Wells Fargo & Company MN increased its stake in Gentex Corporation (NASDAQ:GNTX) by 1.1% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,336,989 shares of the auto parts company’s stock after acquiring an additional 26,403 shares during the quarter. Wells Fargo & Company MN owned approximately 0.82% of Gentex worth $46,273,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently modified their holdings of GNTX. Schroder Investment Management Group grew its holdings in shares of Gentex by 164.3% in 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 acquiring an additional 4,144,300 shares during the last quarter. Wedge Capital Management L L P NC acquired a new position in shares of Gentex in the 3rd quarter worth $20,369,000. BlackRock Inc. grew its holdings in shares of Gentex by 4.4% during the second quarter. BlackRock Inc. now owns 24,223,258 shares of the auto parts company’s stock valued at $459,513,000 after buying an additional 1,009,789 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Gentex by 22.9% during the second quarter. Dimensional Fund Advisors LP now owns 4,357,501 shares of the auto parts company’s stock valued at $82,659,000 after buying an additional 813,219 shares in the last quarter. Finally, Riverbridge Partners LLC grew its holdings in shares of Gentex by 12.6% during the third quarter. Riverbridge Partners LLC now owns 5,273,063 shares of the auto parts company’s stock valued at $104,407,000 after buying an additional 592,011 shares in the last quarter. Institutional investors and hedge funds own 81.84% of the company’s stock.
In related news, CFO Steven R. Downing sold 8,000 shares of Gentex stock in a transaction 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 completion of the sale, the chief financial officer now owns 47,362 shares of the company’s stock, valued at $933,031.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kevin C. Nash sold 4,320 shares of Gentex stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $85,104.00. Following the sale, the insider now directly owns 30,732 shares of the company’s stock, valued at approximately $605,420.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by company insiders.
A number of research analysts have recently weighed in on GNTX shares. ValuEngine downgraded Gentex from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird lowered their price target on Gentex from $22.00 to $21.00 and set an “outperform” rating on the stock in a report on Monday, October 23rd. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Tuesday, October 17th. FBR & Co reiterated a “buy” rating and set a $25.00 price target on shares of Gentex in a report on Wednesday, October 18th. Finally, BidaskClub upgraded Gentex from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $22.06.
Shares of Gentex Corporation (NASDAQ:GNTX) opened at $20.44 on Monday. The stock has a market capitalization of $5,802.98, a price-to-earnings ratio of 16.22, a P/E/G ratio of 1.66 and a beta of 1.21. Gentex Corporation has a 12-month low of $16.59 and a 12-month high of $22.12.
Gentex (NASDAQ:GNTX) last released its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 return on equity of 18.45% and a net margin of 20.80%. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.32 earnings per share. equities research analysts anticipate that Gentex Corporation will post 1.27 earnings per share for the current fiscal year.
Gentex announced that its Board of Directors has authorized a share repurchase program on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Friday, January 5th will be given a dividend of $0.10 per share. The ex-dividend date is Thursday, January 4th. This represents a $0.40 dividend on an annualized basis and a yield of 1.96%. Gentex’s payout ratio is 31.75%.
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Gentex Company Profile
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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