Prudential Financial Inc. grew its position in shares of Gentex Corporation (NASDAQ:GNTX) by 59.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 284,445 shares of the auto parts company’s stock after purchasing an additional 106,425 shares during the quarter. Prudential Financial Inc. owned approximately 0.10% of Gentex Corporation worth $5,396,000 as of its most recent SEC filing.
Other institutional investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. increased its position in shares of 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 valued at $181,000 after purchasing an additional 870 shares during the last quarter. LVM Capital Management Ltd. MI bought a new position in Gentex Corporation during the 2nd quarter worth approximately $194,000. HL Financial Services LLC bought a new position in Gentex Corporation during the 2nd quarter worth approximately $202,000. Breton Hill Capital Ltd. bought a new position in Gentex Corporation during the 2nd quarter worth approximately $220,000. Finally, Level Four Advisory Services LLC bought a new position in Gentex Corporation during the 1st quarter worth approximately $226,000. Hedge funds and other institutional investors own 80.83% of the company’s stock.
GNTX has been the topic of several recent research reports. Craig Hallum lowered Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price target on the stock. in a research report on Monday, July 24th. ValuEngine lowered 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 raised their price target for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. Finally, BMO Capital Markets restated an “outperform” rating and set a $22.00 price target (down from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Gentex Corporation currently has an average rating of “Hold” and an average price target of $21.79.
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Gentex Corporation (GNTX) opened at 19.11 on Tuesday. The stock has a 50 day moving average price of $17.80 and a 200-day moving average price of $19.18. The stock has a market cap of $5.46 billion, a PE ratio of 15.17 and a beta of 1.15. Gentex Corporation has a 1-year low of $16.06 and a 1-year high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last released its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The business had revenue of $443.10 million for the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.30 EPS. On average, equities analysts expect that Gentex Corporation will post $1.27 EPS for the current year.
Gentex Corporation declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 23rd that permits the company to repurchase 15,000,000 outstanding shares. This repurchase authorization permits the auto parts company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be paid 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 dividend yield of 2.09%. Gentex Corporation’s dividend payout ratio is 31.50%.
In other news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction that occurred on 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 transaction, the chairman now owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.50% of the company’s stock.
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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