Amalgamated Bank Reduces Stock Position in Gentex Co. (NASDAQ:GNTX)

Amalgamated Bank trimmed its holdings in Gentex Co. (NASDAQ:GNTX) by 6.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,684 shares of the auto parts company’s stock after selling 8,930 shares during the period. Amalgamated Bank owned approximately 0.06% of Gentex worth $4,372,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of GNTX. Vanguard Group Inc. boosted its position in shares of Gentex by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 22,280,716 shares of the auto parts company’s stock valued at $727,688,000 after acquiring an additional 163,373 shares during the period. Wellington Management Group LLP increased its holdings in shares of Gentex by 27.9% in 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 purchasing an additional 1,905,356 shares during the period. Boston Partners raised its position in shares of Gentex by 4.2% in the first quarter. Boston Partners now owns 5,706,411 shares of the auto parts company’s stock worth $206,095,000 after buying an additional 230,873 shares in the last quarter. TD Asset Management Inc boosted its stake in Gentex by 41.2% during the first quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock valued at $168,957,000 after buying an additional 1,363,898 shares during the period. Finally, Burgundy Asset Management Ltd. increased its stake in Gentex by 1.2% in the 1st quarter. Burgundy Asset Management Ltd. now owns 4,217,464 shares of the auto parts company’s stock worth $152,335,000 after acquiring an additional 48,435 shares during the last quarter. Institutional investors own 86.76% of the company’s stock.

Analyst Ratings Changes

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

Gentex Stock Performance

GNTX stock opened at $29.75 on Friday. The firm has a market cap of $6.88 billion, a P/E ratio of 15.74, a P/E/G ratio of 0.96 and a beta of 0.92. The firm’s fifty day moving average is $30.66 and its 200 day moving average is $33.33. Gentex Co. has a 52 week low of $27.86 and a 52 week high of $37.58.

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 the consensus estimate of $0.52 by ($0.15). The company had revenue of $572.93 million during the quarter, compared to analysts’ expectations of $623.28 million. Gentex had a return on equity of 17.78% and a net margin of 17.87%. As a group, analysts forecast that Gentex Co. will post 1.96 EPS for the current year.

Gentex Dividend Announcement

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

Insider Transactions at Gentex

In other news, major shareholder Corp Gentex purchased 3,152,500 shares of the stock in a transaction that occurred 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 acquisition, the insider now directly owns 6,463,808 shares of the company’s stock, valued at approximately $32,319,040. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.41% of the company’s stock.

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.