Intech Investment Management LLC Cuts Stake in Gentex Corporation $GNTX

Intech Investment Management LLC cut its holdings in Gentex Corporation (NASDAQ:GNTX) by 64.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,338 shares of the auto parts company’s stock after selling 145,117 shares during the period. Intech Investment Management LLC’s holdings in Gentex were worth $2,302,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GNTX. Addison Advisors LLC bought a new stake in shares of Gentex during the second quarter valued at approximately $25,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Gentex in the 3rd quarter valued at $38,000. Clearstead Advisors LLC lifted its stake in Gentex by 82.3% in the 3rd quarter. Clearstead Advisors LLC now owns 2,042 shares of the auto parts company’s stock worth $58,000 after purchasing an additional 922 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in shares of Gentex during the 3rd quarter valued at about $65,000. Finally, Steph & Co. grew its position in shares of Gentex by 30.5% during the third quarter. Steph & Co. now owns 2,684 shares of the auto parts company’s stock valued at $76,000 after purchasing an additional 627 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently commented on GNTX shares. B. Riley Financial decreased their target price on Gentex from $32.00 to $28.00 and set a “buy” rating on the stock in a research report on Monday, February 2nd. Robert W. Baird set a $26.00 price objective on Gentex in a report on Wednesday, January 14th. Weiss Ratings reiterated a “hold (c)” rating on shares of Gentex in a research report on Thursday, January 22nd. Wall Street Zen cut shares of Gentex from a “buy” rating to a “hold” rating in a research report on Saturday. Finally, UBS Group set a $25.00 price objective on shares of Gentex in a research report on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $26.71.

Insider Activity

In related news, CEO Steven R. Downing sold 35,000 shares of the business’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total transaction of $866,250.00. Following the completion of the transaction, the chief executive officer owned 211,670 shares in the company, valued at $5,238,832.50. The trade was a 14.19% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Neil Boehm sold 11,248 shares of the company’s stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $24.82, for a total value of $279,175.36. Following the completion of the transaction, the chief technology officer directly owned 58,951 shares in the company, valued at $1,463,163.82. This trade represents a 16.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 58,133 shares of company stock valued at $1,442,313. 0.45% of the stock is currently owned by insiders.

Gentex Stock Performance

NASDAQ:GNTX opened at $23.00 on Wednesday. The firm has a market capitalization of $4.95 billion, a PE ratio of 13.22 and a beta of 0.76. The stock’s fifty day moving average is $23.90 and its 200 day moving average is $24.98. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $29.38.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, January 30th. The auto parts company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Gentex had a net margin of 15.19% and a return on equity of 16.05%. The business had revenue of $644.40 million for the quarter, compared to analysts’ expectations of $650.90 million. During the same quarter in the previous year, the business posted $0.39 earnings per share. The business’s revenue was up 19.0% compared to the same quarter last year. Equities analysts forecast that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, April 8th. Gentex’s payout ratio is 27.59%.

Gentex Profile

Gentex Corporation (NASDAQ: GNTX) is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company’s primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world’s leading original equipment manufacturers (OEMs).