Neuberger Berman Group LLC Sells 144,111 Shares of Gentex Corporation (GNTX)
Neuberger Berman Group LLC decreased its position in shares of Gentex Corporation (NASDAQ:GNTX) by 4.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,466,491 shares of the auto parts company’s stock after selling 144,111 shares during the period. Neuberger Berman Group LLC owned approximately 1.21% of Gentex Corporation worth $65,759,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. Asset Management One Co. Ltd. increased its stake 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 worth $181,000 after buying an additional 870 shares during the period. BB&T Corp purchased a new stake in shares of Gentex Corporation during the first quarter valued at about $200,000. LVM Capital Management Ltd. MI purchased a new stake in shares of Gentex Corporation during the second quarter valued at about $194,000. HL Financial Services LLC purchased a new stake in shares of Gentex Corporation during the second quarter valued at about $202,000. Finally, Level Four Advisory Services LLC purchased a new stake in shares of Gentex Corporation during the first quarter valued at about $226,000. Institutional investors own 80.86% of the company’s stock.
Gentex Corporation (NASDAQ GNTX) opened at 18.47 on Friday. The firm’s 50-day moving average is $17.58 and its 200 day moving average is $19.36. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12. The firm has a market capitalization of $5.27 billion, a P/E ratio of 14.66 and a beta of 1.15.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly 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 during the quarter, compared to analyst estimates of $446.36 million. During the same quarter in the previous year, the firm posted $0.30 earnings per share. The firm’s quarterly revenue was up 4.6% on a year-over-year basis. Equities analysts anticipate that Gentex Corporation will post $1.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be paid a $0.10 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.17%. Gentex Corporation’s payout ratio is currently 31.50%.
Gentex Corporation declared that its board has authorized a stock repurchase program on Wednesday, August 23rd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
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Several analysts have issued reports on the stock. Zacks Investment Research downgraded shares of Gentex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. ValuEngine downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research note on Friday. BidaskClub raised shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $17.36 to $22.00 in a research note on Thursday, August 24th. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Gentex Corporation in a research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $21.79.
In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of Gentex Corporation stock in a transaction on Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the sale, 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. 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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