Kenmare Capital Partners L.L.C. decreased its position in shares of Gentex Co. (NASDAQ:GNTX) by 26.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,000 shares of the auto parts company’s stock after selling 47,700 shares during the period. Gentex makes up approximately 3.0% of Kenmare Capital Partners L.L.C.’s investment portfolio, making the stock its 10th biggest position. Kenmare Capital Partners L.L.C.’s holdings in Gentex were worth $2,723,000 at the end of the most recent reporting period.
Several other institutional investors have also recently modified their holdings of the company. Meadow Creek Investment Management LLC grew its position in shares of Gentex by 92.1% during the fourth quarter. Meadow Creek Investment Management LLC now owns 61,132 shares of the auto parts company’s stock valued at $1,281,000 after purchasing an additional 29,308 shares in the last quarter. Teachers Advisors LLC grew its position in shares of Gentex by 3.0% during the fourth quarter. Teachers Advisors LLC now owns 490,816 shares of the auto parts company’s stock valued at $10,283,000 after purchasing an additional 14,221 shares in the last quarter. Raymond James & Associates grew its position in shares of Gentex by 6.7% during the fourth quarter. Raymond James & Associates now owns 127,639 shares of the auto parts company’s stock valued at $2,674,000 after purchasing an additional 7,982 shares in the last quarter. Two Sigma Investments LP purchased a new position in shares of Gentex during the fourth quarter valued at about $347,000. Finally, Two Sigma Advisers LP grew its position in shares of Gentex by 21.6% during the fourth quarter. Two Sigma Advisers LP now owns 78,776 shares of the auto parts company’s stock valued at $1,650,000 after purchasing an additional 14,000 shares in the last quarter. Hedge funds and other institutional investors own 84.11% of the company’s stock.
Gentex Co. (GNTX) opened at $23.47 on Wednesday. The company has a market capitalization of $6,410.48, a PE ratio of 16.65, a P/E/G ratio of 1.49 and a beta of 1.31. Gentex Co. has a 12-month low of $16.59 and a 12-month high of $24.07.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be given a $0.11 dividend. The ex-dividend date is Thursday, April 5th. This represents a $0.44 annualized dividend and a yield of 1.87%. This is a positive change from Gentex’s previous quarterly dividend of $0.10. Gentex’s dividend payout ratio (DPR) is currently 28.37%.
Gentex announced that its Board of Directors has initiated a stock buyback program on Friday, March 9th that permits the company to repurchase 20,000,000 shares. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
A number of research analysts have recently weighed in on the company. B. Riley raised their price objective on Gentex from $25.00 to $29.00 and gave the company a “buy” rating in a research report on Monday, January 29th. ValuEngine upgraded Gentex from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research report on Wednesday, January 10th. Robert W. Baird restated a “hold” rating and set a $23.00 price objective on shares of Gentex in a research report on Friday, January 26th. Finally, Craig Hallum lifted their price target on Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a research report on Monday, January 29th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Gentex presently has a consensus rating of “Buy” and an average price target of $25.50.
In other Gentex news, Chairman Fred Bauer sold 946,200 shares of the firm’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $23.33, for a total value of $22,074,846.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Kevin C. Nash sold 7,874 shares of the firm’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total transaction of $184,251.60. Following the completion of the sale, the insider now directly owns 34,062 shares of the company’s stock, valued at approximately $797,050.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 974,354 shares of company stock valued at $22,734,583. 2.50% of the stock is currently owned by company insiders.
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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 business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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