Gentex Co. (NASDAQ:GNTX) Position Trimmed by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its stake in Gentex Co. (NASDAQ:GNTX) by 36.6% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 72,966 shares of the auto parts company’s stock after selling 42,093 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Gentex were worth $2,460,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in GNTX. Phoenix Wealth Advisors lifted its position in Gentex by 3.1% in the 2nd quarter. Phoenix Wealth Advisors now owns 10,196 shares of the auto parts company’s stock worth $344,000 after buying an additional 306 shares in the last quarter. GAMMA Investing LLC increased its stake in shares of Gentex by 26.3% in the first quarter. GAMMA Investing LLC now owns 1,742 shares of the auto parts company’s stock worth $63,000 after acquiring an additional 363 shares during the last quarter. Toronto Dominion Bank raised its holdings in shares of Gentex by 0.9% during the first quarter. Toronto Dominion Bank now owns 42,346 shares of the auto parts company’s stock worth $1,530,000 after acquiring an additional 370 shares in the last quarter. Eagle Asset Management Inc. boosted its position in Gentex by 0.5% during the fourth quarter. Eagle Asset Management Inc. now owns 69,808 shares of the auto parts company’s stock valued at $2,280,000 after purchasing an additional 373 shares during the last quarter. Finally, JLB & Associates Inc. grew its stake in Gentex by 1.7% in the first quarter. JLB & Associates Inc. now owns 24,381 shares of the auto parts company’s stock valued at $881,000 after purchasing an additional 416 shares in the last quarter. 86.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GNTX has been the subject of a number of recent research reports. UBS Group started coverage on Gentex in a research note on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price target for the company. Robert W. Baird cut their price objective on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. StockNews.com lowered shares of Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. 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 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 on the stock. in a research report on Tuesday, July 30th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Gentex presently has a consensus rating of “Hold” and a consensus target price of $36.86.

Gentex Trading Down 0.7 %

Shares of Gentex stock opened at $29.29 on Thursday. The firm has a fifty day simple moving average of $30.83 and a 200-day simple moving average of $33.43. Gentex Co. has a 1-year low of $27.86 and a 1-year high of $37.58. The stock has a market capitalization of $6.77 billion, a price-to-earnings ratio of 15.50, a PEG ratio of 0.96 and a beta of 0.92.

Gentex (NASDAQ:GNTX) last released its 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 company had revenue of $572.93 million for the quarter, compared to analyst estimates of $623.28 million. Gentex had a net margin of 17.87% and a return on equity of 17.78%. As a group, research analysts predict that Gentex Co. will post 1.96 earnings per share for the current year.

Gentex Dividend Announcement

The business also recently announced 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. This represents a $0.48 annualized dividend and a yield of 1.64%. The ex-dividend date is Wednesday, October 9th. Gentex’s payout ratio is currently 25.40%.

Insider Activity at Gentex

In related news, major shareholder Corp Gentex bought 3,152,500 shares of the business’s stock in a transaction that occurred on 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 purchase, the insider now directly owns 6,463,808 shares in the company, valued at $32,319,040. The purchase was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.41% of the company’s stock.

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.