Pictet Asset Management Ltd. Has $18.14 Million Position in Gentex Corporation (NASDAQ:GNTX)
Pictet Asset Management Ltd. reduced its position in shares of Gentex Corporation (NASDAQ:GNTX) by 38.9% during the second quarter, Holdings Channel reports. The firm owned 955,581 shares of the auto parts company’s stock after selling 608,419 shares during the period. Pictet Asset Management Ltd.’s holdings in Gentex Corporation were worth $18,137,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently bought and sold shares of GNTX. Teachers Advisors LLC increased its position in Gentex Corporation by 17.8% in the fourth quarter. Teachers Advisors LLC now owns 392,756 shares of the auto parts company’s stock worth $7,733,000 after buying an additional 59,358 shares during the period. Highbridge Capital Management LLC bought a new position in Gentex Corporation during the fourth quarter worth approximately $300,000. Raymond James Trust N.A. bought a new position in Gentex Corporation during the first quarter worth approximately $330,000. Creative Planning increased its position in Gentex Corporation by 3.5% in the first quarter. Creative Planning now owns 15,954 shares of the auto parts company’s stock worth $340,000 after buying an additional 538 shares during the period. Finally, Quadrant Capital Group LLC increased its position in Gentex Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 5,660 shares of the auto parts company’s stock worth $117,000 after buying an additional 471 shares during the period. 82.40% of the stock is owned by institutional investors and hedge funds.
Gentex Corporation (NASDAQ GNTX) opened at 17.30 on Friday. Gentex Corporation has a 1-year low of $16.06 and a 1-year high of $22.12. The firm has a market cap of $4.94 billion, a P/E ratio of 13.73 and a beta of 1.18. The stock has a 50 day moving average price of $17.99 and a 200 day moving average price of $19.70.
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 Zacks’ consensus estimate of $0.32 by $0.01. The business had revenue of $443.10 million for the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The business’s revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.30 EPS. On average, analysts anticipate that Gentex Corporation will post $1.27 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 19th. Stockholders of record on Thursday, July 6th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date of this dividend was Monday, July 3rd. This is an increase from Gentex Corporation’s previous quarterly dividend of $0.09. Gentex Corporation’s dividend payout ratio (DPR) is 31.50%.
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GNTX has been the subject of a number of analyst reports. Zacks Investment Research raised Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Wednesday, April 26th. Wellington Shields downgraded Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a research note on Thursday, May 4th. Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research note on Monday, July 24th. FBR & Co reissued an “outperform” rating and set a $25.00 target price on shares of Gentex Corporation in a research note on Monday, July 24th. Finally, BMO Capital Markets reissued an “outperform” rating and set a $22.00 target price (down previously from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $21.75.
In related news, Director John A. Mulder sold 10,000 shares of the firm’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $19.22, for a total transaction of $192,200.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction dated 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 transaction, the chairman now directly owns 5,771,128 shares in the company, valued at $100,013,648.24. The disclosure for this sale can be found here. 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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