Picton Mahoney Asset Management Makes New Investment in Gentex Corporation $GNTX

Picton Mahoney Asset Management purchased a new stake in shares of Gentex Corporation (NASDAQ:GNTX) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 32,848 shares of the auto parts company’s stock, valued at approximately $929,000.

Other hedge funds have also modified their holdings of the company. Addison Advisors LLC purchased a new position in shares of Gentex during the 2nd quarter valued at $25,000. Mirae Asset Global Investments Co. Ltd. purchased a new stake in Gentex in the 3rd quarter worth $38,000. Clearstead Advisors LLC increased its stake in Gentex by 82.3% in the 3rd quarter. Clearstead Advisors LLC now owns 2,042 shares of the auto parts company’s stock worth $58,000 after buying an additional 922 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new stake in Gentex during the third quarter valued at about $65,000. Finally, Steph & Co. raised its holdings 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 during the period. 86.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research note on Saturday, February 28th. UBS Group set a $25.00 target price on Gentex in a research note on Monday, February 2nd. Weiss Ratings restated a “hold (c)” rating on shares of Gentex in a research note on Thursday, January 22nd. Robert W. Baird set a $26.00 price objective on shares of Gentex in a report on Wednesday, January 14th. Finally, B. Riley Financial lowered their target price 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 given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $26.71.

Gentex Stock Down 1.9%

Shares of NASDAQ:GNTX opened at $22.08 on Friday. The firm has a fifty day simple moving average of $23.85 and a two-hundred day simple moving average of $24.91. Gentex Corporation has a 52 week low of $20.28 and a 52 week high of $29.38. The stock has a market capitalization of $4.76 billion, a P/E ratio of 12.69 and a beta of 0.76.

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

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Wednesday, April 8th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, April 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. Gentex’s payout ratio is currently 27.59%.

Insider Activity at Gentex

In other Gentex news, 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 transaction, the chief technology officer owned 58,951 shares in the company, valued at $1,463,163.82. The trade was a 16.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steven R. Downing sold 35,000 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $24.75, for a total value of $866,250.00. Following the transaction, the chief executive officer directly owned 211,670 shares in the company, valued at approximately $5,238,832.50. This represents a 14.19% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 58,133 shares of company stock worth $1,442,313. Insiders own 0.45% of the company’s stock.

Gentex Company Profile

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).