King Luther Capital Management Corp Decreases Stake in Gentex Co. (NASDAQ:GNTX)

King Luther Capital Management Corp lessened its stake in Gentex Co. (NASDAQ:GNTX) by 1.6% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 309,114 shares of the auto parts company’s stock after selling 5,000 shares during the quarter. King Luther Capital Management Corp owned 0.13% of Gentex worth $10,420,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank purchased a new stake in shares of Gentex in the 4th quarter worth about $89,843,000. Scharf Investments LLC raised its position in shares of Gentex by 36,001.4% during the 2nd quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock worth $76,803,000 after purchasing an additional 2,272,046 shares during the last quarter. First Trust Advisors LP grew its holdings in Gentex by 301.6% during the 4th quarter. First Trust Advisors LP now owns 2,568,775 shares of the auto parts company’s stock valued at $83,896,000 after buying an additional 1,929,150 shares during the last quarter. Wellington Management Group LLP increased its position in Gentex by 27.9% during the fourth quarter. Wellington Management Group LLP now owns 8,728,378 shares of the auto parts company’s stock worth $285,069,000 after buying an additional 1,905,356 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in shares of Gentex by 41.2% in the first quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock worth $168,957,000 after acquiring an additional 1,363,898 shares during the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

Analysts Set New Price Targets

GNTX has been the subject of a number of recent research reports. StockNews.com cut Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Robert W. Baird cut their price objective on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a research report on Monday, July 29th. UBS Group began coverage on shares of Gentex in a research note on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price objective on the stock. BNP Paribas cut shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 target price for the company. in a research note on Tuesday, July 30th. Finally, B. Riley cut their price objective on shares of Gentex from $44.00 to $41.00 and set a “buy” rating on the stock in a report on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Gentex has a consensus rating of “Hold” and an average price target of $36.86.

Insider Buying and Selling

In related news, major shareholder Corp Gentex bought 3,152,500 shares of the firm’s stock in a transaction on Friday, August 23rd. The stock was bought at an average cost of $5.00 per share, for a total transaction of $15,762,500.00. Following the completion of the purchase, the insider now directly owns 6,463,808 shares in the company, valued at approximately $32,319,040. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

Gentex Trading Down 0.2 %

Shares of GNTX opened at $29.75 on Friday. Gentex Co. has a 52 week low of $27.86 and a 52 week high of $37.58. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 15.74, a PEG ratio of 0.96 and a beta of 0.92. The stock has a 50 day moving average of $30.66 and a 200-day moving average of $33.35.

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

Gentex Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $0.48 annualized dividend and a yield of 1.61%. Gentex’s dividend payout ratio (DPR) is 25.40%.

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.