Miracle Mile Advisors LLC Takes $2.67 Million Position in Gentex Co. (GNTX)

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Miracle Mile Advisors LLC bought a new stake in shares of Gentex Co. (NASDAQ:GNTX) during the 1st quarter, Holdings Channel reports. The firm bought 128,866 shares of the auto parts company’s stock, valued at approximately $2,665,000.

Several other large investors have also bought and sold shares of GNTX. Norris Perne & French LLP MI lifted its holdings in Gentex by 2.9% in the 1st quarter. Norris Perne & French LLP MI now owns 19,431 shares of the auto parts company’s stock worth $402,000 after buying an additional 544 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Gentex by 23.7% in the 1st quarter. Parallel Advisors LLC now owns 2,857 shares of the auto parts company’s stock worth $59,000 after buying an additional 547 shares in the last quarter. Strs Ohio lifted its holdings in Gentex by 4.1% in the 1st quarter. Strs Ohio now owns 14,086 shares of the auto parts company’s stock worth $291,000 after buying an additional 558 shares in the last quarter. Bessemer Group Inc. lifted its holdings in Gentex by 20.4% in the 4th quarter. Bessemer Group Inc. now owns 3,891 shares of the auto parts company’s stock worth $78,000 after buying an additional 658 shares in the last quarter. Finally, Cardinal Capital Management lifted its holdings in Gentex by 2.5% in the 1st quarter. Cardinal Capital Management now owns 31,370 shares of the auto parts company’s stock worth $648,000 after buying an additional 751 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

GNTX opened at $22.05 on Friday. The stock has a market capitalization of $5.67 billion, a PE ratio of 13.61, a P/E/G ratio of 2.24 and a beta of 1.14. Gentex Co. has a 1-year low of $17.80 and a 1-year high of $25.41.

Gentex (NASDAQ:GNTX) last released its earnings results on Wednesday, April 24th. The auto parts company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. The company had revenue of $468.60 million during the quarter, compared to the consensus estimate of $463.79 million. Gentex had a net margin of 23.45% and a return on equity of 23.03%. The company’s revenue was up .7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 EPS. On average, equities research analysts forecast that Gentex Co. will post 1.64 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 24th. Stockholders of record on Wednesday, April 10th were given a $0.115 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $0.46 annualized dividend and a dividend yield of 2.09%. This is an increase from Gentex’s previous quarterly dividend of $0.11. Gentex’s payout ratio is presently 28.40%.

In related news, insider Neil Boehm sold 2,686 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $20.82, for a total transaction of $55,922.52. Following the completion of the sale, the insider now owns 42,883 shares of the company’s stock, valued at approximately $892,824.06. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Gary F. Goode sold 5,045 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $23.20, for a total transaction of $117,044.00. Following the sale, the director now directly owns 21,045 shares of the company’s stock, valued at approximately $488,244. The disclosure for this sale can be found here. In the last three months, insiders bought 2,009 shares of company stock valued at $35,318 and sold 10,731 shares valued at $235,427. 0.37% of the stock is currently owned by insiders.

GNTX has been the topic of a number of recent analyst reports. Wells Fargo & Co reiterated a “buy” rating on shares of Gentex in a report on Wednesday, January 30th. BidaskClub lowered shares of Gentex from a “buy” rating to a “hold” rating in a report on Saturday, February 2nd. Jefferies Financial Group reiterated a “hold” rating and issued a $23.00 price objective on shares of Gentex in a report on Monday, February 4th. Zacks Investment Research downgraded shares of Gentex from a “hold” rating to a “sell” rating in a research report on Monday, February 4th. Finally, Longbow Research downgraded shares of Gentex from a “buy” rating to a “neutral” rating and set a $20.65 target price for the company. in a research report on Tuesday, February 5th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $22.28.

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About Gentex

Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.

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Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

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