Parallel Advisors LLC Increases Position in Gentex Co. (NASDAQ:GNTX)

Parallel Advisors LLC increased its holdings in Gentex Co. (NASDAQ:GNTX) by 8.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,967 shares of the auto parts company’s stock after acquiring 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 institutional investors and hedge funds also recently modified their holdings of the company. Norges Bank bought a new position in Gentex in the 4th quarter valued at $89,843,000. Scharf Investments LLC grew its position in Gentex by 36,001.4% during the second quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock valued at $76,803,000 after buying an additional 2,272,046 shares during the period. First Trust Advisors LP grew its position in Gentex by 301.6% during the fourth 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 period. Wellington Management Group LLP increased its holdings 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 during the last quarter. Finally, TD Asset Management Inc raised its position in 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 period. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Trading Down 1.3 %

Shares of NASDAQ GNTX opened at $28.82 on Tuesday. The business has a 50-day moving average of $31.00 and a 200-day moving average of $33.51. The firm 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 Co. has a 12 month low of $27.86 and a 12 month high of $37.58.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, July 26th. The auto parts company reported $0.37 earnings per share 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 company had revenue of $572.93 million for the quarter, compared to analysts’ expectations of $623.28 million. On average, analysts predict that Gentex Co. will post 1.96 earnings per share for the current 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 given a $0.12 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $0.48 dividend on an annualized basis and a yield of 1.67%. Gentex’s payout ratio is 25.40%.

Analyst Ratings Changes

A number of equities research analysts recently commented on GNTX shares. 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 report on Tuesday, July 30th. JPMorgan Chase & Co. lowered their target price on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. B. Riley cut their price target on Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, July 29th. UBS Group assumed coverage on Gentex in a report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 price objective for the company. Finally, Robert W. Baird dropped their price objective on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating on the stock in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Gentex has an average rating of “Hold” and an average target price of $36.86.

Insiders Place Their Bets

In other Gentex news, major shareholder Corp Gentex acquired 3,152,500 shares of the stock in a transaction dated Friday, August 23rd. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $15,762,500.00. Following 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 filing with the SEC, which is accessible through this hyperlink. 0.41% of the stock is owned by insiders.

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.