Alps Advisors Inc. Sells 193,047 Shares of Gentex Corporation $GNTX

Key Points

• Alps Advisors reduced its Gentex stake by 29.2%, selling 193,047 shares in the third quarter and retaining 468,027 shares valued at about $10.2 million. Institutional investors collectively own 86.76% of the company.
• Gentex’s latest quarter fell short of expectations: earnings were $0.47 per share versus $0.50 expected, and revenue was $647.71 million versus $669.69 million expected. Revenue declined 1.1% year over year.
• Analysts have a consensus Hold rating and an average price target of $23.08; Gentex shares opened at $19.88. The company’s quarterly dividend of $0.12 represents a 2.4% annualized yield.

Alps Advisors Inc. cut its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 29.2% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 468,027 shares of the auto parts company's stock after selling 193,047 shares during the quarter. Alps Advisors Inc. owned about 0.22% of Gentex worth $10,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the business. Anchor Investment Management LLC acquired a new position in Gentex during the first quarter worth approximately $26,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Gentex during the second quarter worth approximately $54,000. North Point Portfolio Managers Corp OH purchased a new position in Gentex during the third quarter worth approximately $55,000. Versant Capital Management Inc boosted its holdings in shares of Gentex by 28.7% in the 2nd quarter. Versant Capital Management Inc now owns 2,698 shares of the auto parts company's stock valued at $68,000 after purchasing an additional 602 shares during the last quarter. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Gentex by 69.0% in the 1st quarter. EverSource Wealth Advisors LLC now owns 3,142 shares of the auto parts company's stock valued at $69,000 after purchasing an additional 1,283 shares during the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Wall Street Zen cut Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. JPMorgan Chase & Co. lowered their price target on Gentex from $27.00 to $26.00 and set a "neutral" rating for the company in a research report on Monday, October 26th. BNP Paribas Exane dropped their price target on Gentex from $23.00 to $22.50 and set a "hold" rating for the company in a research note on Monday, October 26th. Freedom Capital downgraded Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Finally, Weiss Ratings downgraded Gentex from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, October 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $23.08.

Gentex Trading Down 1.6%

Shares of GNTX stock opened at $19.88 on Friday. The company has a market capitalization of $4.23 billion, a PE ratio of 10.69 and a beta of 0.85. The firm has a fifty day simple moving average of $21.59 and a 200-day simple moving average of $23.01. Gentex Corporation has a twelve month low of $19.75 and a twelve month high of $26.48.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, October 23rd. The auto parts company reported $0.47 earnings per share for the quarter, missing analysts' consensus estimates of $0.50 by ($0.03). The firm had revenue of $647.71 million for the quarter, compared to analyst estimates of $669.69 million. Gentex had a net margin of 15.15% and a return on equity of 16.67%. Gentex's revenue for the quarter was down 1.1% on a year-over-year basis. During the same period in the previous year, the business posted $0.46 earnings per share. Equities research analysts predict that Gentex Corporation will post 2.02 EPS for the current year.

Gentex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 21st. Investors of record on Wednesday, October 7th were paid a $0.12 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $0.48 annualized dividend and a dividend yield of 2.4%. Gentex's payout ratio is 25.81%.

Gentex Company Profile

Gentex Corporation NASDAQ: GNTX is a technology manufacturer headquartered in Zeeland, Michigan. Founded in 1974, the company develops products primarily for the automotive industry, along with selected applications in the aerospace and fire-protection markets.

Gentex is best known for its automatic-dimming rearview and side-view mirrors, which use electrochromic technology to reduce glare. Its automotive product portfolio also includes camera-based driver-assistance systems, digital vision and sensing technologies, connected-car products, overhead console systems, and HomeLink universal garage-door and home-control systems.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.