Cigna Investments Inc. New Lowers Position in Gentex Corporation (GNTX)
Cigna Investments Inc. New cut its stake in Gentex Corporation (NASDAQ:GNTX) by 2.2% during the second quarter, Holdings Channel reports. The fund owned 26,164 shares of the auto parts company’s stock after selling 600 shares during the period. Cigna Investments Inc. New’s holdings in Gentex Corporation were worth $496,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors have also recently made changes to their positions in GNTX. Asset Management One Co. Ltd. boosted its position in shares of 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 buying an additional 870 shares during the last quarter. LVM Capital Management Ltd. MI purchased a new position in shares of Gentex Corporation during the second quarter valued at approximately $194,000. BB&T Corp purchased a new position in shares of Gentex Corporation during the first quarter valued at approximately $200,000. HL Financial Services LLC purchased a new position in shares of Gentex Corporation during the second quarter valued at approximately $202,000. Finally, Reynders McVeigh Capital Management LLC purchased a new position in shares of Gentex Corporation during the first quarter valued at approximately $204,000. Institutional investors own 81.46% of the company’s stock.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 17.28 on Wednesday. The firm has a market capitalization of $4.93 billion, a PE ratio of 13.71 and a beta of 1.18. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12. The company’s 50 day moving average is $17.93 and its 200 day moving average is $19.61.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 business had revenue of $443.10 million during the quarter, compared to analyst estimates of $446.36 million. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Gentex Corporation’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, analysts forecast that Gentex Corporation will post $1.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 19th. Investors of record on Thursday, July 6th were given a $0.10 dividend. The ex-dividend date was Monday, July 3rd. This is a positive change from Gentex Corporation’s previous quarterly dividend of $0.09. This represents a $0.40 annualized dividend and a dividend yield of 2.31%. Gentex Corporation’s payout ratio is currently 31.50%.
Several research analysts have commented on the stock. Zacks Investment Research upgraded shares of Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a report on Wednesday, April 26th. BidaskClub cut shares of Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. FBR & Co reiterated an “outperform” rating and issued a $25.00 target price on shares of Gentex Corporation in a report on Monday, July 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. Finally, BMO Capital Markets reiterated 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. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $21.75.
In related news, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction that occurred 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 transaction, the chairman now directly owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John A. Mulder sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, June 1st. The shares were 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. 2.50% of the stock is currently owned by insiders.
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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