M&T Bank Corp lessened its stake in Gentex Co. (NASDAQ:GNTX) by 3.3% during the 2nd quarter, Holdings Channel.com reports. The firm owned 34,707 shares of the auto parts company’s stock after selling 1,202 shares during the quarter. M&T Bank Corp’s holdings in Gentex were worth $853,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its position in Gentex by 1.0% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 1,689,065 shares of the auto parts company’s stock valued at $41,568,000 after buying an additional 16,752 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of Gentex during the second quarter valued at about $271,000. Russell Investments Group Ltd. raised its position in shares of Gentex by 15.1% in the 2nd quarter. Russell Investments Group Ltd. now owns 92,169 shares of the auto parts company’s stock valued at $2,269,000 after purchasing an additional 12,096 shares during the last quarter. Skandinaviska Enskilda Banken AB publ purchased a new position in shares of Gentex in the 2nd quarter valued at approximately $185,000. Finally, Prudential Financial Inc. boosted its stake in Gentex by 4.7% in the 2nd quarter. Prudential Financial Inc. now owns 172,930 shares of the auto parts company’s stock worth $4,256,000 after purchasing an additional 7,780 shares in the last quarter. Institutional investors own 80.99% of the company’s stock.
In related news, VP Matthew Chiodo sold 5,560 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.07, for a total transaction of $150,509.20. Following the sale, the vice president now owns 30,776 shares in the company, valued at $833,106.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director James A. Hollars sold 14,000 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 $354,480.00. Following the completion of the transaction, the director now directly owns 51,707 shares of the company’s stock, valued at approximately $1,309,221.24. The disclosure for this sale can be found here. Insiders have sold a total of 37,543 shares of company stock valued at $952,059 in the last quarter. Company insiders own 0.37% of the company’s stock.
NASDAQ GNTX traded down $0.44 during trading hours on Wednesday, reaching $27.50. The stock had a trading volume of 25,968 shares, compared to its average volume of 1,517,255. The stock has a fifty day moving average of $26.86 and a 200 day moving average of $23.47. The stock has a market cap of $7.00 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 3.27 and a beta of 1.24. Gentex Co. has a 52-week low of $17.80 and a 52-week high of $27.94.
Gentex (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, July 19th. The auto parts company reported $0.42 earnings per share (EPS) for the quarter, topping 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%. Gentex’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period last year, the firm posted $0.40 EPS. On average, equities analysts forecast that Gentex Co. will post 1.68 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be issued a dividend of $0.115 per share. The ex-dividend date of this dividend is Tuesday, October 8th. This represents a $0.46 annualized dividend and a dividend yield of 1.67%. Gentex’s dividend payout ratio (DPR) is presently 28.40%.
Several research firms have weighed in on GNTX. ValuEngine downgraded shares of Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Longbow Research reiterated a “hold” rating on shares of Gentex in a research note on Sunday, July 7th. 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. Zacks Investment Research raised shares of Gentex from a “sell” rating to a “hold” rating and set a $28.00 price objective on the stock in a report on Tuesday, July 23rd. Finally, BidaskClub raised Gentex from a “sell” rating to a “hold” rating in a research report on Tuesday, July 30th. Eight research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Gentex currently has a consensus rating of “Hold” and a consensus price target of $23.66.
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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