Russell Investments Group Ltd. boosted its position in shares of Gentex Corporation (NASDAQ:GNTX) by 43.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 128,796 shares of the auto parts company’s stock after acquiring an additional 39,317 shares during the period. Russell Investments Group Ltd.’s holdings in Gentex Corporation were worth $2,444,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Asset Management One Co. Ltd. lifted its position in shares of Gentex Corporation by 11.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock worth $181,000 after buying an additional 870 shares during the last quarter. LVM Capital Management Ltd. MI purchased a new stake in Gentex Corporation in the 2nd quarter valued at $194,000. BB&T Corp purchased a new stake in Gentex Corporation in the 1st quarter valued at $200,000. Breton Hill Capital Ltd. purchased a new stake in Gentex Corporation in the 2nd quarter valued at $220,000. Finally, Level Four Advisory Services LLC purchased a new stake in Gentex Corporation in the 1st quarter valued at $226,000. Institutional investors own 80.84% of the company’s stock.
A number of equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $17.36 to $22.00 in a research note on Thursday, August 24th. BidaskClub cut shares of Gentex Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. FBR & Co reissued an “outperform” rating and issued a $25.00 price objective on shares of Gentex Corporation in a research note on Monday, July 24th. Finally, Craig Hallum cut shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research note on Monday, July 24th. One analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $21.79.
Gentex Corporation (GNTX) opened at 19.22 on Friday. The stock’s 50 day moving average is $17.75 and its 200 day moving average is $19.22. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The stock has a market capitalization of $5.49 billion, a price-to-earnings ratio of 15.25 and a beta of 1.15.
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 consensus estimate of $0.32 by ($0.01). Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The firm had revenue of $443.10 million for the quarter, compared to analyst estimates of $446.36 million. During the same period last year, the company earned $0.30 EPS. The company’s revenue was up 4.6% compared to the same quarter last year. On average, equities analysts forecast that Gentex Corporation will post $1.27 EPS for the current year.
Gentex Corporation declared that its board has authorized a stock repurchase plan on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.08%. The ex-dividend date is Thursday, October 5th. Gentex Corporation’s dividend payout ratio (DPR) is presently 31.50%.
In other news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction on 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 transaction, the chairman now owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.50% of the company’s stock.
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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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