State Board of Administration of Florida Retirement System reduced its position in Gentex Co. (NASDAQ:GNTX) by 0.8% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 420,606 shares of the auto parts company’s stock after selling 3,293 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Gentex were worth $8,698,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of GNTX. Boston Partners acquired a new stake in shares of Gentex in the first quarter valued at approximately $76,910,000. Norges Bank acquired a new stake in shares of Gentex in the fourth quarter valued at approximately $61,373,000. Oregon Public Employees Retirement Fund boosted its holdings in shares of Gentex by 1,889.9% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 2,153,052 shares of the auto parts company’s stock valued at $107,000 after acquiring an additional 2,044,853 shares during the period. Claybrook Capital LLC acquired a new stake in shares of Gentex in the fourth quarter valued at approximately $20,588,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Gentex in the fourth quarter valued at approximately $19,692,000. 86.81% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently weighed in on GNTX. Zacks Investment Research downgraded Gentex from a “buy” rating to a “hold” rating in a report on Friday. BidaskClub raised Gentex from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. BMO Capital Markets decreased their price target on Gentex from $26.00 to $25.00 and set an “outperform” rating for the company in a report on Tuesday, April 2nd. Finally, ValuEngine raised Gentex from a “sell” rating to a “hold” rating in a report on Friday, March 1st. Seven research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $22.28.
Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Wednesday, April 24th. The auto parts company reported $0.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.39 by $0.01. Gentex had a return on equity of 23.03% and a net margin of 23.45%. The firm had revenue of $468.60 million during the quarter, compared to the consensus estimate of $463.79 million. During the same period last year, the company earned $0.40 earnings per share. The company’s revenue for the quarter was up .7% on a year-over-year basis. On average, research analysts expect that Gentex Co. will post 1.64 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Wednesday, April 24th. Investors of record on Wednesday, April 10th were issued a dividend of $0.115 per share. The ex-dividend date was Tuesday, April 9th. This is an increase from Gentex’s previous quarterly dividend of $0.11. This represents a $0.46 annualized dividend and a dividend yield of 2.10%. Gentex’s dividend payout ratio (DPR) is currently 28.40%.
In other Gentex news, VP Matthew Chiodo sold 3,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $20.82, for a total value of $62,460.00. Following the completion of the transaction, the vice president now owns 34,454 shares in the company, valued at $717,332.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Neil Boehm sold 2,686 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $20.82, for a total value of $55,922.52. Following the completion of the transaction, the insider now owns 42,883 shares of the company’s stock, valued at approximately $892,824.06. The disclosure for this sale can be found here. In the last quarter, insiders acquired 2,009 shares of company stock valued at $35,318 and sold 10,731 shares valued at $235,427. Corporate insiders own 0.37% of the company’s stock.
Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets 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, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.
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