Parsons Capital Management Inc. RI lessened its holdings in shares of Gentex Co. (NASDAQ:GNTX – Free 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 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
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.
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