Sigma Investment Counselors Inc. Has $2.13 Million Stake in Gentex Corporation (NASDAQ:GNTX)
Sigma Investment Counselors Inc. raised its position in Gentex Corporation (NASDAQ:GNTX) by 6.2% during the second quarter, Holdings Channel reports. The fund owned 112,400 shares of the auto parts company’s stock after buying an additional 6,565 shares during the period. Sigma Investment Counselors Inc.’s holdings in Gentex Corporation were worth $2,132,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in GNTX. Teachers Advisors LLC raised its stake in shares of 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 last quarter. Highbridge Capital Management LLC purchased a new stake in shares of Gentex Corporation during the fourth quarter valued at $300,000. Raymond James Trust N.A. purchased a new stake in shares of Gentex Corporation during the first quarter valued at $330,000. Creative Planning raised its stake in shares of Gentex Corporation by 3.5% in the first quarter. Creative Planning now owns 15,954 shares of the auto parts company’s stock valued at $340,000 after buying an additional 538 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its stake in shares of 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 valued at $117,000 after buying an additional 471 shares in the last quarter. 82.40% of the stock is currently owned by institutional investors and hedge funds.
Gentex Corporation (NASDAQ GNTX) opened at 17.55 on Thursday. The stock’s 50 day moving average price is $18.05 and its 200 day moving average price is $19.74. Gentex Corporation has a 12 month low of $16.06 and a 12 month high of $22.12. The firm has a market capitalization of $5.03 billion, a P/E ratio of 13.93 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The firm had revenue of $443.10 million for the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. Gentex Corporation’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 earnings per share. On average, analysts forecast that Gentex Corporation will post $1.27 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 19th. Shareholders of record on Thursday, July 6th were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.28%. This is a boost from Gentex Corporation’s previous quarterly dividend of $0.09. The ex-dividend date was Monday, July 3rd. Gentex Corporation’s dividend payout ratio is currently 31.50%.
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Several brokerages recently weighed in on GNTX. Zacks Investment Research raised Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report 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. BidaskClub downgraded Gentex Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. FBR & Co restated an “outperform” rating and issued a $25.00 target price on shares of Gentex Corporation in a research note on Monday, July 24th. Finally, Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Monday, July 24th. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $21.75.
In other Gentex Corporation news, Director John A. Mulder sold 10,000 shares of the company’s stock in a transaction dated Thursday, June 1st. The shares were 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 can be accessed through this link. Also, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction dated Monday, August 7th. The stock was 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 in the company, valued at $100,013,648.24. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate 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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