Balyasny Asset Management LLC purchased a new position in Gentex Corporation (NASDAQ:GNTX) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 179,148 shares of the auto parts company’s stock, valued at approximately $3,398,000. Balyasny Asset Management LLC owned approximately 0.06% of Gentex Corporation as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds have also modified their holdings of the business. Northwestern Mutual Wealth Management Co. grew its position in shares of Gentex Corporation by 7.5% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after purchasing an additional 368 shares in the last quarter. Asset Management One Co. Ltd. grew its position in shares of Gentex Corporation by 11.4% during the first 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 in the last quarter. HPM Partners LLC purchased a new position in shares of Gentex Corporation during the second quarter valued at about $339,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Gentex Corporation during the second quarter valued at about $194,000. Finally, LVM Capital Management Ltd. MI purchased a new position in shares of Gentex Corporation during the second quarter valued at about $194,000. Institutional investors and hedge funds own 80.83% of the company’s stock.
Gentex Corporation (NASDAQ:GNTX) opened at 20.05 on Wednesday. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The company has a 50 day moving average of $19.02 and a 200-day moving average of $19.00. The company has a market cap of $5.73 billion, a P/E ratio of 15.91 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.01). Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The business had revenue of $443.10 million for the quarter, compared to analysts’ expectations of $446.36 million. During the same period in the prior year, the company posted $0.30 EPS. The firm’s revenue was up 4.6% on a year-over-year basis. On average, equities analysts expect that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
Gentex Corporation announced that its board has authorized a stock repurchase plan on Wednesday, August 23rd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.
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 dividend of $0.10 per share. The ex-dividend date is Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.00%. Gentex Corporation’s dividend payout ratio is presently 31.50%.
A number of brokerages have recently weighed in on GNTX. FBR & Co restated an “outperform” rating and set a $25.00 price objective on shares of Gentex Corporation in a research report on Monday, July 24th. Zacks Investment Research upgraded Gentex Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, August 29th. BidaskClub upgraded Gentex Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. BMO Capital Markets restated 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. 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 research report on Monday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Gentex Corporation has an average rating of “Hold” and an average price target of $21.58.
In related news, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $85,104.00. Following the completion of the sale, the insider now owns 30,732 shares of the company’s stock, valued at approximately $605,420.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the sale, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 251,720 shares of company stock valued at $4,391,506. 2.50% of the stock is owned by corporate insiders.
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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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