Gentex Co. (GNTX) Shares Bought by Sprucegrove Investment Management Ltd.

Sprucegrove Investment Management Ltd. grew its stake in Gentex Co. (NASDAQ:GNTX) by 34.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,207,300 shares of the auto parts company’s stock after acquiring an additional 309,800 shares during the period. Gentex accounts for about 1.3% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 13th biggest position. Sprucegrove Investment Management Ltd. owned approximately 0.43% of Gentex worth $23,905,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in GNTX. BlackRock Inc. grew its position in shares of Gentex by 4.4% during the 2nd quarter. BlackRock Inc. now owns 24,223,258 shares of the auto parts company’s stock worth $459,513,000 after buying an additional 1,009,789 shares during the period. Vanguard Group Inc. grew its position in shares of Gentex by 1.6% during the 2nd quarter. Vanguard Group Inc. now owns 23,196,105 shares of the auto parts company’s stock worth $440,030,000 after buying an additional 358,903 shares during the period. Schroder Investment Management Group grew its position in shares of Gentex by 164.3% during the 2nd quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock worth $124,467,000 after buying an additional 4,144,300 shares during the period. Riverbridge Partners LLC grew its position in shares of Gentex by 12.6% during the 3rd quarter. Riverbridge Partners LLC now owns 5,273,063 shares of the auto parts company’s stock worth $104,407,000 after buying an additional 592,011 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in shares of Gentex by 22.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 4,357,501 shares of the auto parts company’s stock worth $82,659,000 after buying an additional 813,219 shares during the period. 81.02% of the stock is owned by institutional investors.

In other Gentex news, CFO Steven R. Downing sold 8,000 shares of Gentex stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $157,600.00. Following the transaction, the chief financial officer now owns 47,362 shares of the company’s stock, valued at $933,031.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Kevin C. Nash sold 4,320 shares of Gentex stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $85,104.00. Following the completion of the transaction, the insider now directly owns 30,732 shares in the company, valued at approximately $605,420.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Several equities research analysts have recently commented on GNTX shares. Zacks Investment Research cut shares of Gentex from a “buy” rating to a “hold” rating in a research report on Monday, October 23rd. BidaskClub upgraded shares of Gentex from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Robert W. Baird lowered their price target on shares of Gentex from $22.00 to $21.00 and set an “outperform” rating for the company in a research report on Monday, October 23rd. FBR & Co reiterated a “buy” rating and set a $25.00 price target on shares of Gentex in a research report on Wednesday, October 18th. Finally, B. Riley reiterated a “buy” rating on shares of Gentex in a research report on Wednesday, November 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and six have given a buy rating to the company. Gentex presently has a consensus rating of “Hold” and an average target price of $22.06.

Shares of Gentex Co. (NASDAQ:GNTX) traded up $0.22 during midday trading on Tuesday, reaching $19.26. 1,970,700 shares of the company were exchanged, compared to its average volume of 2,056,514. The firm has a market capitalization of $5,410.00, a PE ratio of 15.11, a P/E/G ratio of 1.55 and a beta of 1.21. Gentex Co. has a 52-week low of $16.59 and a 52-week high of $22.12.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.31. The firm had revenue of $438.63 million during the quarter, compared to analysts’ expectations of $452.42 million. Gentex had a net margin of 20.57% and a return on equity of 17.96%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.32 earnings per share. equities research analysts predict that Gentex Co. will post 1.27 earnings per share for the current fiscal year.

Gentex declared that its Board of Directors has authorized a share buyback 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 an indication that the company’s board believes its stock is undervalued.

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About Gentex

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.

Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

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