Illinois Municipal Retirement Fund Sells 30,589 Shares of Gentex Corporation $GNTX

Illinois Municipal Retirement Fund trimmed its stake in shares of Gentex Corporation (NASDAQ:GNTX) by 55.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 24,960 shares of the auto parts company’s stock after selling 30,589 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Gentex were worth $706,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. Addison Advisors LLC purchased a new position in Gentex during the 2nd quarter valued at about $25,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Gentex in the third quarter valued at approximately $38,000. Grey Fox Wealth Advisors LLC bought a new position in shares of Gentex in the third quarter valued at approximately $65,000. Steph & Co. grew its stake in Gentex by 30.5% during the third quarter. Steph & Co. now owns 2,684 shares of the auto parts company’s stock valued at $76,000 after acquiring an additional 627 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in Gentex by 2,038.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company’s stock worth $99,000 after acquiring an additional 4,301 shares during the period. Institutional investors own 86.76% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on GNTX. UBS Group set a $25.00 price target on shares of Gentex in a report on Monday, February 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of Gentex in a research report on Thursday, January 22nd. B. Riley Financial dropped their price objective on Gentex from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, February 2nd. The Goldman Sachs Group set a $27.00 target price on Gentex and gave the stock a “neutral” rating in a research note on Monday, October 27th. Finally, Robert W. Baird set a $26.00 price target on Gentex in a report on Wednesday, January 14th. Two research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Gentex presently has a consensus rating of “Hold” and an average price target of $26.71.

Insider Buying and Selling

In other Gentex news, CEO Steven R. Downing sold 35,000 shares of Gentex stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $24.75, for a total transaction of $866,250.00. Following the transaction, the chief executive officer directly owned 211,670 shares of the company’s stock, valued at approximately $5,238,832.50. This trade represents a 14.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Neil Boehm sold 11,248 shares of the business’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $24.82, for a total transaction of $279,175.36. Following the completion of the sale, the chief technology officer owned 58,951 shares of the company’s stock, valued at approximately $1,463,163.82. The trade was a 16.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 58,133 shares of company stock worth $1,442,313 in the last quarter. 0.45% of the stock is owned by insiders.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $23.97 on Friday. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $29.38. The firm has a fifty day moving average of $23.91 and a 200 day moving average of $25.19. The firm has a market capitalization of $5.25 billion, a PE ratio of 13.78 and a beta of 0.78.

Gentex (NASDAQ:GNTX) last released its quarterly earnings results on Friday, January 30th. The auto parts company reported $0.43 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.43. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The business had revenue of $644.40 million for the quarter, compared to the consensus estimate of $650.90 million. During the same quarter last year, the business posted $0.39 earnings per share. The company’s revenue for the quarter was up 19.0% on a year-over-year basis. On average, sell-side analysts forecast that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Wednesday, January 7th were issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date of this dividend was Wednesday, January 7th. Gentex’s dividend payout ratio (DPR) is currently 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).