Essex Financial Services Inc. bought a new stake in shares of Gentex Corp. (NASDAQ:GNTX) during the second quarter, Holdings Channel reports. The fund bought 12,300 shares of the company’s stock, valued at approximately $190,000.
Several other hedge funds and other institutional investors also recently modified their holdings of GNTX. Fairpointe Capital LLC boosted its position in shares of Gentex Corp. by 14.3% in the first quarter. Fairpointe Capital LLC now owns 8,170,651 shares of the company’s stock valued at $128,197,000 after buying an additional 1,019,824 shares during the last quarter. State Street Corp boosted its position in shares of Gentex Corp. by 0.9% in the first quarter. State Street Corp now owns 7,510,911 shares of the company’s stock valued at $117,844,000 after buying an additional 64,255 shares during the last quarter. Scharf Investments LLC boosted its position in shares of Gentex Corp. by 13.2% in the first quarter. Scharf Investments LLC now owns 6,832,754 shares of the company’s stock valued at $107,206,000 after buying an additional 794,511 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Gentex Corp. by 4.5% in the first quarter. Geode Capital Management LLC now owns 3,095,133 shares of the company’s stock valued at $48,561,000 after buying an additional 132,633 shares during the last quarter. Finally, PGGM Investments boosted its position in shares of Gentex Corp. by 21.2% in the second quarter. PGGM Investments now owns 2,187,201 shares of the company’s stock valued at $33,792,000 after buying an additional 382,663 shares during the last quarter. Institutional investors and hedge funds own 86.23% of the company’s stock.
Shares of Gentex Corp. (NASDAQ:GNTX) traded down 0.96% during trading on Thursday, reaching $17.55. 1,001,093 shares of the company’s stock were exchanged. Gentex Corp. has a 52 week low of $12.93 and a 52 week high of $18.30. The company’s 50-day moving average is $17.63 and its 200 day moving average is $16.62. The stock has a market capitalization of $5.03 billion, a PE ratio of 15.39 and a beta of 1.10.
Gentex Corp. (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, July 22nd. The company reported $0.30 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.01. The company had revenue of $423.80 million for the quarter, compared to analyst estimates of $416.99 million. Gentex Corp. had a net margin of 20.52% and a return on equity of 19.26%. The business’s quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.26 earnings per share. On average, analysts forecast that Gentex Corp. will post $1.20 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 19th. Stockholders of record on Friday, October 7th will be paid a dividend of $0.09 per share. The ex-dividend date is Wednesday, October 5th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 2.03%. Gentex Corp.’s dividend payout ratio is currently 31.30%.
A number of analysts recently weighed in on the stock. Zacks Investment Research cut shares of Gentex Corp. from a “buy” rating to a “hold” rating in a research note on Monday, June 27th. FBR & Co reiterated a “buy” rating on shares of Gentex Corp. in a research note on Saturday, June 18th. Finally, Wells Fargo & Co. reiterated an “outperform” rating and set a $19.00 price target on shares of Gentex Corp. in a research note on Tuesday, September 13th.
In related news, Chairman Fred Bauer sold 696,000 shares of Gentex Corp. stock in a transaction on Monday, August 22nd. The shares were sold at an average price of $18.03, for a total value of $12,548,880.00. Following the completion of the sale, the chairman now owns 6,011,728 shares in the company, valued at $108,391,455.84. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Steven R. Downing sold 8,820 shares of Gentex Corp. stock in a transaction on Monday, July 25th. The stock was sold at an average price of $17.62, for a total transaction of $155,408.40. Following the completion of the sale, the chief financial officer now owns 49,615 shares of the company’s stock, valued at approximately $874,216.30. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.
About Gentex Corp.
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s segments include Automotive Products and Other, which includes Fire Protection Products and Dimmable Aircraft Windows.
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