Vanguard Group Inc. Acquires 358,903 Shares of Gentex Corporation (GNTX)
Vanguard Group Inc. boosted its holdings in Gentex Corporation (NASDAQ:GNTX) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 23,196,105 shares of the auto parts company’s stock after buying an additional 358,903 shares during the period. Vanguard Group Inc. owned approximately 8.09% of Gentex Corporation worth $440,030,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in GNTX. Russell Investments Group Ltd. grew its stake in Gentex Corporation by 17.8% in the 1st quarter. Russell Investments Group Ltd. now owns 89,479 shares of the auto parts company’s stock valued at $1,910,000 after buying an additional 13,542 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Gentex Corporation by 4.5% in the 1st quarter. JPMorgan Chase & Co. now owns 303,002 shares of the auto parts company’s stock valued at $6,463,000 after buying an additional 13,006 shares in the last quarter. Prudential Financial Inc. grew its stake in Gentex Corporation by 7.6% in the 1st quarter. Prudential Financial Inc. now owns 178,020 shares of the auto parts company’s stock valued at $3,797,000 after buying an additional 12,550 shares in the last quarter. Victory Capital Management Inc. grew its stake in Gentex Corporation by 21.1% in the 1st quarter. Victory Capital Management Inc. now owns 60,645 shares of the auto parts company’s stock valued at $1,294,000 after buying an additional 10,580 shares in the last quarter. Finally, Asset Management One Co. Ltd. grew its stake in Gentex Corporation by 11.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock valued at $181,000 after buying an additional 870 shares in the last quarter. Institutional investors and hedge funds own 80.83% of the company’s stock.
A number of research analysts recently weighed in on GNTX shares. BidaskClub upgraded shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. FBR & Co restated an “outperform” rating and set a $25.00 price target on shares of Gentex Corporation in a research report on Monday, July 24th. Zacks Investment Research upgraded shares of Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Finally, Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and boosted their price target for the company 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 presently has a consensus rating of “Hold” and a consensus target price of $21.58.
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Shares of Gentex Corporation (NASDAQ GNTX) opened at 20.60 on Thursday. The stock’s 50 day moving average is $18.68 and its 200-day moving average is $19.04. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12. The company has a market capitalization of $5.88 billion, a P/E ratio of 16.35 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last posted its earnings results 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 company had revenue of $443.10 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 earnings per share. Analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current year.
Gentex Corporation declared that its Board of Directors has approved a share repurchase program on Wednesday, August 23rd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be paid a dividend of $0.10 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 1.94%. Gentex Corporation’s payout ratio is 31.50%.
In related news, CFO Steven R. Downing sold 8,000 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at $933,031.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction 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 transaction, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The disclosure for this sale can be found here. Insiders have sold 251,720 shares of company stock valued at $4,391,506 over the last ninety days. 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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