New York State Common Retirement Fund Sells 6,001 Shares of Gentex Corporation (GNTX)
New York State Common Retirement Fund lessened its holdings in Gentex Corporation (NASDAQ:GNTX) by 1.0% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 608,500 shares of the auto parts company’s stock after selling 6,001 shares during the period. New York State Common Retirement Fund owned approximately 0.21% of Gentex Corporation worth $11,543,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of the stock. Alps Advisors Inc. raised its position in Gentex Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock worth $416,000 after purchasing an additional 56 shares in the last quarter. Trust Co. of Toledo NA OH raised its position in Gentex Corporation by 1.6% in the second quarter. Trust Co. of Toledo NA OH now owns 13,942 shares of the auto parts company’s stock worth $264,000 after purchasing an additional 213 shares in the last quarter. Synovus Financial Corp raised its position in Gentex Corporation by 2.8% in the second quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock worth $236,000 after purchasing an additional 336 shares in the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Gentex Corporation by 0.7% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 49,864 shares of the auto parts company’s stock worth $770,000 after purchasing an additional 353 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its position in Gentex Corporation by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after purchasing an additional 368 shares in the last quarter. 80.83% of the stock is owned by hedge funds and other institutional investors.
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In related news, Chairman Fred Bauer sold 239,400 shares of Gentex Corporation stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the sale, the chairman now directly 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 Securities & Exchange Commission, which is available at the SEC website. Also, CFO Steven R. Downing sold 8,000 shares of Gentex Corporation stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $157,600.00. Following the sale, the chief financial officer now directly owns 47,362 shares in the company, valued at $933,031.40. The disclosure for this sale can be found here. Insiders sold a total of 251,720 shares of company stock valued at $4,391,506 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.
Shares of Gentex Corporation (NASDAQ:GNTX) opened at 20.39 on Friday. The company has a market capitalization of $5.82 billion, a PE ratio of 16.18 and a beta of 1.18. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12. The firm’s 50-day moving average is $18.85 and its 200 day moving average is $19.04.
Gentex Corporation (NASDAQ:GNTX) last issued its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.32 by ($0.01). The firm had revenue of $443.10 million during the quarter, compared to analyst estimates of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. Gentex Corporation’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. On average, analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 1.96%. The ex-dividend date is Thursday, October 5th. Gentex Corporation’s payout ratio is presently 31.50%.
Gentex Corporation announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback plans are generally a sign that the company’s management believes its stock is undervalued.
Several research analysts recently issued reports on the stock. FBR & Co reissued an “outperform” rating and issued a $25.00 price target on shares of Gentex Corporation in a research report on Monday, July 24th. Zacks Investment Research raised shares of Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. BidaskClub raised shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. BMO Capital Markets reissued an “outperform” rating and issued a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. Finally, Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their price target for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $21.58.
Gentex Corporation 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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