South Dakota Investment Council continued to hold its stake in shares of Gentex Corporation (NASDAQ:GNTX) during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 116,200 shares of the auto parts company’s stock at the end of the 2nd quarter. South Dakota Investment Council’s holdings in Gentex Corporation were worth $2,204,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in GNTX. BlackRock Inc. lifted its holdings in shares of Gentex Corporation by 13,551.0% in the first quarter. BlackRock Inc. now owns 23,213,469 shares of the auto parts company’s stock valued at $495,146,000 after buying an additional 23,043,420 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Gentex Corporation by 164.3% in the second quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock valued at $124,467,000 after buying an additional 4,144,300 shares during the period. Nomura Asset Management Co. Ltd. lifted its holdings in shares of Gentex Corporation by 115,526.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,503,150 shares of the auto parts company’s stock valued at $32,062,000 after buying an additional 1,501,850 shares during the period. Provident Investment Management Inc. acquired a new stake in shares of Gentex Corporation in the first quarter valued at $24,307,000. Finally, Columbia Wanger Asset Management LLC lifted its holdings in shares of Gentex Corporation by 36.3% in the first quarter. Columbia Wanger Asset Management LLC now owns 3,755,599 shares of the auto parts company’s stock valued at $80,107,000 after buying an additional 1,000,470 shares during the period. Institutional investors and hedge funds own 80.84% of the company’s stock.
Several brokerages have recently weighed in on GNTX. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. Robert W. Baird upgraded Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price objective for the company from $17.36 to $22.00 in a report on Thursday, August 24th. BidaskClub lowered Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. FBR & Co restated an “outperform” rating and issued a $25.00 price objective on shares of Gentex Corporation in a report on Monday, July 24th. Finally, Craig Hallum lowered Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $21.79.
In other news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $17.33, for a total value of $4,148,802.00. Following the transaction, the chairman now directly owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is owned by company insiders.
Shares of Gentex Corporation (GNTX) opened at 18.56 on Tuesday. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The stock’s 50 day moving average price is $17.51 and its 200 day moving average price is $19.26. The stock has a market capitalization of $5.30 billion, a P/E ratio of 14.73 and a beta of 1.15.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The company had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. On average, analysts forecast that Gentex Corporation will post $1.27 EPS for the current year.
Gentex Corporation declared that its board has initiated a stock buyback program on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be given a $0.10 dividend. The ex-dividend date is Thursday, October 5th. This represents a $0.40 annualized dividend and a dividend yield of 2.16%. Gentex Corporation’s dividend payout ratio is currently 31.50%.
Gentex Corporation 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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