Gentex Corporation (NASDAQ:GNTX) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its holdings in Gentex Corporation (NASDAQ:GNTX) by 2.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 117,055 shares of the auto parts company’s stock after selling 3,085 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Gentex were worth $2,727,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the business. LPL Financial LLC increased its stake in Gentex by 31.6% during the fourth quarter. LPL Financial LLC now owns 189,254 shares of the auto parts company’s stock worth $5,437,000 after acquiring an additional 45,475 shares during the last quarter. Principal Financial Group Inc. increased its stake in Gentex by 0.4% during the first quarter. Principal Financial Group Inc. now owns 523,489 shares of the auto parts company’s stock worth $12,197,000 after acquiring an additional 1,923 shares during the last quarter. Marshall Wace LLP acquired a new stake in Gentex during the fourth quarter worth about $10,868,000. Asset Management One Co. Ltd. boosted its position in shares of Gentex by 5.9% in the first quarter. Asset Management One Co. Ltd. now owns 219,454 shares of the auto parts company’s stock worth $5,113,000 after buying an additional 12,168 shares during the period. Finally, Praxis Investment Management Inc. purchased a new stake in shares of Gentex in the first quarter worth about $359,000. 86.76% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Robert W. Baird upped their target price on Gentex from $25.00 to $26.00 and gave the stock a “neutral” rating in a research report on Friday, July 11th. Baird R W downgraded Gentex from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, April 15th. UBS Group reaffirmed a “neutral” rating and issued a $23.00 target price (up previously from $21.00) on shares of Gentex in a research report on Monday, July 14th. The Goldman Sachs Group reaffirmed a “neutral” rating on shares of Gentex in a research report on Friday, July 11th. Finally, Industrial Alliance Securities set a $25.00 target price on Gentex in a research report on Friday, July 11th. Seven investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, Gentex currently has a consensus rating of “Hold” and an average target price of $28.28.

Gentex Price Performance

GNTX opened at $22.94 on Friday. Gentex Corporation has a 12 month low of $20.28 and a 12 month high of $34.41. The stock has a market cap of $5.16 billion, a P/E ratio of 13.42, a P/E/G ratio of 1.17 and a beta of 0.81. The stock’s 50 day moving average price is $22.24 and its 200 day moving average price is $23.64.

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

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 2.09%. The ex-dividend date of this dividend is Wednesday, July 9th. Gentex’s payout ratio is currently 28.07%.

Gentex announced that its board has authorized a stock repurchase program on Wednesday, July 16th that authorizes the company to buyback 40,000,000 shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Gentex

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the firm’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $22.87, for a total transaction of $86,082.68. Following the completion of the sale, the director directly owned 5,939 shares of the company’s stock, valued at $135,824.93. This trade represents a 38.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.45% 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.