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

Allspring Global Investments Holdings LLC reduced its stake in Gentex Co. (NASDAQ:GNTX) by 55.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 132,862 shares of the auto parts company’s stock after selling 166,395 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Gentex were worth $4,799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Oak Thistle LLC purchased a new position in shares of Gentex in the 1st quarter valued at approximately $446,000. Diversified Trust Co grew its stake in shares of Gentex by 15.6% in the 1st quarter. Diversified Trust Co now owns 86,842 shares of the auto parts company’s stock valued at $3,137,000 after purchasing an additional 11,743 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in shares of Gentex by 65.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 41,993 shares of the auto parts company’s stock valued at $1,517,000 after purchasing an additional 16,540 shares during the last quarter. Capital Insight Partners LLC grew its stake in shares of Gentex by 9.6% in the 1st quarter. Capital Insight Partners LLC now owns 88,766 shares of the auto parts company’s stock valued at $3,206,000 after purchasing an additional 7,787 shares during the last quarter. Finally, Scharf Investments LLC purchased a new position in shares of Gentex in the 1st quarter valued at approximately $228,000. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Gentex news, Director Joseph B. Anderson, Jr. sold 4,716 shares of the business’s stock in a transaction on Monday, May 20th. The stock was sold at an average price of $34.46, for a total transaction of $162,513.36. Following the sale, the director now directly owns 3,764 shares in the company, valued at $129,707.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on GNTX. Guggenheim lifted their price target on Gentex from $40.00 to $41.00 and gave the company a “buy” rating in a research note on Wednesday, April 17th. StockNews.com upgraded Gentex from a “hold” rating to a “buy” rating in a research note on Sunday, June 16th. Finally, B. Riley lifted their price target on Gentex from $42.00 to $44.00 and gave the company a “buy” rating in a research note on Wednesday, March 20th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $37.83.

Gentex Price Performance

GNTX traded up $0.19 during trading on Tuesday, reaching $33.80. 57,840 shares of the stock were exchanged, compared to its average volume of 1,401,177. The business’s 50 day moving average price is $34.38 and its two-hundred day moving average price is $34.36. The company has a market capitalization of $7.81 billion, a price-to-earnings ratio of 17.97, a P/E/G ratio of 0.95 and a beta of 0.93. Gentex Co. has a 1 year low of $27.86 and a 1 year high of $37.58.

Gentex (NASDAQ:GNTX) last posted its earnings results on Friday, April 26th. The auto parts company reported $0.47 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.01). The firm had revenue of $590.23 million for the quarter, compared to analysts’ expectations of $600.38 million. Gentex had a return on equity of 19.19% and a net margin of 18.77%. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.42 earnings per share. On average, analysts anticipate that Gentex Co. will post 2.11 EPS for the current year.

Gentex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 17th. Shareholders of record on Friday, July 5th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $0.48 dividend on an annualized basis and a yield of 1.42%. Gentex’s payout ratio 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.