Illinois Municipal Retirement Fund Sells 30,589 Shares of Gentex Corporation $GNTX

Illinois Municipal Retirement Fund reduced its stake in Gentex Corporation (NASDAQ:GNTX) by 55.1% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,960 shares of the auto parts company’s stock after selling 30,589 shares during the period. Illinois Municipal Retirement Fund’s holdings in Gentex were worth $706,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB purchased a new stake in shares of Gentex in the third quarter worth approximately $6,422,000. Deprince Race & Zollo Inc. bought a new stake in Gentex during the third quarter worth $26,283,000. Global Alpha Capital Management Ltd. purchased a new stake in Gentex in the 2nd quarter valued at $19,318,000. Jump Financial LLC lifted its stake in Gentex by 37.3% during the 2nd quarter. Jump Financial LLC now owns 224,065 shares of the auto parts company’s stock valued at $4,927,000 after acquiring an additional 60,827 shares in the last quarter. Finally, Alps Advisors Inc. lifted its stake in Gentex by 16.2% during the 3rd quarter. Alps Advisors Inc. now owns 730,472 shares of the auto parts company’s stock valued at $20,672,000 after acquiring an additional 101,997 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently issued reports on GNTX shares. B. Riley Financial reduced their target price on shares of Gentex from $32.00 to $28.00 and set a “buy” rating for the company in a research note on Monday, February 2nd. UBS Group set a $25.00 price target on shares of Gentex in a report on Monday, February 2nd. Robert W. Baird set a $26.00 price objective on shares of Gentex in a research note on Wednesday, January 14th. The Goldman Sachs Group set a $27.00 target price on shares of Gentex and gave the stock a “neutral” rating in a research report on Monday, October 27th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Gentex in a research note on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $26.71.

Insider Buying and Selling at Gentex

In related news, CFO Kevin C. Nash sold 11,885 shares of the company’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $24.98, for a total transaction of $296,887.30. Following the sale, the chief financial officer directly owned 59,430 shares in the company, valued at approximately $1,484,561.40. This represents a 16.67% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Downing sold 35,000 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total transaction of $866,250.00. Following the completion of the transaction, the chief executive officer directly owned 211,670 shares of the company’s stock, valued at approximately $5,238,832.50. This trade represents a 14.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,133 shares of company stock valued at $1,442,313 over the last three months. 0.45% of the stock is currently owned by insiders.

Gentex Stock Down 2.3%

Shares of GNTX stock opened at $23.97 on Friday. The firm has a market cap of $5.25 billion, a P/E ratio of 13.78 and a beta of 0.78. The company has a 50 day moving average of $23.91 and a 200-day moving average of $25.19. Gentex Corporation has a 12-month low of $20.28 and a 12-month high of $29.38.

Gentex (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, January 30th. The auto parts company reported $0.43 earnings per share for the quarter, meeting the consensus estimate of $0.43. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The business had revenue of $644.40 million during the quarter, compared to analyst estimates of $650.90 million. During the same period in the prior year, the company earned $0.39 earnings per share. Gentex’s revenue was up 19.0% compared to the same quarter last year. As a group, equities analysts expect that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 21st. Investors of record on Wednesday, January 7th were paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date was Wednesday, January 7th. Gentex’s payout ratio is currently 27.59%.

Gentex Company Profile

Gentex Corporation (NASDAQ: GNTX) is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company’s primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world’s leading original equipment manufacturers (OEMs).