Gentex Corporation (GNTX) Stake Lessened by Public Employees Retirement System of Ohio
Public Employees Retirement System of Ohio lessened its stake in Gentex Corporation (NASDAQ:GNTX) by 0.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 571,943 shares of the auto parts company’s stock after selling 1,537 shares during the quarter. Public Employees Retirement System of Ohio owned approximately 0.20% of Gentex Corporation worth $10,850,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of GNTX. JPMorgan Chase & Co. raised its stake in shares of Gentex Corporation by 4.5% in the 1st quarter. JPMorgan Chase & Co. now owns 303,002 shares of the auto parts company’s stock valued at $6,463,000 after purchasing an additional 13,006 shares in the last quarter. Prudential Financial Inc. raised its stake in shares of Gentex Corporation by 7.6% in the 1st quarter. Prudential Financial Inc. now owns 178,020 shares of the auto parts company’s stock valued at $3,797,000 after purchasing an additional 12,550 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in shares of Gentex Corporation by 11.4% in the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock valued at $181,000 after purchasing an additional 870 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Gentex Corporation by 3.1% in the 1st quarter. Alliancebernstein L.P. now owns 181,747 shares of the auto parts company’s stock valued at $3,877,000 after purchasing an additional 5,420 shares in the last quarter. Finally, United Services Automobile Association raised its stake in shares of Gentex Corporation by 43.0% in the 1st quarter. United Services Automobile Association now owns 38,120 shares of the auto parts company’s stock valued at $813,000 after purchasing an additional 11,460 shares in the last quarter. Institutional investors and hedge funds own 80.78% of the company’s stock.
Shares of Gentex Corporation (GNTX) opened at 20.40 on Thursday. The company’s 50-day moving average is $19.46 and its 200 day moving average is $18.97. Gentex Corporation has a 1-year low of $16.06 and a 1-year high of $22.12. The firm has a market cap of $5.83 billion, a price-to-earnings ratio of 16.19 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $443.10 million for the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. Gentex Corporation’s revenue was up 4.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 earnings per share. On average, equities research analysts expect that Gentex Corporation will post $1.27 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th were issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date was Thursday, October 5th. Gentex Corporation’s payout ratio is 31.50%.
Gentex Corporation declared that its board has approved a share repurchase program on Wednesday, August 23rd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
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A number of equities research analysts have recently issued reports on GNTX shares. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their target price for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. Craig Hallum lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a research note on Monday, July 24th. BMO Capital Markets restated an “outperform” rating and issued a $22.00 target price (down previously from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. Finally, BidaskClub lowered shares of Gentex Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. Gentex Corporation has an average rating of “Hold” and an average price target of $22.19.
In other news, insider Kevin C. Nash sold 4,320 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $605,420.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Steven R. Downing sold 8,000 shares of the firm’s stock in a transaction dated Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $157,600.00. Following the transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at $933,031.40. The disclosure for this sale can be found here. Insiders have sold a total of 251,720 shares of company stock valued at $4,391,506 over the last ninety days. 2.50% of the stock is owned by insiders.
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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