Los Angeles Capital Management & Equity Research Inc. Decreases Holdings in Gentex Corporation (GNTX)
Los Angeles Capital Management & Equity Research Inc. reduced its stake in Gentex Corporation (NASDAQ:GNTX) by 88.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 173,734 shares of the auto parts company’s stock after selling 1,317,727 shares during the period. Los Angeles Capital Management & Equity Research Inc. owned 0.06% of Gentex Corporation worth $3,296,000 at the end of the most recent quarter.
Several other large investors also recently added to or reduced their stakes in the business. Alps Advisors Inc. increased its holdings in shares of Gentex Corporation by 0.3% in 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 last quarter. Trust Co. of Toledo NA OH increased its holdings in shares of Gentex Corporation by 0.5% in the first quarter. Trust Co. of Toledo NA OH now owns 13,729 shares of the auto parts company’s stock valued at $293,000 after purchasing an additional 63 shares during the last quarter. Northwestern Mutual Investment Management Company LLC increased its holdings in shares of Gentex Corporation by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 49,511 shares of the auto parts company’s stock valued at $1,056,000 after purchasing an additional 134 shares during the last quarter. Synovus Financial Corp increased its holdings in shares of Gentex Corporation by 2.8% in 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 last quarter. Finally, Gateway Investment Advisers LLC increased its holdings in shares of Gentex Corporation by 0.4% in the second quarter. Gateway Investment Advisers LLC now owns 93,609 shares of the auto parts company’s stock valued at $1,776,000 after purchasing an additional 388 shares during the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 19.03 on Thursday. Gentex Corporation has a 12 month low of $16.06 and a 12 month high of $22.12. The company has a market cap of $5.43 billion, a PE ratio of 15.10 and a beta of 1.15. The stock has a 50 day moving average of $17.60 and a 200-day moving average of $19.24.
Gentex Corporation (NASDAQ:GNTX) last announced its earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the 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 for the quarter, compared to analysts’ expectations of $446.36 million. During the same period in the prior year, the business earned $0.30 earnings per share. The company’s revenue for the quarter was up 4.6% compared to the same quarter last year. Equities analysts forecast that Gentex Corporation will post $1.27 earnings per share for the current year.
Gentex Corporation announced that its Board of Directors has authorized a stock repurchase program 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. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.10%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s dividend payout ratio (DPR) is currently 31.50%.
Several equities analysts have commented on GNTX shares. Craig Hallum downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Monday, July 24th. ValuEngine downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research upgraded shares of Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Robert W. Baird upgraded shares of Gentex Corporation 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. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. One 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’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.79.
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In related news, Chairman Fred Bauer sold 239,400 shares of Gentex Corporation stock in a transaction dated 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 approximately $100,013,648.24. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.
Gentex Corporation Company 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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