13,441 Shares in Gentex Corporation (GNTX) Acquired by Mountain Capital Investment Advisors Inc
Mountain Capital Investment Advisors Inc bought a new position in shares of Gentex Corporation (NASDAQ:GNTX) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 13,441 shares of the auto parts company’s stock, valued at approximately $255,000. Gentex Corporation accounts for about 0.2% of Mountain Capital Investment Advisors Inc’s holdings, making the stock its 23rd largest holding.
Several other institutional investors and hedge funds have also made changes to their positions in the company. Russell Investments Group Ltd. lifted its position in Gentex Corporation by 17.8% in the first quarter. Russell Investments Group Ltd. now owns 89,479 shares of the auto parts company’s stock valued at $1,910,000 after purchasing an additional 13,542 shares during the period. JPMorgan Chase & Co. lifted its position 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 valued at $6,463,000 after purchasing an additional 13,006 shares during the period. Prudential Financial Inc. lifted its position in Gentex Corporation by 7.6% in the first quarter. Prudential Financial Inc. now owns 178,020 shares of the auto parts company’s stock valued at $3,797,000 after purchasing an additional 12,550 shares during the period. Victory Capital Management Inc. lifted its position in Gentex Corporation by 21.1% in the first quarter. Victory Capital Management Inc. now owns 60,645 shares of the auto parts company’s stock valued at $1,294,000 after purchasing an additional 10,580 shares during the period. Finally, Asset Management One Co. Ltd. lifted its position in Gentex Corporation by 11.4% in the first 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. Institutional investors and hedge funds own 80.83% of the company’s stock.
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In other Gentex Corporation news, CFO Steven R. Downing sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $157,600.00. Following the transaction, 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 can be accessed through this link. Also, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now owns 30,732 shares in the company, valued at approximately $605,420.40. The disclosure for this sale can be found here. Insiders have sold 251,720 shares of company stock worth $4,391,506 in the last 90 days. 2.50% of the stock is owned by company insiders.
Shares of Gentex Corporation (NASDAQ:GNTX) traded up 1.06% on Friday, hitting $20.04. 1,068,295 shares of the stock were exchanged. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The firm’s 50-day moving average is $19.24 and its 200-day moving average is $19.00. The company has a market cap of $5.72 billion, a P/E ratio of 15.90 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $443.10 million for the quarter, compared to analyst estimates of $446.36 million. During the same quarter in the prior year, the firm earned $0.30 EPS. The firm’s revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that Gentex Corporation will post $1.27 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.00%. Gentex Corporation’s dividend payout ratio is currently 31.50%.
Gentex Corporation declared that its board has authorized a stock buyback plan on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
GNTX has been the subject of a number of recent analyst reports. ValuEngine downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their target price for the company from $17.36 to $22.00 in a report on Thursday, August 24th. Craig Hallum cut shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a report on Monday, July 24th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $22.00 target price (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, BidaskClub cut shares of Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $21.58.
About Gentex Corporation
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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