Advisors Asset Management Inc. Lowers Stake in Gentex Corporation (GNTX)
Advisors Asset Management Inc. reduced its stake in Gentex Corporation (NASDAQ:GNTX) by 5.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 79,404 shares of the auto parts company’s stock after selling 4,167 shares during the period. Advisors Asset Management Inc.’s holdings in Gentex Corporation were worth $1,506,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of GNTX. BlackRock Inc. boosted its stake in shares of Gentex Corporation by 13,551.0% in the first quarter. BlackRock Inc. now owns 23,213,469 shares of the auto parts company’s stock valued at $495,146,000 after buying an additional 23,043,420 shares during the period. Vanguard Group Inc. boosted its stake in shares of Gentex Corporation by 4.3% in the first quarter. Vanguard Group Inc. now owns 22,837,202 shares of the auto parts company’s stock valued at $487,117,000 after buying an additional 936,474 shares during the period. State Street Corp boosted its stake in shares of Gentex Corporation by 4.6% in the first quarter. State Street Corp now owns 7,765,951 shares of the auto parts company’s stock valued at $165,651,000 after buying an additional 339,317 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Gentex Corporation by 3.7% in the first quarter. Bank of New York Mellon Corp now owns 4,070,220 shares of the auto parts company’s stock valued at $86,817,000 after buying an additional 145,338 shares during the period. Finally, Columbia Wanger Asset Management LLC boosted its stake in shares of Gentex Corporation by 36.3% in the first quarter. Columbia Wanger Asset Management LLC now owns 3,755,599 shares of the auto parts company’s stock valued at $80,107,000 after buying an additional 1,000,470 shares during the period. 81.46% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Gentex Corporation (NASDAQ:GNTX) opened at 17.94 on Friday. The firm’s 50-day moving average price is $17.65 and its 200 day moving average price is $19.44. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12. The company has a market capitalization of $5.12 billion, a PE ratio of 14.24 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last announced 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 business had revenue of $443.10 million during the quarter, compared to analysts’ expectations of $446.36 million. During the same period last year, the company earned $0.30 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts predict that Gentex Corporation will post $1.27 EPS for the current year.
The company also recently disclosed 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. This represents a $0.40 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s payout ratio is 31.50%.
Gentex Corporation declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 23rd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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Several equities research analysts have recently issued reports on GNTX shares. Zacks Investment Research cut Gentex Corporation from a “hold” rating to a “sell” rating in a report on Monday, June 26th. BidaskClub raised Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday. Wellington Shields cut Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a report on Thursday, May 4th. BMO Capital Markets reaffirmed an “outperform” rating and issued a $22.00 target price (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, Craig Hallum cut Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Monday, July 24th. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $21.79.
In related news, Director John A. Mulder sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $19.22, for a total transaction of $192,200.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $100,013,648.24. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
Gentex Corporation 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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