Sterling Capital Management LLC raised its position in Gentex Corporation (NASDAQ:GNTX) by 4.5% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,713,571 shares of the auto parts company’s stock after purchasing an additional 203,025 shares during the quarter. Sterling Capital Management LLC owned 1.66% of Gentex worth $93,329,000 at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Gentex by 7.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after buying an additional 368 shares during the period. DekaBank Deutsche Girozentrale purchased a new stake in shares of Gentex during the 3rd quarter valued at about $105,000. Ffcm LLC purchased a new stake in shares of Gentex during the 3rd quarter valued at about $174,000. Sheaff Brock Investment Advisors LLC purchased a new stake in shares of Gentex during the 2nd quarter valued at about $194,000. Finally, Verition Fund Management LLC purchased a new stake in shares of Gentex during the 2nd quarter valued at about $195,000. Institutional investors own 81.84% of the company’s stock.
Shares of Gentex Corporation (NASDAQ:GNTX) opened at $20.52 on Wednesday. Gentex Corporation has a twelve month low of $16.59 and a twelve month high of $22.12. The stock has a market capitalization of $5,802.97, a P/E ratio of 16.22, a price-to-earnings-growth ratio of 1.66 and a beta of 1.21.
Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.31. Gentex had a return on equity of 18.45% and a net margin of 20.80%. The company had revenue of $438.63 million for the quarter, compared to the consensus estimate of $452.42 million. During the same period in the previous year, the business earned $0.32 EPS. Gentex’s revenue for the quarter was up 2.1% compared to the same quarter last year. analysts forecast that Gentex Corporation will post 1.27 EPS for the current year.
Gentex announced that its board has initiated a stock repurchase program on Wednesday, August 23rd that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Shareholders of record on Friday, January 5th will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.40 annualized dividend and a yield of 1.95%. Gentex’s dividend payout ratio is presently 31.75%.
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 stock was sold at an average price of $19.70, for a total transaction of $157,600.00. Following the sale, the chief financial officer now directly owns 47,362 shares in the company, valued at approximately $933,031.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kevin C. Nash sold 4,320 shares of Gentex stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total value of $85,104.00. Following the sale, the insider now owns 30,732 shares in the company, valued at $605,420.40. The disclosure for this sale can be found here. 2.50% of the stock is owned by insiders.
Several equities research analysts recently commented on GNTX shares. B. Riley reiterated a “buy” rating on shares of Gentex in a report on Wednesday, November 1st. FBR & Co reiterated a “buy” rating and set a $25.00 target price on shares of Gentex in a report on Wednesday, October 18th. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $23.00 target price on the stock in a report on Tuesday, October 17th. KeyCorp reiterated a “buy” rating and set a $25.00 target price on shares of Gentex in a report on Sunday, October 15th. Finally, ValuEngine downgraded Gentex from a “buy” rating to a “hold” rating in a report on Friday, September 1st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $22.06.
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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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