Huntington National Bank Trims Holdings in Gentex Co. (GNTX)

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Huntington National Bank lessened its position in Gentex Co. (NASDAQ:GNTX) by 36.4% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 9,818 shares of the auto parts company’s stock after selling 5,615 shares during the period. Huntington National Bank’s holdings in Gentex were worth $203,000 as of its most recent filing with the SEC.

Other institutional investors have also recently made changes to their positions in the company. Bremer Trust National Association bought a new stake in Gentex during the fourth quarter worth $25,000. Patriot Financial Group Insurance Agency LLC bought a new stake in Gentex during the fourth quarter worth $27,000. Lindbrook Capital LLC bought a new stake in Gentex during the fourth quarter worth $32,000. Dubuque Bank & Trust Co. bought a new stake in Gentex during the first quarter worth $33,000. Finally, Enlightenment Research LLC bought a new stake in Gentex during the fourth quarter worth $36,000. 84.54% of the stock is owned by hedge funds and other institutional investors.

In other news, insider Neil Boehm sold 2,686 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $20.82, for a total value of $55,922.52. Following the completion of the transaction, the insider now owns 42,883 shares of the company’s stock, valued at approximately $892,824.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James H. Wallace sold 24,000 shares of the stock in a transaction that occurred on Thursday, January 31st. The stock was sold at an average price of $21.40, for a total value of $513,600.00. Following the completion of the transaction, the director now directly owns 29,400 shares of the company’s stock, valued at approximately $629,160. The disclosure for this sale can be found here. In the last ninety days, insiders have acquired 2,009 shares of company stock valued at $35,318 and have sold 29,686 shares valued at $631,983. Corporate insiders own 0.60% of the company’s stock.

GNTX has been the topic of several research reports. BidaskClub upgraded Gentex from a “sell” rating to a “hold” rating in a research note on Saturday, December 22nd. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research note on Monday, December 31st. Wells Fargo & Co restated a “buy” rating on shares of Gentex in a research note on Wednesday, January 30th. Jefferies Financial Group restated a “hold” rating and issued a $23.00 target price on shares of Gentex in a research note on Monday, February 4th. Finally, Longbow Research cut Gentex from a “buy” rating to a “neutral” rating and set a $20.65 price target for the company. in a research report on Tuesday, February 5th. Ten investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $22.58.

GNTX opened at $21.82 on Monday. Gentex Co. has a 12-month low of $17.80 and a 12-month high of $25.41. The stock has a market capitalization of $5.61 billion, a PE ratio of 13.47, a PEG ratio of 2.21 and a beta of 1.11.

Gentex (NASDAQ:GNTX) last released its earnings results on Wednesday, January 30th. The auto parts company reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.43 by ($0.02). Gentex had a net margin of 23.88% and a return on equity of 23.06%. The company had revenue of $453.40 million during the quarter, compared to the consensus estimate of $477.41 million. During the same period last year, the firm posted $0.46 EPS. The company’s revenue was down 1.3% on a year-over-year basis. As a group, research analysts anticipate that Gentex Co. will post 1.62 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 24th. Shareholders of record on Wednesday, April 10th will be given a dividend of $0.115 per share. This is a positive change from Gentex’s previous quarterly dividend of $0.11. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $0.46 dividend on an annualized basis and a yield of 2.11%. Gentex’s dividend payout ratio is presently 28.40%.

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About Gentex

Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets 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, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.

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Institutional Ownership by Quarter for Gentex (NASDAQ:GNTX)

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