Gentex Corporation (GNTX) Position Decreased by Nationwide Fund Advisors
Nationwide Fund Advisors reduced its stake in shares of Gentex Corporation (NASDAQ:GNTX) by 1.0% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 496,051 shares of the auto parts company’s stock after selling 4,839 shares during the quarter. Nationwide Fund Advisors owned about 0.17% of Gentex worth $9,822,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Schroder Investment Management Group raised its position in Gentex by 164.3% in the second quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock worth $124,467,000 after acquiring an additional 4,144,300 shares in the last quarter. BlackRock Inc. raised its position in Gentex by 4.4% in the second quarter. BlackRock Inc. now owns 24,223,258 shares of the auto parts company’s stock worth $459,513,000 after acquiring an additional 1,009,789 shares in the last quarter. Dimensional Fund Advisors LP raised its position in Gentex by 22.9% in the second quarter. Dimensional Fund Advisors LP now owns 4,357,501 shares of the auto parts company’s stock worth $82,659,000 after acquiring an additional 813,219 shares in the last quarter. Capital Fund Management S.A. bought a new stake in Gentex in the second quarter worth about $6,920,000. Finally, Vanguard Group Inc. raised its position in Gentex by 1.6% in the second quarter. Vanguard Group Inc. now owns 23,196,105 shares of the auto parts company’s stock worth $440,030,000 after acquiring an additional 358,903 shares in the last quarter. Institutional investors and hedge funds own 81.84% of the company’s stock.
In related news, insider Kevin C. Nash sold 4,320 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total value of $85,104.00. Following the completion of the sale, the insider now directly owns 30,732 shares in the company, valued at approximately $605,420.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Steven R. Downing sold 8,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total value of $157,600.00. Following the completion of the sale, the chief financial officer now owns 47,362 shares of the company’s stock, valued at $933,031.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
GNTX has been the topic of several research reports. BidaskClub upgraded shares of Gentex from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Zacks Investment Research raised Gentex from a “sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Robert W. Baird dropped their price target on Gentex from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Monday, October 23rd. ValuEngine cut Gentex from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Finally, KeyCorp reissued a “buy” rating and issued a $25.00 price target on shares of Gentex in a research note on Sunday, October 15th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. Gentex currently has an average rating of “Hold” and an average price target of $22.06.
Gentex Corporation (GNTX) opened at $20.33 on Thursday. The firm has a market capitalization of $5,766.06, a PE ratio of 16.12, a price-to-earnings-growth ratio of 1.65 and a beta of 1.21. Gentex Corporation has a 12 month low of $16.59 and a 12 month high of $22.12.
Gentex (NASDAQ:GNTX) last announced its quarterly earnings results on Friday, October 20th. The auto parts company reported $0.31 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. Gentex had a return on equity of 18.45% and a net margin of 20.80%. The business had revenue of $438.63 million during the quarter, compared to analysts’ expectations of $452.42 million. During the same quarter in the previous year, the business posted $0.32 EPS. The firm’s quarterly revenue was up 2.1% compared to the same quarter last year. sell-side analysts predict that Gentex Corporation will post 1.27 earnings per share for the current year.
Gentex declared that its Board of Directors has approved a share repurchase program on Wednesday, August 23rd that allows the company to buyback 15,000,000 shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 17th. Investors of record on Friday, January 5th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, January 4th. This represents a $0.40 annualized dividend and a yield of 1.97%. Gentex’s dividend payout ratio (DPR) is currently 31.75%.
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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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