Clearbridge Investments LLC reduced its position in Gentex Co. (NASDAQ:GNTX) by 1.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,626,907 shares of the auto parts company’s stock after selling 41,543 shares during the period. Clearbridge Investments LLC owned 0.93% of Gentex worth $55,034,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new stake in shares of Gentex in the 3rd quarter valued at about $105,000. Ffcm LLC bought a new stake in shares of Gentex in the 3rd quarter valued at about $174,000. Hikari Power Ltd bought a new stake in shares of Gentex in the 4th quarter valued at about $203,000. Essex Financial Services Inc. bought a new stake in shares of Gentex in the 4th quarter valued at about $205,000. Finally, Uncommon Cents Investing LLC bought a new stake in shares of Gentex in the 4th quarter valued at about $243,000. Institutional investors and hedge funds own 84.11% of the company’s stock.
In related news, Chairman Fred Bauer sold 946,200 shares of Gentex stock in a transaction that occurred on Monday, March 12th. The shares were sold at an average price of $23.33, for a total value of $22,074,846.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Scott P. Ryan sold 7,220 shares of Gentex stock in a transaction that occurred on Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total transaction of $170,825.20. Following the completion of the sale, the general counsel now owns 21,329 shares of the company’s stock, valued at $504,644.14. The disclosure for this sale can be found here. Insiders sold a total of 974,354 shares of company stock valued at $22,734,583 over the last quarter. 2.50% of the stock is owned by company insiders.
Gentex (NASDAQ:GNTX) last released its earnings results on Friday, January 26th. The auto parts company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $459.57 million during the quarter, compared to analysts’ expectations of $449.43 million. Gentex had a net margin of 22.66% and a return on equity of 18.35%. Gentex’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the business earned $0.31 EPS. research analysts expect that Gentex Co. will post 1.62 EPS for the current year.
Gentex declared that its board has initiated a share repurchase program on Friday, March 9th that allows the company to buyback 20,000,000 shares. This buyback authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be paid a $0.11 dividend. The ex-dividend date is Thursday, April 5th. This is a boost from Gentex’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.87%. Gentex’s dividend payout ratio (DPR) is 28.37%.
A number of research firms have recently weighed in on GNTX. B. Riley raised their price target on shares of Gentex from $25.00 to $29.00 and gave the company a “buy” rating in a report on Monday, January 29th. ValuEngine upgraded shares of Gentex from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded shares of Gentex from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, January 10th. Robert W. Baird restated a “hold” rating and issued a $23.00 price target on shares of Gentex in a report on Friday, January 26th. Finally, Craig Hallum raised their price target on shares of Gentex from $18.00 to $23.00 and gave the company a “hold” rating in a report on Monday, January 29th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Gentex currently has a consensus rating of “Buy” and a consensus target price of $25.50.
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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