Stone Ridge Asset Management LLC purchased a new stake in Gentex Co. (NASDAQ:GNTX) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 96,914 shares of the auto parts company’s stock, valued at approximately $2,030,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Crossmark Global Holdings Inc. bought a new stake in shares of Gentex during the 3rd quarter valued at $568,000. Victory Capital Management Inc. lifted its position in shares of Gentex by 12.2% during the 3rd quarter. Victory Capital Management Inc. now owns 82,516 shares of the auto parts company’s stock valued at $1,634,000 after acquiring an additional 8,979 shares during the period. American Century Companies Inc. lifted its position in shares of Gentex by 8.0% during the 3rd quarter. American Century Companies Inc. now owns 1,062,820 shares of the auto parts company’s stock valued at $21,044,000 after acquiring an additional 78,750 shares during the period. Keybank National Association OH bought a new stake in shares of Gentex during the 3rd quarter valued at $501,000. Finally, Alps Advisors Inc. lifted its position in shares of Gentex by 13.3% during the 3rd quarter. Alps Advisors Inc. now owns 24,856 shares of the auto parts company’s stock valued at $492,000 after acquiring an additional 2,911 shares during the period. Institutional investors and hedge funds own 84.11% of the company’s stock.
In other Gentex news, General Counsel Scott P. Ryan sold 7,220 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total value of $170,825.20. Following the completion of the transaction, the general counsel now owns 21,329 shares of the company’s stock, valued at approximately $504,644.14. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Kevin C. Nash sold 7,874 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total value of $184,251.60. Following the completion of the transaction, the insider now directly owns 34,062 shares of the company’s stock, valued at approximately $797,050.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 974,354 shares of company stock valued at $22,734,583. 2.50% of the stock is owned by corporate insiders.
Gentex (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, January 26th. The auto parts company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.32 by $0.01. Gentex had a return on equity of 18.35% and a net margin of 22.66%. The business had revenue of $459.57 million during the quarter, compared to the consensus estimate of $449.43 million. During the same period in the prior year, the company earned $0.31 EPS. Gentex’s revenue for the quarter was up 9.4% on a year-over-year basis. equities analysts forecast that Gentex Co. will post 1.62 EPS for the current year.
Gentex declared that its Board of Directors has initiated a share repurchase program on Friday, March 9th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be given a dividend of $0.11 per share. This is an increase from Gentex’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a dividend yield of 1.87%. The ex-dividend date of this dividend is Thursday, April 5th. Gentex’s dividend payout ratio is currently 28.37%.
GNTX has been the subject of a number of recent analyst reports. BidaskClub upgraded Gentex from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 22nd. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $23.00 target price for the company in a research report on Tuesday, December 26th. ValuEngine upgraded Gentex from a “hold” rating to a “buy” rating in a research report on Wednesday, December 27th. Longbow Research initiated coverage on Gentex in a research report on Friday, January 5th. They set a “buy” rating and a $25.00 target price for the company. Finally, Robert W. Baird downgraded Gentex from an “outperform” rating to a “neutral” rating in a research report on Tuesday, January 23rd. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Gentex presently has an average rating of “Buy” and a consensus price target of $25.50.
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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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