Parallel Advisors LLC Buys 1,569 Shares of Gentex Co. (NASDAQ:GNTX)

Parallel Advisors LLC raised its stake in Gentex Co. (NASDAQ:GNTX) by 8.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,967 shares of the auto parts company’s stock after buying an additional 1,569 shares during the period. Parallel Advisors LLC’s holdings in Gentex were worth $673,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. National Bank of Canada FI increased its holdings in Gentex by 159.1% in the 4th quarter. National Bank of Canada FI now owns 930 shares of the auto parts company’s stock worth $30,000 after purchasing an additional 571 shares in the last quarter. Financial Advocates Investment Management grew its holdings in shares of Gentex by 22.2% during the fourth quarter. Financial Advocates Investment Management now owns 7,900 shares of the auto parts company’s stock worth $258,000 after purchasing an additional 1,436 shares during the last quarter. Brown Advisory Inc. increased its stake in shares of Gentex by 1.9% in the fourth quarter. Brown Advisory Inc. now owns 1,044,201 shares of the auto parts company’s stock valued at $34,104,000 after buying an additional 19,851 shares during the period. Norges Bank bought a new position in Gentex in the 4th quarter valued at approximately $89,843,000. Finally, PNC Financial Services Group Inc. boosted its position in Gentex by 129.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 111,827 shares of the auto parts company’s stock worth $3,652,000 after buying an additional 63,152 shares during the period. Institutional investors own 86.76% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on GNTX. B. Riley dropped their price target on shares of Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, July 29th. JPMorgan Chase & Co. cut their target price on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. BNP Paribas cut Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price target for the company. in a research note on Tuesday, July 30th. Robert W. Baird cut their price objective on Gentex from $40.00 to $38.00 and set an “outperform” rating on the stock in a research note on Monday, July 29th. Finally, StockNews.com downgraded shares of Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.86.

Insider Activity at Gentex

In other Gentex news, major shareholder Corp Gentex acquired 3,152,500 shares of the stock in a transaction on Friday, August 23rd. The shares were purchased at an average price of $5.00 per share, for a total transaction of $15,762,500.00. Following the completion of the acquisition, the insider now owns 6,463,808 shares in the company, valued at approximately $32,319,040. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.41% of the stock is currently owned by insiders.

Gentex Trading Down 1.3 %

NASDAQ:GNTX opened at $28.82 on Tuesday. The firm has a fifty day simple moving average of $31.00 and a two-hundred day simple moving average of $33.51. Gentex Co. has a 12 month low of $27.86 and a 12 month high of $37.58. The stock has a market capitalization of $6.66 billion, a price-to-earnings ratio of 15.25, a PEG ratio of 0.96 and a beta of 0.92.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, July 26th. The auto parts company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.15). Gentex had a net margin of 17.87% and a return on equity of 17.78%. The firm had revenue of $572.93 million during the quarter, compared to analyst estimates of $623.28 million. Equities analysts predict that Gentex Co. will post 1.96 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.67%. The ex-dividend date of this dividend is Wednesday, October 9th. Gentex’s dividend payout ratio is currently 25.40%.

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.