Kenmare Capital Partners L.L.C. trimmed its position in shares of Gentex Co. (NASDAQ:GNTX) by 26.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,000 shares of the auto parts company’s stock after selling 47,700 shares during the quarter. Gentex accounts for approximately 3.0% of Kenmare Capital Partners L.L.C.’s holdings, making the stock its 10th largest position. Kenmare Capital Partners L.L.C.’s holdings in Gentex were worth $2,723,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. DekaBank Deutsche Girozentrale bought a new position in Gentex in the 3rd quarter worth $105,000. Ffcm LLC bought a new position in Gentex in the 3rd quarter worth $174,000. Hikari Power Ltd bought a new position in Gentex in the 4th quarter worth $203,000. Essex Financial Services Inc. bought a new position in Gentex in the 4th quarter worth $205,000. Finally, Columbia Asset Management bought a new position in Gentex in the 3rd quarter worth $208,000. 84.11% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Gentex Co. (NASDAQ:GNTX) opened at $23.47 on Wednesday. The company has a market capitalization of $6,410.48, a PE ratio of 16.65, a price-to-earnings-growth ratio of 1.49 and a beta of 1.31. Gentex Co. has a twelve month low of $16.59 and a twelve month high of $24.07.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 18th. Shareholders of record on Friday, April 6th will be issued a dividend of $0.11 per share. The ex-dividend date of this dividend 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 currently 28.37%.
Gentex announced that its board has approved a share buyback plan on Friday, March 9th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
A number of equities analysts recently commented on the company. B. Riley reaffirmed a “buy” rating and issued a $29.00 target price (up from $25.00) on shares of Gentex in a report on Wednesday, January 24th. Robert W. Baird cut Gentex from an “outperform” rating to a “neutral” rating in a report on Tuesday, January 23rd. Craig Hallum raised their target price on Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Monday, January 29th. Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a report on Wednesday, January 31st. Finally, Longbow Research assumed coverage on Gentex in a report on Friday, January 5th. They issued a “buy” rating and a $25.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $25.50.
In other Gentex news, insider Kevin C. Nash sold 7,874 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total transaction of $184,251.60. Following the sale, the insider now directly owns 34,062 shares of the company’s stock, valued at $797,050.80. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Scott P. Ryan sold 7,220 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $23.66, for a total value of $170,825.20. Following the sale, the general counsel now directly owns 21,329 shares in the company, valued at $504,644.14. The disclosure for this sale can be found here. Over the last three months, insiders have sold 974,354 shares of company stock worth $22,734,583. Insiders own 2.50% of the company’s stock.
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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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