Bank of New York Mellon Corp grew its holdings in shares of Gentex Co. (NASDAQ:GNTX) by 1.4% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,990,552 shares of the auto parts company’s stock after purchasing an additional 56,538 shares during the quarter. Bank of New York Mellon Corp owned about 1.48% of Gentex worth $91,861,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. BlackRock Inc. boosted its position in Gentex by 1.1% during the second quarter. BlackRock Inc. now owns 24,291,053 shares of the auto parts company’s stock worth $559,180,000 after purchasing an additional 258,850 shares during the period. FMR LLC boosted its position in Gentex by 22.6% during the second quarter. FMR LLC now owns 10,889,141 shares of the auto parts company’s stock worth $250,668,000 after purchasing an additional 2,008,953 shares during the period. Wells Fargo & Company MN boosted its position in Gentex by 42.2% during the second quarter. Wells Fargo & Company MN now owns 2,712,561 shares of the auto parts company’s stock worth $62,442,000 after purchasing an additional 804,911 shares during the period. American Century Companies Inc. boosted its position in Gentex by 1.0% during the second quarter. American Century Companies Inc. now owns 1,460,165 shares of the auto parts company’s stock worth $33,613,000 after purchasing an additional 14,775 shares during the period. Finally, Provident Investment Management Inc. boosted its position in Gentex by 2.1% during the second quarter. Provident Investment Management Inc. now owns 1,331,000 shares of the auto parts company’s stock worth $30,640,000 after purchasing an additional 27,198 shares during the period. Hedge funds and other institutional investors own 85.41% of the company’s stock.
A number of equities research analysts have recently issued reports on the stock. Zacks Investment Research raised shares of Gentex from a “sell” rating to a “hold” rating in a report on Tuesday, July 17th. BidaskClub raised shares of Gentex from a “hold” rating to a “buy” rating in a report on Thursday, August 23rd. ValuEngine downgraded shares of Gentex from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Craig Hallum reissued a “hold” rating and issued a $20.00 price target on shares of Gentex in a report on Friday, October 19th. Finally, Robert W. Baird increased their price target on shares of Gentex from $19.00 to $20.00 and gave the stock a “neutral” rating in a report on Monday, October 22nd. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $24.50.
Shares of Gentex stock opened at $21.83 on Friday. Gentex Co. has a 12-month low of $17.80 and a 12-month high of $25.41. The stock has a market capitalization of $5.65 billion, a PE ratio of 17.05, a PEG ratio of 1.20 and a beta of 1.12.
Gentex (NASDAQ:GNTX) last announced its quarterly earnings results on Friday, October 19th. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.42. Gentex had a net margin of 25.11% and a return on equity of 21.83%. The firm had revenue of $460.25 million for the quarter, compared to the consensus estimate of $465.51 million. During the same period in the prior year, the firm posted $0.31 earnings per share. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. As a group, research analysts predict that Gentex Co. will post 1.64 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 17th. Investors of record on Friday, October 5th were paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 2.02%. The ex-dividend date of this dividend was Thursday, October 4th. Gentex’s dividend payout ratio is currently 34.38%.
In related news, CFO Kevin C. Nash sold 6,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 27th. The shares were sold at an average price of $21.50, for a total value of $129,000.00. Following the sale, the chief financial officer now directly owns 32,732 shares of the company’s stock, valued at $703,738. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders purchased 1,155 shares of company stock worth $23,237 over the last ninety days. 0.60% of the stock is currently owned by insiders.
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Gentex Company Profile
Gentex Corporation provides automatic-dimming and non-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 worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and interior and exterior non-automatic-dimming rearview mirrors with electronic features for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.
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