Sprucegrove Investment Management Ltd. Trims Stake in Gentex Co. (NASDAQ:GNTX)

Sprucegrove Investment Management Ltd. lowered its stake in Gentex Co. (NASDAQ:GNTX) by 11.2% during the first quarter, Holdings Channel.com reports. The institutional investor owned 1,434,300 shares of the auto parts company’s stock after selling 181,300 shares during the period. Gentex makes up approximately 1.3% of Sprucegrove Investment Management Ltd.’s portfolio, making the stock its 24th largest position. Sprucegrove Investment Management Ltd.’s holdings in Gentex were worth $51,161,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the stock. Amundi Pioneer Asset Management Inc. lifted its stake in shares of Gentex by 1.7% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 149,220 shares of the auto parts company’s stock worth $3,086,000 after purchasing an additional 2,536 shares during the period. Victory Capital Management Inc. lifted its stake in shares of Gentex by 14.7% during the 4th quarter. Victory Capital Management Inc. now owns 448,980 shares of the auto parts company’s stock worth $15,234,000 after purchasing an additional 57,405 shares during the period. California Public Employees Retirement System lifted its stake in shares of Gentex by 3.8% during the 4th quarter. California Public Employees Retirement System now owns 586,275 shares of the auto parts company’s stock worth $19,892,000 after purchasing an additional 21,229 shares during the period. Treasurer of the State of North Carolina lifted its stake in shares of Gentex by 0.3% during the 4th quarter. Treasurer of the State of North Carolina now owns 94,017 shares of the auto parts company’s stock worth $3,190,000 after purchasing an additional 320 shares during the period. Finally, Sigma Investment Counselors Inc. lifted its stake in shares of Gentex by 101.8% during the 4th quarter. Sigma Investment Counselors Inc. now owns 103,621 shares of the auto parts company’s stock worth $3,516,000 after purchasing an additional 52,266 shares during the period. 82.22% of the stock is currently owned by hedge funds and other institutional investors.

In related news, Director Ling Zang sold 10,000 shares of the stock in a transaction on Tuesday, June 8th. The stock was sold at an average price of $34.34, for a total value of $343,400.00. Following the completion of the sale, the director now directly owns 11,138 shares in the company, valued at approximately $382,478.92. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Neil Boehm sold 2,053 shares of the stock in a transaction on Wednesday, March 31st. The shares were sold at an average price of $35.66, for a total value of $73,209.98. The disclosure for this sale can be found here. Insiders sold a total of 28,405 shares of company stock worth $995,906 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Separately, B. Riley increased their price target on Gentex from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company’s stock. Gentex currently has an average rating of “Buy” and a consensus price target of $33.14.

Shares of GNTX traded up $0.10 during trading hours on Friday, hitting $34.22. The stock had a trading volume of 2,854 shares, compared to its average volume of 1,451,971. The company has a market capitalization of $8.27 billion, a price-to-earnings ratio of 22.60, a P/E/G ratio of 1.71 and a beta of 1.08. The stock has a fifty day simple moving average of $35.18. Gentex Co. has a 12-month low of $24.69 and a 12-month high of $37.75.

Gentex (NASDAQ:GNTX) last issued its earnings results on Thursday, April 22nd. The auto parts company reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.03). The firm had revenue of $483.70 million during the quarter, compared to analysts’ expectations of $498.37 million. Gentex had a return on equity of 19.81% and a net margin of 21.62%. The company’s quarterly revenue was up 6.6% compared to the same quarter last year. During the same period last year, the business posted $0.36 earnings per share. Equities analysts expect that Gentex Co. will post 1.99 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 21st. Investors of record on Friday, July 9th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.40%. The ex-dividend date is Thursday, July 8th. Gentex’s dividend payout ratio (DPR) is currently 34.04%.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.

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Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

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