Mitsubishi UFJ Trust & Banking Corp reduced its stake in Gentex Co. (NASDAQ:GNTX – Get Rating) by 58.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,198 shares of the auto parts company’s stock after selling 12,684 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Gentex were worth $257,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Brinker Capital Investments LLC lifted its stake in shares of Gentex by 3.9% in the second quarter. Brinker Capital Investments LLC now owns 26,738 shares of the auto parts company’s stock worth $748,000 after acquiring an additional 1,000 shares during the period. Welch & Forbes LLC lifted its stake in shares of Gentex by 58.3% in the second quarter. Welch & Forbes LLC now owns 46,950 shares of the auto parts company’s stock worth $1,313,000 after acquiring an additional 17,300 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in Gentex in the second quarter worth approximately $361,000. Whittier Trust Co. of Nevada Inc. increased its holdings in Gentex by 9.2% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 69,384 shares of the auto parts company’s stock worth $1,940,000 after purchasing an additional 5,821 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in Gentex by 6.4% in the first quarter. Private Advisor Group LLC now owns 26,972 shares of the auto parts company’s stock worth $786,000 after purchasing an additional 1,622 shares in the last quarter. 86.54% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, Director James H. Wallace sold 14,000 shares of the company’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $26.04, for a total transaction of $364,560.00. Following the completion of the sale, the director now owns 14,709 shares in the company, valued at $383,022.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Gentex news, CEO Steven R. Downing acquired 10,000 shares of the business’s stock in a transaction on Monday, October 31st. The shares were acquired at an average price of $25.74 per share, with a total value of $257,400.00. Following the completion of the transaction, the chief executive officer now owns 118,506 shares in the company, valued at $3,050,344.44. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director James H. Wallace sold 14,000 shares of the business’s stock in a transaction on Monday, October 31st. The stock was sold at an average price of $26.04, for a total value of $364,560.00. Following the completion of the transaction, the director now directly owns 14,709 shares in the company, valued at approximately $383,022.36. The disclosure for this sale can be found here. 0.16% of the stock is currently owned by corporate insiders.
Gentex Stock Up 1.1 %
Gentex (NASDAQ:GNTX – Get Rating) last announced its quarterly earnings results on Friday, October 28th. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.07). Gentex had a return on equity of 16.06% and a net margin of 17.17%. The company had revenue of $493.64 million for the quarter, compared to the consensus estimate of $494.82 million. During the same quarter last year, the company posted $0.32 EPS. The company’s quarterly revenue was up 23.5% compared to the same quarter last year. On average, equities research analysts anticipate that Gentex Co. will post 1.38 earnings per share for the current year.
Gentex Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 19th. Investors of record on Friday, October 7th were issued a dividend of $0.12 per share. The ex-dividend date was Thursday, October 6th. This represents a $0.48 annualized dividend and a yield of 1.66%. Gentex’s dividend payout ratio (DPR) is currently 35.82%.
Wall Street Analyst Weigh In
A number of brokerages have weighed in on GNTX. Bank of America lowered their target price on Gentex from $31.00 to $30.00 in a report on Friday, September 9th. Seaport Res Ptn reiterated a “buy” rating on shares of Gentex in a report on Sunday, July 31st. Guggenheim decreased their price objective on Gentex to $29.00 in a report on Thursday, October 27th. Finally, StockNews.com initiated coverage on Gentex in a report on Wednesday, October 12th. They set a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Gentex presently has a consensus rating of “Moderate Buy” and an average price target of $30.60.
Gentex Company Profile
Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, and internationally. It operates through Automotive Products and Other segments. The company offers 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, automotive suppliers, and various aftermarket and accessory customers.
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