Burgundy Asset Management Ltd. Reduces Stake in Gentex Corporation (GNTX)

Burgundy Asset Management Ltd. lowered its stake in shares of Gentex Corporation (NASDAQ:GNTX) by 0.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,177,265 shares of the auto parts company’s stock after selling 8,536 shares during the period. Gentex makes up 2.1% of Burgundy Asset Management Ltd.’s investment portfolio, making the stock its 17th biggest holding. Burgundy Asset Management Ltd. owned about 3.94% of Gentex worth $221,310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Alps Advisors Inc. raised its holdings in shares of Gentex by 0.3% during the second quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock valued at $416,000 after purchasing an additional 56 shares during the period. Synovus Financial Corp raised its holdings in shares of Gentex by 2.8% during the second quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock valued at $236,000 after purchasing an additional 336 shares during the period. Northwestern Mutual Investment Management Company LLC raised its holdings in shares of Gentex by 0.7% during the second quarter. Northwestern Mutual Investment Management Company LLC now owns 49,864 shares of the auto parts company’s stock valued at $770,000 after purchasing an additional 353 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Gentex by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after purchasing an additional 368 shares during the period. Finally, Teacher Retirement System of Texas raised its holdings in shares of Gentex by 2.1% during the second quarter. Teacher Retirement System of Texas now owns 23,062 shares of the auto parts company’s stock valued at $437,000 after purchasing an additional 469 shares during the period. Hedge funds and other institutional investors own 81.84% of the company’s stock.

Shares of Gentex Corporation (NASDAQ GNTX) opened at $20.17 on Friday. Gentex Corporation has a fifty-two week low of $16.59 and a fifty-two week high of $22.12. The firm has a market cap of $5,770.00, a PE ratio of 16.29, a P/E/G ratio of 1.67 and a beta of 1.22.

Gentex (NASDAQ:GNTX) last posted its earnings results on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.31. Gentex had a net margin of 20.80% and a return on equity of 18.45%. The company had revenue of $438.63 million for the quarter, compared to analyst estimates of $452.42 million. During the same quarter in the prior year, the business posted $0.32 EPS. The firm’s revenue was up 2.1% compared to the same quarter last year. equities research analysts forecast that Gentex Corporation will post 1.27 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Friday, January 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.98%. Gentex’s dividend payout ratio is presently 31.75%.

Gentex announced that its board has approved a stock buyback plan on Wednesday, August 23rd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

Several equities analysts have recently weighed in on GNTX shares. Robert W. Baird upgraded shares of Gentex from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $17.36 to $22.00 in a report on Thursday, August 24th. BidaskClub upgraded shares of Gentex from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Zacks Investment Research upgraded shares of Gentex from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. ValuEngine lowered shares of Gentex from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Finally, KeyCorp restated a “buy” rating and issued a $25.00 target price on shares of Gentex in a report on Sunday, October 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company. Gentex presently has a consensus rating of “Hold” and a consensus target price of $22.06.

In other Gentex news, CFO Steven R. Downing sold 8,000 shares of the stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $157,600.00. Following the completion of the sale, the chief financial officer now owns 47,362 shares in the company, valued at approximately $933,031.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Kevin C. Nash sold 4,320 shares of the stock in a transaction dated Wednesday, September 27th. The shares were 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 owns 30,732 shares of the company’s stock, valued at approximately $605,420.40. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.

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Gentex 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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Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

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