Virginia Retirement Systems ET AL trimmed its position in Gentex Co. (NASDAQ:GNTX) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 764,000 shares of the auto parts company’s stock after selling 22,700 shares during the quarter. Virginia Retirement Systems ET AL owned 0.32% of Gentex worth $25,281,000 at the end of the most recent reporting period.
Other large investors have also recently made changes to their positions in the company. Harel Insurance Investments & Financial Services Ltd. bought a new position in Gentex in the second quarter valued at approximately $72,000. Concord Wealth Partners bought a new position in Gentex in the first quarter valued at approximately $49,000. Van ECK Associates Corp bought a new position in Gentex in the first quarter valued at approximately $54,000. Geneos Wealth Management Inc. bought a new position in Gentex in the first quarter valued at approximately $57,000. Finally, First Mercantile Trust Co. bought a new position in Gentex in the second quarter valued at approximately $76,000. 81.67% of the stock is currently owned by institutional investors and hedge funds.
GNTX has been the topic of a number of research reports. KeyCorp decreased their target price on shares of Gentex from $43.00 to $40.00 and set an “overweight” rating on the stock in a research note on Monday, July 26th. Seaport Res Ptn raised shares of Gentex from a “neutral” rating to a “buy” rating in a research note on Monday, July 26th. Zacks Investment Research raised shares of Gentex from a “sell” rating to a “hold” rating and set a $34.00 target price on the stock in a research note on Tuesday, July 27th. Seaport Global Securities raised shares of Gentex from a “neutral” rating to a “buy” rating and set a $38.00 target price on the stock in a research note on Monday, July 26th. Finally, B. Riley reaffirmed a “buy” rating and set a $32.25 target price (down previously from $45.00) on shares of Gentex in a research note on Monday, July 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $31.16.
Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Thursday, July 22nd. The auto parts company reported $0.36 EPS for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.07). The business had revenue of $428.00 million for the quarter, compared to analyst estimates of $458.02 million. Gentex had a return on equity of 23.80% and a net margin of 24.03%. Gentex’s revenue for the quarter was up 86.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 EPS. Sell-side analysts anticipate that Gentex Co. will post 1.85 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 21st. Stockholders of record on Friday, October 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Thursday, October 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.31%. Gentex’s dividend payout ratio (DPR) is presently 34.04%.
In related news, Director John A. Mulder sold 7,000 shares of the business’s stock in a transaction on Tuesday, July 27th. The shares were sold at an average price of $32.65, for a total value of $228,550.00. Following the transaction, the director now owns 41,365 shares in the company, valued at $1,350,567.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.38% of the stock is owned by insiders.
Gentex Corp. is a technology company, which engages in the design, development, and manufacture and supply of digital vision, connected car, dimmable glass, and fire protection products. The firm operates through Automotive Products and Other segments. The Automotive Products segment operates in virtually all of the foregoing facilities.
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