Gentex Corporation (GNTX) Holdings Raised by Provident Investment Management Inc.
Provident Investment Management Inc. raised its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,172,702 shares of the auto parts company’s stock after purchasing an additional 33,133 shares during the quarter. Gentex Corporation accounts for 4.0% of Provident Investment Management Inc.’s portfolio, making the stock its 14th largest position. Provident Investment Management Inc. owned 0.41% of Gentex Corporation worth $22,246,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Alps Advisors Inc. grew its stake in Gentex Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock valued at $416,000 after purchasing an additional 56 shares in the last quarter. Trust Co. of Toledo NA OH grew its stake in Gentex Corporation by 0.5% during the 1st quarter. Trust Co. of Toledo NA OH now owns 13,729 shares of the auto parts company’s stock valued at $293,000 after purchasing an additional 63 shares in the last quarter. Northwestern Mutual Investment Management Company LLC grew its stake in Gentex Corporation by 0.3% during the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 49,511 shares of the auto parts company’s stock valued at $1,056,000 after purchasing an additional 134 shares in the last quarter. Synovus Financial Corp grew its stake in Gentex Corporation by 2.8% during the 2nd quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock valued at $236,000 after purchasing an additional 336 shares in the last quarter. Finally, Gateway Investment Advisers LLC grew its stake in Gentex Corporation by 0.4% during the 2nd quarter. Gateway Investment Advisers LLC now owns 93,609 shares of the auto parts company’s stock valued at $1,776,000 after purchasing an additional 388 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.
Shares of Gentex Corporation (GNTX) traded up 0.304% during trading on Wednesday, hitting $18.145. The company had a trading volume of 418,794 shares. The stock has a market cap of $5.18 billion, a PE ratio of 14.401 and a beta of 1.15. The firm has a 50 day moving average of $17.53 and a 200 day moving average of $19.32. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the Zacks’ 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 firm had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. During the same quarter in the prior year, the company earned $0.30 EPS. Gentex Corporation’s quarterly revenue was up 4.6% on a year-over-year basis. On average, analysts forecast that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s dividend payout ratio is currently 31.50%.
Gentex Corporation declared that its board has initiated a share buyback program on Wednesday, August 23rd that permits the company to buyback 15,000,000 shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.
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In related news, Chairman Fred Bauer sold 239,400 shares of the company’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 completion of the sale, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.50% of the stock is owned by corporate insiders.
GNTX has been the subject of a number of recent analyst reports. Zacks Investment Research lowered Gentex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price on the stock. in a report on Monday, July 24th. FBR & Co reaffirmed an “outperform” rating and set a $25.00 target price on shares of Gentex Corporation in a report on Monday, July 24th. BMO Capital Markets reaffirmed an “outperform” rating and set a $22.00 target price (down previously from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, BidaskClub downgraded Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $21.79.
About Gentex Corporation
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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