Gentex Corp. (GNTX) Position Reduced by Alps Advisors Inc.
Alps Advisors Inc. decreased its stake in Gentex Corp. (NASDAQ:GNTX) by 6.8% during the second quarter, Holdings Channel reports. The institutional investor owned 25,500 shares of the company’s stock after selling 1,873 shares during the period. Alps Advisors Inc.’s holdings in Gentex Corp. were worth $394,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Underhill Investment Management LLC raised its position in Gentex Corp. by 1.0% in the second quarter. Underhill Investment Management LLC now owns 979,150 shares of the company’s stock valued at $15,128,000 after buying an additional 9,750 shares in the last quarter. Hendershot Investments Inc. raised its position in Gentex Corp. by 5.5% in the second quarter. Hendershot Investments Inc. now owns 222,845 shares of the company’s stock worth $3,443,000 after buying an additional 11,710 shares during the period. PGGM Investments raised its position in Gentex Corp. by 21.2% in the second quarter. PGGM Investments now owns 2,187,201 shares of the company’s stock worth $33,792,000 after buying an additional 382,663 shares during the period. Grimes & Company Inc. raised its position in Gentex Corp. by 1.3% in the second quarter. Grimes & Company Inc. now owns 303,880 shares of the company’s stock worth $4,695,000 after buying an additional 3,752 shares during the period. Finally, Bank of Montreal Can bought a new position in Gentex Corp. during the second quarter worth about $1,228,000. Institutional investors and hedge funds own 86.23% of the company’s stock.
Gentex Corp. (NASDAQ:GNTX) traded down 0.45% during mid-day trading on Monday, reaching $17.72. The company’s stock had a trading volume of 898,422 shares. The stock has a market capitalization of $5.08 billion, a P/E ratio of 15.54 and a beta of 1.10. Gentex Corp. has a 1-year low of $12.93 and a 1-year high of $18.30. The stock’s 50 day moving average price is $17.66 and its 200 day moving average price is $16.57.
Gentex Corp. (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, July 22nd. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.01. The company earned $423.80 million during the quarter, compared to the consensus estimate of $416.99 million. Gentex Corp. had a return on equity of 19.26% and a net margin of 20.52%. Gentex Corp.’s revenue was up 11.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS. Analysts expect that Gentex Corp. will post $1.20 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 19th. Shareholders of record on Friday, October 7th will be issued a $0.09 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $0.36 annualized dividend and a yield of 2.03%. Gentex Corp.’s dividend payout ratio (DPR) is presently 31.30%.
A number of research analysts recently issued reports on GNTX shares. Zacks Investment Research upgraded Gentex Corp. from a “hold” rating to a “buy” rating and set a $17.00 target price for the company in a report on Friday, June 24th. FBR & Co reiterated a “buy” rating on shares of Gentex Corp. in a report on Saturday, June 18th. Finally, Wells Fargo & Co. reiterated an “outperform” rating and issued a $19.00 target price on shares of Gentex Corp. in a report on Tuesday, September 13th.
In other news, CFO Steven R. Downing sold 8,820 shares of the company’s stock in a transaction on Monday, July 25th. The stock was sold at an average price of $17.62, for a total transaction of $155,408.40. Following the completion of the sale, the chief financial officer now directly owns 49,615 shares in the company, valued at approximately $874,216.30. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Chairman Fred Bauer sold 696,000 shares of the company’s stock in a transaction on Monday, August 22nd. The stock was sold at an average price of $18.03, for a total value of $12,548,880.00. Following the sale, the chairman now owns 6,011,728 shares of the company’s stock, valued at $108,391,455.84. The disclosure for this sale can be found here. 2.90% of the stock is owned by company insiders.
About Gentex Corp.
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 segments include Automotive Products and Other, which includes Fire Protection Products and Dimmable Aircraft Windows.
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