Gentex Corporation $GNTX Shares Sold by EdgePoint Investment Group Inc.

EdgePoint Investment Group Inc. lowered its stake in shares of Gentex Corporation (NASDAQ:GNTX) by 95.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 263,000 shares of the auto parts company’s stock after selling 5,374,882 shares during the quarter. EdgePoint Investment Group Inc.’s holdings in Gentex were worth $7,443,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of GNTX. Chevy Chase Trust Holdings LLC boosted its holdings in Gentex by 22.2% in the third quarter. Chevy Chase Trust Holdings LLC now owns 240,296 shares of the auto parts company’s stock valued at $6,800,000 after purchasing an additional 43,626 shares during the period. Clark Capital Management Group Inc. purchased a new stake in Gentex during the 3rd quarter worth about $8,179,000. Bridgefront Capital LLC purchased a new stake in Gentex during the 3rd quarter worth about $492,000. California Public Employees Retirement System raised its position in Gentex by 6.3% in the 3rd quarter. California Public Employees Retirement System now owns 408,353 shares of the auto parts company’s stock valued at $11,556,000 after purchasing an additional 24,161 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of Gentex by 7.3% in the 3rd quarter. Bank of America Corp DE now owns 1,412,487 shares of the auto parts company’s stock valued at $39,973,000 after buying an additional 96,574 shares during the period. 86.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have recently commented on GNTX. Wall Street Zen raised Gentex from a “hold” rating to a “buy” rating in a research report on Sunday, March 8th. UBS Group set a $25.00 price target on shares of Gentex in a research note on Monday, February 2nd. Robert W. Baird set a $26.00 price target on shares of Gentex in a report on Wednesday, January 14th. Weiss Ratings reissued a “hold (c)” rating on shares of Gentex in a research report on Thursday, January 22nd. Finally, B. Riley Financial reduced their price objective on shares of Gentex from $32.00 to $28.00 and set a “buy” rating on the stock in a report on Monday, February 2nd. Two investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $26.71.

Insider Transactions at Gentex

In related news, CEO Steven R. Downing sold 35,000 shares of the stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $24.75, for a total value of $866,250.00. Following the transaction, the chief executive officer directly owned 211,670 shares of the company’s stock, valued at $5,238,832.50. This trade represents a 14.19% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin C. Nash sold 11,885 shares of Gentex stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $24.98, for a total transaction of $296,887.30. Following the sale, the chief financial officer owned 59,430 shares in the company, valued at $1,484,561.40. This represents a 16.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 58,133 shares of company stock worth $1,442,313. 0.45% of the stock is currently owned by insiders.

Gentex Stock Performance

NASDAQ:GNTX opened at $20.97 on Friday. Gentex Corporation has a 1 year low of $20.28 and a 1 year high of $29.38. The stock has a market cap of $4.52 billion, a P/E ratio of 12.05 and a beta of 0.76. The stock has a 50-day simple moving average of $23.65 and a 200-day simple moving average of $24.67.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, January 30th. The auto parts company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.01. The business had revenue of $644.40 million for the quarter, compared to analyst estimates of $650.90 million. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The business’s quarterly revenue was up 19.0% on a year-over-year basis. During the same quarter last year, the company earned $0.39 EPS. On average, equities research analysts predict that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, April 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.3%. Gentex’s dividend payout ratio (DPR) is presently 27.59%.

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).