State of Michigan Retirement System Has $1.27 Million Stock Position in Gentex Corporation (NASDAQ:GNTX)

State of Michigan Retirement System lifted its stake in Gentex Corporation (NASDAQ:GNTX) by 1.1% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 54,440 shares of the auto parts company’s stock after acquiring an additional 600 shares during the quarter. State of Michigan Retirement System’s holdings in Gentex were worth $1,268,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of GNTX. Wellington Management Group LLP increased its position in Gentex by 6.1% during the fourth quarter. Wellington Management Group LLP now owns 18,023,056 shares of the auto parts company’s stock worth $517,802,000 after buying an additional 1,038,912 shares during the last quarter. Burgundy Asset Management Ltd. increased its position in Gentex by 1.6% during the fourth quarter. Burgundy Asset Management Ltd. now owns 5,516,817 shares of the auto parts company’s stock worth $158,498,000 after buying an additional 86,929 shares during the last quarter. Geode Capital Management LLC increased its position in Gentex by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 5,423,820 shares of the auto parts company’s stock worth $155,861,000 after buying an additional 55,816 shares during the last quarter. TD Asset Management Inc. increased its position in Gentex by 7.1% during the fourth quarter. TD Asset Management Inc. now owns 5,415,871 shares of the auto parts company’s stock worth $155,598,000 after buying an additional 356,854 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in Gentex by 162.4% during the fourth quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company’s stock worth $150,810,000 after buying an additional 3,248,434 shares during the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

Gentex Stock Performance

Gentex stock opened at $22.66 on Wednesday. Gentex Corporation has a 52 week low of $20.28 and a 52 week high of $35.32. The stock has a market capitalization of $5.09 billion, a P/E ratio of 13.25, a price-to-earnings-growth ratio of 1.14 and a beta of 0.81. The stock has a fifty day moving average of $22.18 and a 200-day moving average of $23.72.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $576.77 million during the quarter, compared to the consensus estimate of $578.68 million. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The business’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.47 earnings per share. On average, research analysts forecast that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.12%. The ex-dividend date of this dividend is Wednesday, July 9th. Gentex’s payout ratio is 28.07%.

Insider Buying and Selling

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the business’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $22.87, for a total transaction of $86,082.68. Following the sale, the director owned 5,939 shares of the company’s stock, valued at approximately $135,824.93. The trade was a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.45% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GNTX has been the topic of a number of recent analyst reports. The Goldman Sachs Group reissued a “neutral” rating on shares of Gentex in a research report on Friday, July 11th. Industrial Alliance Securities set a $25.00 price objective on Gentex in a report on Friday, July 11th. UBS Group restated a “neutral” rating and set a $23.00 price objective (up previously from $21.00) on shares of Gentex in a report on Monday. Guggenheim cut their price target on Gentex from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Finally, Baird R W cut Gentex from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, April 15th. Seven analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $28.28.

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.