Burgundy Asset Management Ltd. Has $221.95 Million Holdings in Gentex Corporation $GNTX

Burgundy Asset Management Ltd. decreased its position in shares of Gentex Corporation (NASDAQ:GNTX) by 0.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 7,923,912 shares of the auto parts company’s stock after selling 40,643 shares during the quarter. Gentex comprises 2.1% of Burgundy Asset Management Ltd.’s holdings, making the stock its 11th largest holding. Burgundy Asset Management Ltd. owned 3.61% of Gentex worth $221,949,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Advisory Alpha LLC increased its stake in Gentex by 14.2% during the 3rd quarter. Advisory Alpha LLC now owns 60,561 shares of the auto parts company’s stock valued at $1,686,000 after purchasing an additional 7,525 shares in the last quarter. IFG Advisory LLC increased its position in shares of Gentex by 5.8% during the third quarter. IFG Advisory LLC now owns 147,287 shares of the auto parts company’s stock worth $4,168,000 after acquiring an additional 8,078 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Gentex by 5.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 5,279,935 shares of the auto parts company’s stock worth $149,422,000 after acquiring an additional 284,616 shares during the last quarter. Cresset Asset Management LLC bought a new position in Gentex in the 3rd quarter valued at about $423,000. Finally, Picton Mahoney Asset Management acquired a new position in Gentex during the 3rd quarter valued at about $929,000. 86.76% of the stock is currently owned by institutional investors.

Insider Activity

In other Gentex news, CFO Kevin C. Nash sold 11,885 shares of the company’s stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $24.98, for a total transaction of $296,887.30. Following the sale, the chief financial officer directly owned 59,430 shares of the company’s stock, valued at $1,484,561.40. This represents a 16.67% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steven R. Downing sold 35,000 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total transaction of $866,250.00. Following the transaction, the chief executive officer owned 211,670 shares of the company’s stock, valued at $5,238,832.50. This represents a 14.19% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 58,133 shares of company stock valued at $1,442,313 in the last 90 days. Insiders own 0.45% of the company’s stock.

Analysts Set New Price Targets

GNTX has been the subject of several analyst reports. Wall Street Zen downgraded Gentex from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. Weiss Ratings reissued a “hold (c)” rating on shares of Gentex in a research report on Thursday, January 22nd. UBS Group set a $25.00 price objective on shares of Gentex in a report on Monday, February 2nd. Robert W. Baird set a $26.00 target price on shares of Gentex in a report on Wednesday, January 14th. Finally, B. Riley Financial cut their price target on shares of Gentex from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, Gentex currently has an average rating of “Hold” and an average target price of $26.71.

Gentex Stock Performance

NASDAQ GNTX opened at $22.87 on Thursday. The company has a market capitalization of $4.93 billion, a PE ratio of 13.14 and a beta of 0.76. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $29.38. The company has a 50-day simple moving average of $23.89 and a 200 day simple moving average of $24.96.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, January 30th. The auto parts company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. The firm had revenue of $644.40 million during the quarter, compared to the consensus estimate of $650.90 million. Gentex had a net margin of 15.19% and a return on equity of 16.05%. The company’s revenue was up 19.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.39 EPS. As a group, analysts forecast that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, April 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. Gentex’s payout ratio is presently 27.59%.

About Gentex

Gentex Corporation (NASDAQ: GNTX) is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company’s primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world’s leading original equipment manufacturers (OEMs).