Danske Bank A S Decreases Holdings in Gentex Corporation $GNTX

Key Points

• Danske Bank A S slashed its Gentex stake by 99.5% in the fourth quarter, leaving it with just 2,100 shares worth about $49,000 after selling nearly 392,000 shares.
• Gentex insiders also sold stock, including CFO Kevin C. Nash and CEO Steven R. Downing, with total insider sales over the past 90 days reaching 62,948 shares worth $1.55 million.
• Gentex beat quarterly expectations on April 24, reporting EPS of $0.48 versus the $0.44 consensus and revenue of $675.44 million, while analysts currently maintain an overall Hold rating with a $26.67 average price target.

Danske Bank A S trimmed its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 99.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,100 shares of the auto parts company's stock after selling 391,846 shares during the quarter. Danske Bank A S's holdings in Gentex were worth $49,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its position in Gentex by 10.3% in the third quarter. Wellington Management Group LLP now owns 14,828,120 shares of the auto parts company's stock worth $419,636,000 after purchasing an additional 1,383,203 shares during the last quarter. State Street Corp lifted its stake in shares of Gentex by 1.0% in the 2nd quarter. State Street Corp now owns 7,439,333 shares of the auto parts company's stock worth $163,591,000 after purchasing an additional 74,779 shares during the period. American Century Companies Inc. lifted its stake in shares of Gentex by 2.0% in the 3rd quarter. American Century Companies Inc. now owns 6,742,293 shares of the auto parts company's stock worth $190,807,000 after purchasing an additional 131,035 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Gentex by 21.9% in the third quarter. JPMorgan Chase & Co. now owns 6,725,426 shares of the auto parts company's stock worth $190,330,000 after buying an additional 1,206,060 shares during the last quarter. Finally, Boston Partners grew its position in Gentex by 2.1% during the third quarter. Boston Partners now owns 5,912,491 shares of the auto parts company's stock valued at $167,299,000 after buying an additional 123,731 shares during the period. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Gentex news, CFO Kevin C. Nash sold 11,885 shares of the company's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $24.98, for a total value of $296,887.30. Following the transaction, the chief financial officer directly owned 59,430 shares in the company, valued at $1,484,561.40. This represents a 16.67% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steven R. Downing sold 35,000 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $24.75, for a total transaction of $866,250.00. Following the transaction, the chief executive officer directly owned 211,670 shares in the company, valued at approximately $5,238,832.50. This trade represents a 14.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 62,948 shares of company stock worth $1,554,550. 0.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have commented on the stock. B. Riley Financial reaffirmed a "buy" rating and set a $29.00 target price (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Robert W. Baird boosted their price objective on shares of Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Monday, April 27th. JPMorgan Chase & Co. reduced their price objective on Gentex from $28.00 to $27.00 and set a "neutral" rating for the company in a research note on Thursday, April 23rd. Freedom Capital raised Gentex to a "strong-buy" rating in a report on Friday, March 27th. Finally, UBS Group set a $26.00 target price on Gentex in a research report on Sunday, April 26th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $26.67.

Gentex Price Performance

Gentex stock opened at $23.39 on Friday. The firm has a market capitalization of $4.98 billion, a P/E ratio of 13.14 and a beta of 0.78. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.38. The company's 50-day moving average is $22.22 and its 200 day moving average is $23.18.

Gentex (NASDAQ:GNTX - Get Free Report) last released its earnings results on Friday, April 24th. The auto parts company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.04. Gentex had a return on equity of 16.27% and a net margin of 14.75%.The firm had revenue of $675.44 million for the quarter, compared to analysts' expectations of $649.42 million. During the same quarter in the prior year, the firm posted $0.42 earnings per share. The company's quarterly revenue was up 17.1% on a year-over-year basis. Research analysts anticipate that Gentex Corporation will post 1.92 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 22nd. Shareholders of record on Wednesday, April 8th were paid a $0.12 dividend. The ex-dividend date was Wednesday, April 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. Gentex's dividend payout ratio (DPR) is presently 26.97%.

Gentex Company Profile

Gentex Corporation NASDAQ: GNTX is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company's primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world's leading original equipment manufacturers (OEMs).

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