Wellington Management Group LLP Sells 1,394,564 Shares of Gentex Corporation $GNTX

Wellington Management Group LLP lowered its stake in Gentex Corporation (NASDAQ:GNTX) by 62.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 846,429 shares of the auto parts company’s stock after selling 1,394,564 shares during the period. Wellington Management Group LLP owned approximately 0.40% of Gentex worth $21,389,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in GNTX. XXEC Inc. acquired a new stake in shares of Gentex in the second quarter valued at approximately $7,705,220,000. BlackRock Inc. acquired a new stake in Gentex in the second quarter valued at about $550,287,000. Bank of Montreal Can grew its holdings in shares of Gentex by 14,398.7% during the 4th quarter. Bank of Montreal Can now owns 7,726,057 shares of the auto parts company’s stock valued at $179,785,000 after purchasing an additional 7,672,769 shares during the last quarter. Caisse de depot et placement du Quebec bought a new stake in shares of Gentex during the second quarter worth $79,924,000. Finally, Norges Bank bought a new stake in Gentex during the 4th quarter worth $52,767,000. Institutional investors own 86.76% of the company’s stock.

Gentex Price Performance

NASDAQ GNTX opened at $23.14 on Monday. The stock has a market capitalization of $4.93 billion, a price-to-earnings ratio of 12.24 and a beta of 0.80. Gentex Corporation has a one year low of $20.48 and a one year high of $29.38. The business’s fifty day moving average is $23.76 and its 200-day moving average is $23.40.

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

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th will be paid a $0.12 dividend. The ex-dividend date is Wednesday, October 7th. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. Gentex’s dividend payout ratio (DPR) is presently 25.40%.

Analyst Upgrades and Downgrades

GNTX has been the subject of several recent research reports. Freedom Capital cut shares of Gentex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their price target on Gentex from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, August 10th. Weiss Ratings upgraded 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 set a $25.00 target price (down from $26.00) on shares of Gentex in a research report on Thursday, July 9th. Finally, Wall Street Zen cut shares of Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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).