Parsons Capital Management Inc. RI Sells 1,734 Shares of Gentex Co. (NASDAQ:GNTX)

Parsons Capital Management Inc. RI lessened its holdings in shares of Gentex Co. (NASDAQ:GNTXFree Report) by 15.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,405 shares of the auto parts company’s stock after selling 1,734 shares during the quarter. Parsons Capital Management Inc. RI’s holdings in Gentex were worth $219,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of GNTX. JPMorgan Chase & Co. lifted its position in Gentex by 162.4% during the fourth quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company’s stock valued at $150,810,000 after buying an additional 3,248,434 shares during the period. Norges Bank purchased a new position in shares of Gentex during the fourth quarter valued at approximately $51,959,000. Wellington Management Group LLP grew 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 buying an additional 1,038,912 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Gentex during the fourth quarter valued at $24,479,000. Finally, American Century Companies Inc. boosted its holdings in Gentex by 66.9% in the fourth quarter. American Century Companies Inc. now owns 1,657,397 shares of the auto parts company’s stock worth $47,617,000 after acquiring an additional 664,389 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Gentex Trading Down 0.9%

Shares of GNTX opened at $22.05 on Thursday. The firm has a fifty day simple moving average of $21.78 and a two-hundred day simple moving average of $25.05. The firm has a market cap of $4.96 billion, a PE ratio of 12.53, a P/E/G ratio of 0.84 and a beta of 0.82. Gentex Co. has a 1-year low of $20.28 and a 1-year high of $35.32.

Gentex (NASDAQ:GNTXGet Free Report) last released its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, meeting the consensus estimate 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 quarter in the prior year, the firm earned $0.47 EPS. The business’s revenue for the quarter was down 2.3% compared to the same quarter last year. As a group, research analysts forecast that Gentex Co. will post 2.04 EPS for the current fiscal year.

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, July 9th. Gentex’s dividend payout ratio is currently 28.07%.

Insiders Place Their Bets

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of Gentex stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.87, for a total transaction of $86,082.68. Following the sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. UBS Group reduced their price target on Gentex from $29.00 to $21.00 and set a “neutral” rating for the company in a report on Thursday, April 10th. Robert W. Baird restated a “neutral” rating and set a $25.00 price objective (down from $31.00) on shares of Gentex in a research note on Tuesday, April 15th. Guggenheim decreased their target price on shares of Gentex from $30.00 to $24.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Baird R W cut shares of Gentex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. Finally, The Goldman Sachs Group reduced their price target on shares of Gentex from $28.00 to $23.00 and set a “neutral” rating for the company in a research report on Thursday, April 10th. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, Gentex currently has an average rating of “Hold” and a consensus target price of $28.31.

View Our Latest Stock Analysis on Gentex

Gentex Profile

(Free Report)

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.

Featured Articles

Want to see what other hedge funds are holding GNTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gentex Co. (NASDAQ:GNTXFree Report).

Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

Receive News & Ratings for Gentex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gentex and related companies with MarketBeat.com's FREE daily email newsletter.