Federated Hermes Inc. Sells 1,125 Shares of Gentex Co. (NASDAQ:GNTX)

Federated Hermes Inc. decreased its holdings in Gentex Co. (NASDAQ:GNTX) by 3.2% in the second quarter, HoldingsChannel.com reports. The fund 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 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the business. Norges Bank bought a new position in Gentex in the 4th quarter worth approximately $89,843,000. Scharf Investments LLC boosted its position in shares of 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 worth $76,803,000 after acquiring an additional 2,272,046 shares during the last quarter. First Trust Advisors LP grew its stake 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 acquiring an additional 1,929,150 shares in the last quarter. Wellington Management Group LLP increased its holdings in Gentex by 27.9% in the 4th quarter. Wellington Management Group LLP now owns 8,728,378 shares of the auto parts company’s stock valued at $285,069,000 after acquiring an additional 1,905,356 shares during the last quarter. Finally, TD Asset Management Inc lifted its stake in Gentex by 41.2% in the 1st quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock worth $168,957,000 after purchasing an additional 1,363,898 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Analysts Set New Price Targets

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

Gentex Stock Down 0.2 %

GNTX opened at $29.75 on Friday. The business has a fifty day moving average of $30.66 and a 200 day moving average of $33.33. The stock has a market cap of $6.88 billion, a P/E ratio of 15.74, a PEG ratio of 0.96 and a beta of 0.92. 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 earnings per share (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 company had revenue of $572.93 million during the quarter, compared to analysts’ expectations of $623.28 million. Equities analysts anticipate that Gentex Co. will post 1.96 EPS for the current fiscal year.

Gentex Dividend Announcement

The company also recently disclosed 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. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $0.48 annualized dividend and a dividend yield of 1.61%. Gentex’s payout ratio is currently 25.40%.

Insider Buying and Selling

In other Gentex news, major shareholder Corp Gentex acquired 3,152,500 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the completion of the acquisition, the insider now directly owns 6,463,808 shares in the company, valued at approximately $32,319,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 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.