Neuberger Berman Group LLC Sells 92,342 Shares of Gentex Corporation (GNTX)
Neuberger Berman Group LLC cut its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 2.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,374,149 shares of the auto parts company’s stock after selling 92,342 shares during the period. Neuberger Berman Group LLC owned 1.19% of Gentex worth $66,808,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. boosted its stake in Gentex by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after acquiring an additional 368 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new stake in Gentex in the third quarter valued at approximately $105,000. Ffcm LLC acquired a new stake in Gentex in the third quarter valued at approximately $174,000. HPM Partners LLC acquired a new stake in Gentex in the second quarter valued at approximately $339,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in Gentex in the second quarter valued at approximately $194,000. Hedge funds and other institutional investors own 81.84% of the company’s stock.
In other news, insider Kevin C. Nash sold 4,320 shares of Gentex stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $85,104.00. Following the completion of the sale, the insider now directly owns 30,732 shares in the company, valued at $605,420.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Steven R. Downing sold 8,000 shares of Gentex stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $157,600.00. Following the sale, the chief financial officer now owns 47,362 shares of the company’s stock, valued at $933,031.40. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Gentex had a net margin of 20.80% and a return on equity of 18.45%. The business had revenue of $438.63 million during the quarter, compared to the consensus estimate of $452.42 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The business’s revenue for the quarter was up 2.1% compared to the same quarter last year. research analysts expect that Gentex Corporation will post 1.27 EPS for the current fiscal year.
Gentex announced that its board has approved a stock buyback program on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Stockholders of record on Friday, January 5th will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.40 annualized dividend and a dividend yield of 1.97%. Gentex’s payout ratio is currently 31.75%.
Several equities research analysts have weighed in on the stock. B. Riley restated a “buy” rating on shares of Gentex in a research note on Wednesday, November 1st. Robert W. Baird upgraded shares of Gentex from a “neutral” rating to an “outperform” rating and raised their target price for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. Zacks Investment Research upgraded shares of Gentex from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. FBR & Co restated a “buy” rating and issued a $25.00 target price on shares of Gentex in a research note on Wednesday, October 18th. Finally, KeyCorp restated a “buy” rating and issued a $25.00 target price on shares of Gentex in a research note on Sunday, October 15th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the company’s stock. Gentex presently has an average rating of “Hold” and a consensus price target of $22.06.
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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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