Fiduciary Trust Co. decreased its position in shares of Gentex Corporation (NASDAQ:GNTX) by 10.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,459 shares of the auto parts company’s stock after selling 1,549 shares during the period. Fiduciary Trust Co.’s holdings in Gentex Corporation were worth $255,000 at the end of the most recent quarter.
Other hedge funds have also recently bought and sold shares of the company. Asset Management One Co. Ltd. increased its position in Gentex Corporation by 11.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock worth $181,000 after buying an additional 870 shares during the period. LVM Capital Management Ltd. MI bought a new position in Gentex Corporation during the 2nd quarter worth $194,000. BB&T Corp bought a new position in Gentex Corporation during the 1st quarter worth $200,000. HL Financial Services LLC bought a new position in Gentex Corporation during the 2nd quarter worth $202,000. Finally, Breton Hill Capital Ltd. bought a new position in Gentex Corporation during the 2nd quarter worth $220,000. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Gentex Corporation (NASDAQ GNTX) opened at 18.56 on Tuesday. Gentex Corporation has a 12 month low of $16.06 and a 12 month high of $22.12. The company has a market cap of $5.30 billion, a PE ratio of 14.73 and a beta of 1.15. The company has a 50 day moving average price of $17.51 and a 200-day moving average price of $19.26.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $443.10 million for the quarter, compared to analysts’ expectations of $446.36 million. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the company posted $0.30 EPS. Equities analysts predict that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 dividend on an annualized basis and a yield of 2.16%. Gentex Corporation’s dividend payout ratio (DPR) is 31.50%.
Gentex Corporation announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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In related news, Chairman Fred Bauer sold 239,400 shares of the stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the sale, the chairman now owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.50% of the company’s stock.
Several research analysts have weighed in on GNTX shares. Craig Hallum cut Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research report on Monday, July 24th. ValuEngine cut Gentex Corporation from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Robert W. Baird upgraded Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $22.00 price objective (down previously from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $21.79.
About Gentex Corporation
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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