Gentex Corporation $GNTX Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue lessened its position in shares of Gentex Corporation (NASDAQ:GNTX) by 1.4% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 102,775 shares of the auto parts company’s stock after selling 1,410 shares during the quarter. State of Alaska Department of Revenue’s holdings in Gentex were worth $2,259,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Larson Financial Group LLC raised its stake in Gentex by 1,471.0% in the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company’s stock valued at $25,000 after purchasing an additional 1,015 shares during the last quarter. Brooklyn Investment Group raised its stake in Gentex by 305.7% in the 1st quarter. Brooklyn Investment Group now owns 1,217 shares of the auto parts company’s stock valued at $28,000 after purchasing an additional 917 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in Gentex by 85.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company’s stock valued at $28,000 after purchasing an additional 563 shares during the last quarter. Harbor Investment Advisory LLC raised its stake in Gentex by 208.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company’s stock valued at $38,000 after purchasing an additional 1,093 shares during the last quarter. Finally, State of Wyoming acquired a new position in Gentex in the 1st quarter valued at about $45,000. Institutional investors and hedge funds own 86.76% of the company’s stock.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $27.84 on Friday. Gentex Corporation has a 1 year low of $20.28 and a 1 year high of $31.48. The stock has a market capitalization of $6.11 billion, a P/E ratio of 15.73 and a beta of 0.84. The stock has a 50-day simple moving average of $27.82 and a 200-day simple moving average of $24.21.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.08. Gentex had a return on equity of 16.86% and a net margin of 16.82%.The business had revenue of $657.86 million during the quarter, compared to analysts’ expectations of $591.94 million. During the same quarter in the previous year, the business earned $0.37 EPS. The company’s revenue for the quarter was up 14.8% on a year-over-year basis. Gentex has set its FY 2025 guidance at EPS. Analysts predict that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex announced that its Board of Directors has initiated a share buyback program on Wednesday, July 16th that permits the company to buyback 40,000,000 shares. This buyback authorization permits the auto parts company to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Wednesday, October 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, October 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.7%. Gentex’s payout ratio is presently 27.12%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. UBS Group boosted their target price on shares of Gentex from $23.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Wall Street Zen raised shares of Gentex from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Zacks Research downgraded shares of Gentex from a “strong-buy” rating to a “hold” rating in a research note on Friday, September 19th. The Goldman Sachs Group set a $32.00 target price on shares of Gentex in a research note on Monday. Finally, Robert W. Baird lifted their price target on Gentex from $26.00 to $30.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Two equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $29.75.

About Gentex

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.