Allspring Global Investments Holdings LLC Boosts Stock Position in Gentex Co. (NASDAQ:GNTX)

Allspring Global Investments Holdings LLC grew its holdings in shares of Gentex Co. (NASDAQ:GNTX) by 53.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 905,080 shares of the auto parts company’s stock after buying an additional 315,164 shares during the period. Allspring Global Investments Holdings LLC owned 0.39% of Gentex worth $26,872,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Ballentine Partners LLC acquired a new position in Gentex in the first quarter valued at approximately $212,000. Cardinal Capital Management boosted its holdings in shares of Gentex by 23.8% in the 1st quarter. Cardinal Capital Management now owns 54,013 shares of the auto parts company’s stock valued at $1,951,000 after buying an additional 10,398 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its position in shares of Gentex by 38.6% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 26,750 shares of the auto parts company’s stock valued at $966,000 after buying an additional 7,449 shares during the last quarter. Capital Insight Partners LLC raised its stake in Gentex by 9.6% during the 1st quarter. Capital Insight Partners LLC now owns 88,766 shares of the auto parts company’s stock worth $3,206,000 after acquiring an additional 7,787 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. lifted its position in Gentex by 65.0% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 41,993 shares of the auto parts company’s stock valued at $1,517,000 after acquiring an additional 16,540 shares during the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have recently commented on GNTX shares. JPMorgan Chase & Co. cut their target price on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Robert W. Baird reduced their price objective on Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. B. Riley decreased their price objective on Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a report on Monday, July 29th. Bank of America cut their target price on shares of Gentex from $39.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, October 14th. Finally, The Goldman Sachs Group decreased their price target on shares of Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $36.13.

Insider Transactions at Gentex

In other Gentex news, major shareholder Corp Gentex acquired 3,152,500 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average price 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 of the company’s stock, valued at approximately $32,319,040. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.41% of the company’s stock.

Gentex Price Performance

Gentex stock opened at $29.52 on Thursday. The business has a 50 day simple moving average of $29.90 and a 200-day simple moving average of $32.27. Gentex Co. has a 12 month low of $27.86 and a 12 month high of $37.58. The stock has a market capitalization of $6.82 billion, a PE ratio of 15.62, a price-to-earnings-growth ratio of 0.95 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). Gentex had a return on equity of 17.78% and a net margin of 17.87%. The firm had revenue of $572.93 million during the quarter, compared to analyst estimates of $623.28 million. As a group, equities research analysts anticipate that Gentex Co. will post 1.96 EPS for the current year.

Gentex Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.63%. The ex-dividend date was Wednesday, October 9th. Gentex’s dividend payout ratio (DPR) is 25.40%.

Gentex Company 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.