BlueMountain Capital Management LLC acquired a new stake in Gentex Corporation (NASDAQ:GNTX) during the second quarter, according to its most recent filing with the SEC. The firm acquired 37,227 shares of the auto parts company’s stock, valued at approximately $706,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. boosted its position in Gentex Corporation by 7.5% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after buying an additional 368 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in Gentex Corporation by 11.4% in 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 buying an additional 870 shares during the last quarter. HPM Partners LLC bought a new position in Gentex Corporation in the 2nd quarter valued at $339,000. Sheaff Brock Investment Advisors LLC bought a new position in Gentex Corporation in the 2nd quarter valued at $194,000. Finally, LVM Capital Management Ltd. MI bought a new position in Gentex Corporation in the 2nd quarter valued at $194,000. Hedge funds and other institutional investors own 80.83% of the company’s stock.
In related news, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction on Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the sale, the chairman now owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.50% of the company’s stock.
Shares of Gentex Corporation (NASDAQ:GNTX) opened at 19.39 on Friday. The firm has a market cap of $5.54 billion, a P/E ratio of 15.39 and a beta of 1.15. The company’s 50-day moving average price is $17.87 and its 200 day moving average price is $19.16. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing the 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 business had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. During the same period in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. On average, equities analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be paid a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 annualized dividend and a dividend yield of 2.06%. Gentex Corporation’s dividend payout ratio is 31.50%.
Gentex Corporation announced that its Board of Directors has approved a share buyback plan on Wednesday, August 23rd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the auto parts company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
Several research analysts have recently issued reports on the company. 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. BMO Capital Markets restated an “outperform” rating and issued a $22.00 price target (down from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. 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. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. Finally, FBR & Co restated an “outperform” rating and issued a $25.00 price target on shares of Gentex Corporation in a research report on Monday, July 24th. One research analyst has rated the stock with a sell rating, five have given a hold rating and five have assigned a buy rating to the company’s stock. Gentex Corporation has a consensus rating of “Hold” and an average price target of $21.79.
Gentex Corporation Company 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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