Federated Hermes Inc. Lowers Stock Position in Gentex Co. (NASDAQ:GNTX)

Federated Hermes Inc. cut its holdings in Gentex Co. (NASDAQ:GNTX) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,229 shares of the auto parts company’s stock after selling 1,125 shares during the quarter. Federated Hermes Inc.’s holdings in Gentex were worth $1,154,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. PNC Financial Services Group Inc. increased its stake in shares of Gentex by 129.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 111,827 shares of the auto parts company’s stock valued at $3,652,000 after purchasing an additional 63,152 shares in the last quarter. TD Asset Management Inc raised its stake in Gentex by 58.1% during the fourth quarter. TD Asset Management Inc now owns 3,313,757 shares of the auto parts company’s stock valued at $108,227,000 after buying an additional 1,217,278 shares during the last quarter. Thematics Asset Management boosted its holdings in Gentex by 51.2% in the fourth quarter. Thematics Asset Management now owns 523,207 shares of the auto parts company’s stock worth $17,088,000 after acquiring an additional 177,207 shares in the last quarter. Vanguard Group Inc. grew its stake 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 worth $727,688,000 after acquiring an additional 163,373 shares during the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Gentex by 91.0% during the first quarter. Cetera Investment Advisers now owns 127,876 shares of the auto parts company’s stock valued at $4,619,000 after acquiring an additional 60,934 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors.

Gentex Price Performance

Shares of GNTX opened at $29.75 on Friday. Gentex Co. has a one year low of $27.86 and a one year high of $37.58. The business has a fifty day moving average of $30.66 and a 200 day moving average of $33.33. The firm has a market capitalization of $6.88 billion, a P/E ratio of 15.74, a PEG ratio of 0.96 and a beta of 0.92.

Gentex (NASDAQ:GNTX) last released its quarterly 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). The business had revenue of $572.93 million for the quarter, compared to analysts’ expectations of $623.28 million. Gentex had a net margin of 17.87% and a return on equity of 17.78%. Analysts expect that Gentex Co. will post 1.96 EPS for the current fiscal year.

Gentex Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be given 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 payout ratio is 25.40%.

Insider Transactions at Gentex

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

Wall Street Analyst Weigh In

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

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.