increased its position in shares of Gentex Corporation (NASDAQ:GNTX) by 18.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,405,102 shares of the auto parts company’s stock after buying an additional 219,621 shares during the period. Gentex Corporation accounts for about 2.7% of Reinhart Partners Inc.’s investment portfolio, making the stock its 7th largest position. Reinhart Partners Inc. owned about 0.49% of Gentex Corporation worth $26,655,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently modified their holdings of GNTX. BlackRock Inc. increased its position in shares of Gentex Corporation by 13,551.0% in the first quarter. BlackRock Inc. now owns 23,213,469 shares of the auto parts company’s stock valued at $495,146,000 after buying an additional 23,043,420 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Gentex Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 22,837,202 shares of the auto parts company’s stock valued at $487,117,000 after buying an additional 936,474 shares in the last quarter. State Street Corp increased its position in shares of Gentex Corporation by 4.6% in the first quarter. State Street Corp now owns 7,765,951 shares of the auto parts company’s stock valued at $165,651,000 after buying an additional 339,317 shares in the last quarter. Bank of New York Mellon Corp increased its position in shares of Gentex Corporation by 3.7% in the first 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 buying an additional 145,338 shares in the last quarter. Finally, Columbia Wanger Asset Management LLC increased its position in shares of Gentex Corporation by 36.3% in the first quarter. Columbia Wanger Asset Management LLC now owns 3,755,599 shares of the auto parts company’s stock valued at $80,107,000 after buying an additional 1,000,470 shares in the last quarter. 82.40% of the stock is currently owned by institutional investors and hedge funds.
Shares of Gentex Corporation (NASDAQ:GNTX) traded up 0.17% during trading on Friday, reaching $17.30. The company’s stock had a trading volume of 1,445,049 shares. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12. The firm’s 50-day moving average is $17.99 and its 200 day moving average is $19.70. The company has a market cap of $4.94 billion, a PE ratio of 13.73 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last issued its earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. The business had revenue of $443.10 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 EPS. On average, equities research analysts predict that Gentex Corporation will post $1.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 19th. Shareholders of record on Thursday, July 6th were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Monday, July 3rd. This is an increase from Gentex Corporation’s previous quarterly dividend of $0.09. Gentex Corporation’s dividend payout ratio (DPR) is currently 31.50%.
GNTX has been the topic of several recent research reports. Zacks Investment Research lowered Gentex Corporation from a “hold” rating to a “sell” rating in a report on Monday, June 26th. Wellington Shields lowered Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a report on Thursday, May 4th. BidaskClub lowered Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Craig Hallum lowered Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research note on Monday, July 24th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Gentex Corporation currently has a consensus rating of “Hold” and a consensus price target of $21.75.
In related news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction on 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 completion of the transaction, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John A. Mulder sold 10,000 shares of the firm’s stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $19.22, for a total value of $192,200.00. The disclosure for this sale can be found here. Company 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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