Bank of America Corp DE Sells 223,895 Shares of Gentex Co. (NASDAQ:GNTX)

Bank of America Corp DE trimmed its holdings in Gentex Co. (NASDAQ:GNTX) by 33.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 451,430 shares of the auto parts company’s stock after selling 223,895 shares during the quarter. Bank of America Corp DE owned about 0.20% of Gentex worth $12,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Wellington Management Group LLP increased its stake in shares of Gentex by 6.1% in the 4th quarter. Wellington Management Group LLP now owns 18,023,056 shares of the auto parts company’s stock worth $517,802,000 after acquiring an additional 1,038,912 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Gentex by 1.0% in the 4th quarter. Geode Capital Management LLC now owns 5,423,820 shares of the auto parts company’s stock worth $155,861,000 after acquiring an additional 55,816 shares in the last quarter. TD Asset Management Inc. increased its stake in shares of Gentex by 7.1% in the 4th quarter. TD Asset Management Inc. now owns 5,415,871 shares of the auto parts company’s stock worth $155,598,000 after acquiring an additional 356,854 shares in the last quarter. JPMorgan Chase & Co. increased its stake in shares of Gentex by 162.4% in the 4th quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company’s stock worth $150,810,000 after acquiring an additional 3,248,434 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Gentex by 4.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 4,495,516 shares of the auto parts company’s stock worth $129,156,000 after acquiring an additional 192,375 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors.

Gentex Stock Down 0.9%

Shares of GNTX stock opened at $21.96 on Friday. The company has a 50 day moving average price of $22.35 and a 200-day moving average price of $25.87. Gentex Co. has a 52 week low of $20.28 and a 52 week high of $35.32. The firm has a market capitalization of $4.94 billion, a PE ratio of 12.48, a P/E/G ratio of 0.84 and a beta of 0.85.

Gentex (NASDAQ:GNTX) last announced its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, hitting analysts’ consensus estimates of $0.43. Gentex had a net margin of 17.49% and a return on equity of 16.74%. The firm had revenue of $576.77 million during the quarter, compared to analyst estimates of $578.68 million. During the same period in the previous year, the business posted $0.47 earnings per share. The business’s revenue for the quarter was down 2.3% on a year-over-year basis. Analysts anticipate that Gentex Co. will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Investors of record on Wednesday, April 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.19%. The ex-dividend date of this dividend was Wednesday, April 9th. Gentex’s payout ratio is 28.07%.

Insider Buying and Selling

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the firm’s stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $22.87, for a total value of $86,082.68. Following the transaction, the director now owns 5,939 shares of the company’s stock, valued at approximately $135,824.93. This trade represents a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.45% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. UBS Group decreased their price target on shares of Gentex from $29.00 to $21.00 and set a “neutral” rating for the company in a research note on Thursday, April 10th. JPMorgan Chase & Co. decreased their target price on shares of Gentex from $34.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, February 3rd. B. Riley reaffirmed a “buy” rating and issued a $32.50 target price (down from $37.00) on shares of Gentex in a report on Monday, February 3rd. Baird R W cut shares of Gentex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $25.00 target price (down from $31.00) on shares of Gentex in a report on Tuesday, April 15th. Eight investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat.com, Gentex presently has an average rating of “Hold” and a consensus target price of $28.31.

Gentex 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, Republic of Korea, 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.