Envestnet Asset Management Inc. Sells 7,691 Shares of Gentex Corporation (GNTX)
Envestnet Asset Management Inc. lessened its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 4.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 161,993 shares of the auto parts company’s stock after selling 7,691 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.06% of Gentex worth $3,208,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Alps Advisors Inc. boosted its stake in Gentex by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock worth $416,000 after purchasing an additional 56 shares during the last quarter. Synovus Financial Corp boosted its position in shares of Gentex by 2.8% during the 2nd quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock valued at $236,000 after acquiring an additional 336 shares during the last quarter. Northwestern Mutual Investment Management Company LLC boosted its position in shares of Gentex by 0.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 49,864 shares of the auto parts company’s stock valued at $770,000 after acquiring an additional 353 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position 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 acquiring an additional 368 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Gentex by 2.1% during the 2nd quarter. Teacher Retirement System of Texas now owns 23,062 shares of the auto parts company’s stock valued at $437,000 after acquiring an additional 469 shares during the last quarter. 81.84% of the stock is currently owned by institutional investors.
GNTX has been the topic of several recent research reports. B. Riley reissued a “buy” rating on shares of Gentex in a research report on Wednesday, November 1st. FBR & Co reissued a “buy” rating and set a $25.00 price target on shares of Gentex in a research report on Wednesday, October 18th. Zacks Investment Research raised shares of Gentex from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research report on Tuesday, October 17th. KeyCorp reissued a “buy” rating and set a $25.00 price target on shares of Gentex in a research report on Sunday, October 15th. Finally, ValuEngine cut shares of Gentex from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. One equities research 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 presently has a consensus rating of “Hold” and a consensus price target of $22.06.
Shares of Gentex Corporation (NASDAQ GNTX) opened at $20.52 on Wednesday. The stock has a market cap of $5,802.97, a PE ratio of 16.22, a P/E/G ratio of 1.66 and a beta of 1.21. Gentex Corporation has a fifty-two week low of $16.59 and a fifty-two week high of $22.12.
Gentex (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.31. The firm had revenue of $438.63 million for the quarter, compared to analyst estimates of $452.42 million. Gentex had a net margin of 20.80% and a return on equity of 18.45%. Gentex’s revenue was up 2.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.32 EPS. analysts forecast that Gentex Corporation will post 1.27 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Friday, January 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.40 annualized dividend and a yield of 1.95%. Gentex’s dividend payout ratio (DPR) is currently 31.75%.
Gentex announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.
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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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