BlackRock Inc. lowered its stake in Gentex Co. (NASDAQ:GNTX) by 1.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,049,756 shares of the auto parts company’s stock after selling 241,297 shares during the period. BlackRock Inc. owned approximately 9.18% of Gentex worth $516,108,000 as of its most recent filing with the SEC.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. FMR LLC increased its position in shares of Gentex by 22.6% in 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. Bank of New York Mellon Corp increased its position in shares of Gentex by 24.5% in the third quarter. Bank of New York Mellon Corp now owns 4,966,771 shares of the auto parts company’s stock worth $106,585,000 after purchasing an additional 976,219 shares during the period. Wells Fargo & Company MN grew its position in Gentex by 42.2% in the second quarter. Wells Fargo & Company MN now owns 2,712,561 shares of the auto parts company’s stock valued at $62,442,000 after acquiring an additional 804,911 shares during the last quarter. Northern Trust Corp grew its position in Gentex by 2.9% in the second quarter. Northern Trust Corp now owns 2,320,945 shares of the auto parts company’s stock valued at $53,428,000 after acquiring an additional 65,109 shares during the last quarter. Finally, American Century Companies Inc. grew its position in Gentex by 1.0% in the second quarter. American Century Companies Inc. now owns 1,460,165 shares of the auto parts company’s stock valued at $33,613,000 after acquiring an additional 14,775 shares during the last quarter. Institutional investors own 85.83% of the company’s stock.
In other news, CFO Kevin C. Nash sold 6,000 shares of Gentex stock in a transaction dated Thursday, September 27th. The stock was sold at an average price of $21.50, for a total transaction 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 accessible through the SEC website. Insiders have bought 1,155 shares of company stock worth $23,237 over the last three months. Insiders own 0.60% of the company’s stock.
GNTX has been the topic of a number of recent analyst reports. BidaskClub upgraded Gentex from a “hold” rating to a “buy” rating in a research report on Thursday, August 23rd. Longbow Research set a $28.00 target price on Gentex and gave the company a “buy” rating in a research report on Friday, August 24th. Zacks Investment Research cut Gentex from a “hold” rating to a “sell” rating in a research report on Tuesday, September 18th. ValuEngine cut Gentex from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. Finally, Craig Hallum reiterated a “hold” rating and issued a $20.00 target price on shares of Gentex in a research report on Friday, October 19th. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the stock. Gentex currently has an average rating of “Hold” and a consensus target price of $24.44.
Gentex stock opened at $21.01 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 $5.76 billion, a price-to-earnings ratio of 16.41, a price-to-earnings-growth ratio of 1.19 and a beta of 1.14.
Gentex (NASDAQ:GNTX) last released its earnings results on Friday, October 19th. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.42. Gentex had a return on equity of 21.83% and a net margin of 25.11%. The firm had revenue of $460.25 million for the quarter, compared to analysts’ expectations of $465.51 million. During the same quarter in the previous year, the business posted $0.31 earnings per share. The business’s revenue for the quarter was up 4.9% on a year-over-year basis. On average, equities research analysts forecast that Gentex Co. will post 1.65 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 23rd. Stockholders of record on Wednesday, January 9th will be paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.09%. The ex-dividend date is Tuesday, January 8th. Gentex’s payout ratio is 34.38%.
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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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