Parsec Financial Management Inc. acquired a new position in Gentex Corporation (NASDAQ:GNTX) in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 34,224 shares of the auto parts company’s stock, valued at approximately $678,000.
A number of other institutional investors and hedge funds also recently modified their holdings of GNTX. JPMorgan Chase & Co. lifted its holdings in Gentex Corporation by 4.5% in the first quarter. JPMorgan Chase & Co. now owns 303,002 shares of the auto parts company’s stock worth $6,463,000 after buying an additional 13,006 shares during the period. Alliancebernstein L.P. lifted its holdings in Gentex Corporation by 3.1% in the first quarter. Alliancebernstein L.P. now owns 181,747 shares of the auto parts company’s stock worth $3,877,000 after buying an additional 5,420 shares during the period. OppenheimerFunds Inc. lifted its holdings in Gentex Corporation by 10.2% in the first quarter. OppenheimerFunds Inc. now owns 18,953 shares of the auto parts company’s stock worth $404,000 after buying an additional 1,751 shares during the period. Teachers Advisors LLC lifted its holdings in Gentex Corporation by 46.5% in the first quarter. Teachers Advisors LLC now owns 575,274 shares of the auto parts company’s stock worth $12,271,000 after buying an additional 182,518 shares during the period. Finally, State Street Corp lifted its holdings in 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 worth $165,651,000 after buying an additional 339,317 shares during the period. Institutional investors and hedge funds own 80.86% of the company’s stock.
Gentex Corporation (NASDAQ GNTX) opened at 19.02 on Friday. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12. The company has a market cap of $5.43 billion, a P/E ratio of 15.10 and a beta of 1.18. The firm’s 50 day moving average is $19.64 and its 200-day moving average is $18.93.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. The company had revenue of $438.63 million during the quarter, compared to analysts’ expectations of $452.42 million. Gentex Corporation had a net margin of 20.80% and a return on equity of 18.45%. The firm’s quarterly revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the company earned $0.32 EPS. On average, analysts predict that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
Gentex Corporation announced that its Board of Directors has authorized a stock repurchase program on Wednesday, August 23rd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the auto parts company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th were given a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.10%. Gentex Corporation’s dividend payout ratio (DPR) is 31.75%.
Several analysts have commented on GNTX shares. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird lowered their price objective on shares of Gentex Corporation from $22.00 to $21.00 and set an “outperform” rating for the company in a report on Monday, October 23rd. Craig Hallum lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a report on Monday, July 24th. Zacks Investment Research upgraded shares of Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Tuesday, October 17th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Gentex Corporation presently has a consensus rating of “Hold” and an average target price of $22.06.
In other news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the completion of the sale, the chairman now 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 Securities & Exchange Commission, which is available through the SEC website. Also, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $85,104.00. Following the completion of the sale, the insider now directly owns 30,732 shares of the company’s stock, valued at approximately $605,420.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 251,720 shares of company stock valued at $4,391,506. 2.50% of the stock is owned by corporate insiders.
Gentex Corporation 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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