Bank of New York Mellon Corp Decreases Stock Position in Gentex Corporation (NASDAQ:GNTX)

Bank of New York Mellon Corp reduced its stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 12.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,441,391 shares of the auto parts company's stock after selling 345,920 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.08% of Gentex worth $56,884,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the business. Lightrock Netherlands B.V. increased its position in Gentex by 49.9% during the 1st quarter. Lightrock Netherlands B.V. now owns 490,384 shares of the auto parts company's stock valued at $11,445,000 after buying an additional 163,341 shares in the last quarter. Principal Financial Group Inc. increased its position in Gentex by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 523,489 shares of the auto parts company's stock valued at $12,197,000 after buying an additional 1,923 shares in the last quarter. Teacher Retirement System of Texas increased its position in Gentex by 7.6% during the 1st quarter. Teacher Retirement System of Texas now owns 225,180 shares of the auto parts company's stock valued at $5,247,000 after buying an additional 15,938 shares in the last quarter. Novem Group increased its position in Gentex by 20.6% during the 1st quarter. Novem Group now owns 11,709 shares of the auto parts company's stock valued at $273,000 after buying an additional 1,999 shares in the last quarter. Finally, Cidel Asset Management Inc. increased its position in Gentex by 26.5% during the 1st quarter. Cidel Asset Management Inc. now owns 520,131 shares of the auto parts company's stock valued at $12,119,000 after buying an additional 108,899 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

GNTX has been the topic of a number of research reports. Guggenheim cut their price objective on Gentex from $30.00 to $24.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Robert W. Baird increased their price objective on Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Friday. UBS Group cut their price objective on Gentex from $29.00 to $21.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Baird R W lowered Gentex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Finally, The Goldman Sachs Group cut their price objective on Gentex from $28.00 to $23.00 and set a "neutral" rating on the stock in a report on Thursday, April 10th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $28.44.

Insider Transactions at Gentex

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the stock in a transaction that occurred 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 transaction, the director owned 5,939 shares in the company, valued at approximately $135,824.93. This represents a 38.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.45% of the company's stock.

Gentex Stock Performance

Gentex stock traded down $0.20 during midday trading on Friday, hitting $23.08. 2,209,646 shares of the company were exchanged, compared to its average volume of 1,898,973. The firm has a market capitalization of $5.19 billion, a PE ratio of 13.50, a price-to-earnings-growth ratio of 1.14 and a beta of 0.81. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $35.32. The business has a fifty day simple moving average of $22.13 and a two-hundred day simple moving average of $23.81.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $576.77 million for 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%. Gentex's revenue for the quarter was down 2.3% compared to the same quarter last year. During the same period last year, the company earned $0.47 earnings per share. As a group, equities analysts expect that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.48 dividend on an annualized basis and a yield of 2.08%. Gentex's dividend payout ratio is currently 28.07%.

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.