UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Sells 144,752 Shares of Gentex Corporation $GNTX

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC reduced its stake in Gentex Corporation (NASDAQ:GNTX) by 7.0% during the second quarter, Holdings Channel.com reports. The firm owned 1,929,671 shares of the auto parts company’s stock after selling 144,752 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Gentex were worth $48,763,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of Gentex by 33.1% during the 1st quarter. Royal Bank of Canada now owns 189,561 shares of the auto parts company’s stock worth $4,418,000 after acquiring an additional 47,150 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Gentex by 1.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,321,634 shares of the auto parts company’s stock valued at $30,794,000 after acquiring an additional 23,454 shares in the last quarter. Empowered Funds LLC increased its stake in Gentex by 255.6% during the 1st quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company’s stock valued at $1,891,000 after purchasing an additional 58,323 shares in the last quarter. Invesco Ltd. increased its position in shares of Gentex by 8.0% during the second quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company’s stock valued at $17,881,000 after acquiring an additional 60,127 shares in the last quarter. Finally, EverSource Wealth Advisors LLC increased its holdings in shares of Gentex by 2,038.4% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company’s stock worth $99,000 after purchasing an additional 4,301 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Gentex Price Performance

Shares of GNTX opened at $22.86 on Thursday. The firm has a market capitalization of $4.87 billion, a price-to-earnings ratio of 12.10 and a beta of 0.80. The company has a 50-day moving average of $23.87 and a 200 day moving average of $23.43. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.38.

Gentex (NASDAQ:GNTX) last released its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. The firm had revenue of $651.30 million during the quarter, compared to the consensus estimate of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The firm’s quarterly revenue was down 1.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. On average, equities analysts anticipate that Gentex Corporation will post 2.07 earnings per share for the current fiscal year.

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Wednesday, October 7th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, October 7th. Gentex’s dividend payout ratio is presently 25.40%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on GNTX. Weiss Ratings raised shares of Gentex from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. UBS Group reaffirmed a “neutral” rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. JPMorgan Chase & Co. decreased their price objective on shares of Gentex from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, August 10th. Wall Street Zen cut Gentex from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Freedom Capital downgraded shares of Gentex from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Gentex presently has a consensus rating of “Hold” and an average price target of $26.80.

About Gentex

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).