Gentex Co. (NASDAQ:GNTX) Shares Sold by Wedge Capital Management L L P NC
Wedge Capital Management L L P NC decreased its holdings in Gentex Co. (NASDAQ:GNTX) by 11.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 586,797 shares of the auto parts company’s stock after selling 75,358 shares during the quarter. Wedge Capital Management L L P NC owned 0.23% of Gentex worth $14,441,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Country Trust Bank boosted its stake in Gentex by 1.9% in the 2nd quarter. Country Trust Bank now owns 1,026,687 shares of the auto parts company’s stock worth $25,267,000 after purchasing an additional 18,937 shares during the period. Boston Partners acquired a new position in Gentex in the 1st quarter worth approximately $76,910,000. Fort L.P. boosted its stake in Gentex by 38.9% in the 1st quarter. Fort L.P. now owns 80,992 shares of the auto parts company’s stock worth $1,675,000 after purchasing an additional 22,700 shares during the period. State of Alaska Department of Revenue boosted its stake in Gentex by 86.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 55,685 shares of the auto parts company’s stock worth $1,369,000 after purchasing an additional 25,793 shares during the period. Finally, Great West Life Assurance Co. Can boosted its stake in Gentex by 17.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 257,040 shares of the auto parts company’s stock worth $5,307,000 after purchasing an additional 38,765 shares during the period. Hedge funds and other institutional investors own 83.31% of the company’s stock.
A number of equities analysts recently commented on the stock. Zacks Investment Research raised shares of Gentex from a “sell” rating to a “hold” rating and set a $28.00 price objective for the company in a research note on Tuesday, July 23rd. ValuEngine lowered shares of Gentex from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BidaskClub raised shares of Gentex from a “sell” rating to a “hold” rating in a research note on Tuesday, July 30th. Longbow Research reaffirmed a “hold” rating on shares of Gentex in a research note on Sunday, July 7th. Finally, B. Riley set a $29.00 price objective on shares of Gentex and gave the stock a “buy” rating in a research note on Friday, July 19th. Eight investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $23.66.
Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, July 19th. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $468.71 million during the quarter, compared to analyst estimates of $462.65 million. Gentex had a net margin of 23.28% and a return on equity of 23.08%. The company’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $0.40 EPS. As a group, equities research analysts predict that Gentex Co. will post 1.68 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Wednesday, July 10th were paid a dividend of $0.115 per share. This represents a $0.46 dividend on an annualized basis and a dividend yield of 1.73%. The ex-dividend date of this dividend was Tuesday, July 9th. Gentex’s dividend payout ratio (DPR) is currently 28.40%.
In other Gentex news, General Counsel Scott P. Ryan sold 4,798 shares of Gentex stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $25.32, for a total transaction of $121,485.36. Following the completion of the sale, the general counsel now owns 30,237 shares of the company’s stock, valued at approximately $765,600.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven R. Downing sold 3,810 shares of Gentex stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $25.32, for a total transaction of $96,469.20. Following the sale, the insider now directly owns 124,078 shares of the company’s stock, valued at approximately $3,141,654.96. The disclosure for this sale can be found here. Insiders have sold a total of 36,394 shares of company stock valued at $937,122 in the last three months. Company insiders own 0.37% of the company’s stock.
Gentex Company Profile
Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors 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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