Millennium Management LLC increased its holdings in shares of Gentex Co. (NASDAQ:GNTX) by 260.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,814,790 shares of the auto parts company’s stock after purchasing an additional 1,310,956 shares during the quarter. Millennium Management LLC owned approximately 0.64% of Gentex worth $38,020,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new position in Gentex during the third quarter valued at approximately $105,000. Ffcm LLC bought a new position in Gentex during the third quarter valued at approximately $174,000. Hikari Power Ltd bought a new position in Gentex during the fourth quarter valued at approximately $203,000. Essex Financial Services Inc. bought a new position in Gentex during the fourth quarter valued at approximately $205,000. Finally, Weatherly Asset Management L. P. bought a new position in Gentex during the fourth quarter valued at approximately $236,000. Hedge funds and other institutional investors own 84.16% of the company’s stock.
A number of brokerages recently commented on GNTX. B. Riley reissued a “buy” rating and set a $29.00 price target (up from $25.00) on shares of Gentex in a research note on Wednesday, January 24th. Robert W. Baird lowered Gentex from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 23rd. Susquehanna Bancshares set a $24.00 price target on Gentex and gave the company a “hold” rating in a research note on Wednesday, March 14th. Craig Hallum increased their price target on Gentex from $18.00 to $23.00 and gave the company a “hold” rating in a research note on Monday, January 29th. Finally, Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $26.00 price target for the company in a research note on Wednesday, January 31st. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Gentex presently has an average rating of “Buy” and an average price target of $25.33.
Shares of Gentex Co. (NASDAQ GNTX) opened at $22.80 on Friday. The stock has a market capitalization of $6,454.38, a P/E ratio of 18.38, a PEG ratio of 1.50 and a beta of 1.31. Gentex Co. has a one year low of $16.59 and a one year high of $24.07.
Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, January 26th. The auto parts company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. The business had revenue of $459.57 million during the quarter, compared to analyst estimates of $449.43 million. Gentex had a return on equity of 18.35% and a net margin of 22.66%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the company earned $0.31 EPS. equities analysts predict that Gentex Co. will post 1.62 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Stockholders of record on Friday, April 6th will be paid a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.93%. This is a positive change from Gentex’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, April 5th. Gentex’s dividend payout ratio (DPR) is presently 28.37%.
Gentex announced that its board has initiated a stock repurchase plan on Friday, March 9th that authorizes the company to repurchase 20,000,000 shares. This repurchase authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its shares are undervalued.
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Gentex 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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