King Luther Capital Management Corp reduced its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 47.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 453,910 shares of the auto parts company’s stock after selling 412,389 shares during the period. King Luther Capital Management Corp owned about 0.16% of Gentex Corporation worth $8,611,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of GNTX. Summit Global Investments acquired a new position in Gentex Corporation in the second quarter valued at about $632,000. Riverhead Capital Management LLC boosted its position in Gentex Corporation by 23.9% in the second quarter. Riverhead Capital Management LLC now owns 36,463 shares of the auto parts company’s stock valued at $692,000 after buying an additional 7,043 shares in the last quarter. Coastline Trust Co boosted its position in Gentex Corporation by 0.3% in the second quarter. Coastline Trust Co now owns 210,985 shares of the auto parts company’s stock valued at $4,002,000 after buying an additional 600 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in Gentex Corporation by 7.5% in the second 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 in the last quarter. Finally, Capital Fund Management S.A. acquired a new position in Gentex Corporation in the second quarter valued at about $6,920,000. Institutional investors and hedge funds own 80.84% of the company’s stock.

Shares of Gentex Corporation (GNTX) opened at 19.22 on Friday. The company’s 50 day moving average is $17.75 and its 200-day moving average is $19.22. Gentex Corporation has a 1-year low of $16.06 and a 1-year high of $22.12. The company has a market capitalization of $5.49 billion, a P/E ratio of 15.25 and a beta of 1.15.

Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same quarter last year, the business earned $0.30 EPS. On average, equities research analysts forecast that Gentex Corporation will post $1.27 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.08%. Gentex Corporation’s payout ratio is 31.50%.

Gentex Corporation announced that its board has authorized a stock repurchase plan 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. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

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In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the firm’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 completion of the transaction, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.50% of the stock is currently owned by company insiders.

A number of research firms have commented on GNTX. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research raised shares of Gentex Corporation from a “sell” rating to a “hold” rating in a research note on Tuesday, August 29th. BidaskClub raised shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $17.36 to $22.00 in a research note on Thursday, August 24th. Finally, 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 research note on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $21.79.

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.

Institutional Ownership by Quarter for Gentex Corporation (NASDAQ:GNTX)

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