Castleark Management LLC Sells 9,200 Shares of Gentex Corporation (GNTX)
Castleark Management LLC reduced its stake in Gentex Corporation (NASDAQ:GNTX) by 8.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 105,300 shares of the auto parts company’s stock after selling 9,200 shares during the quarter. Castleark Management LLC’s holdings in Gentex Corporation were worth $1,998,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of GNTX. BlackRock Inc. lifted 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 acquiring an additional 23,043,420 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Gentex Corporation by 164.3% in the second quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock valued at $124,467,000 after acquiring an additional 4,144,300 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Gentex Corporation by 115,526.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,503,150 shares of the auto parts company’s stock valued at $32,062,000 after acquiring an additional 1,501,850 shares in the last quarter. Provident Investment Management Inc. purchased a new stake in shares of Gentex Corporation in the first quarter valued at $24,307,000. Finally, Morgan Stanley lifted its position in shares of Gentex Corporation by 84.4% in the first quarter. Morgan Stanley now owns 2,065,368 shares of the auto parts company’s stock valued at $44,055,000 after acquiring an additional 945,281 shares in the last quarter. Institutional investors and hedge funds own 80.78% of the company’s stock.
Several analysts have recently issued reports on the company. KeyCorp restated a “buy” rating and issued a $25.00 price objective on shares of Gentex Corporation in a research report on Sunday. ValuEngine downgraded Gentex Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. BidaskClub upgraded Gentex Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Finally, Robert W. Baird upgraded Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. One equities research 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. Gentex Corporation has a consensus rating of “Hold” and an average target price of $22.07.
In other 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 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 $100,013,648.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Steven R. Downing sold 8,000 shares of the firm’s stock in a transaction on Wednesday, September 27th. The stock was 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 directly owns 47,362 shares of the company’s stock, valued at approximately $933,031.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 251,720 shares of company stock valued at $4,391,506. 2.50% of the stock is currently owned by insiders.
Gentex Corporation (NASDAQ GNTX) traded up 0.65% during trading on Monday, reaching $20.17. The company had a trading volume of 81,128 shares. The stock has a 50 day moving average price of $19.28 and a 200 day moving average price of $18.97. Gentex Corporation has a 12 month low of $16.06 and a 12 month high of $22.12. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 16.01 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 EPS for the quarter, missing the Thomson Reuters’ 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 return on equity of 18.95% and a net margin of 21.01%. The business’s quarterly revenue was up 4.6% on a year-over-year basis. During the same period last year, the business earned $0.30 EPS. On average, equities research analysts predict 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, October 18th. Stockholders of record on Friday, October 6th will be given a $0.10 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.40 annualized dividend and a dividend yield of 2.00%. Gentex Corporation’s dividend payout ratio (DPR) is presently 31.50%.
Gentex Corporation announced that its board has initiated a share repurchase plan on Wednesday, August 23rd that permits the company to buyback 15,000,000 shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.
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.
Want to see what other hedge funds are holding GNTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gentex Corporation (NASDAQ:GNTX).
Receive News & Ratings for Gentex Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gentex Corporation and related companies with Analyst Ratings Network's FREE daily email newsletter.