Fort Washington Investment Advisors Inc. OH Makes New Investment in Gentex Corporation $GNTX

Key Points

• Fort Washington Investment Advisors disclosed a new first-quarter stake in Gentex, buying 1,019,037 shares worth about $22.3 million and ending with roughly 0.48% ownership of the company.
• Gentex reported better-than-expected quarterly results, with EPS of $0.48 versus the $0.44 estimate and revenue of $675.44 million versus $649.42 million expected, while revenue rose 17.1% year over year.
• Despite solid earnings, insiders have been selling shares, and analyst sentiment remains mixed with a consensus rating of Hold and an average price target of $26.83.

Fort Washington Investment Advisors Inc. OH purchased a new stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 1,019,037 shares of the auto parts company's stock, valued at approximately $22,266,000. Fort Washington Investment Advisors Inc. OH owned about 0.48% of Gentex at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of GNTX. Clearstead Advisors LLC increased its position in Gentex by 21.4% during the fourth quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company's stock worth $58,000 after purchasing an additional 437 shares during the last quarter. Gagnon Securities LLC boosted its holdings in Gentex by 0.8% in the 4th quarter. Gagnon Securities LLC now owns 55,672 shares of the auto parts company's stock valued at $1,295,000 after purchasing an additional 458 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in Gentex by 1.9% in the 4th quarter. First Citizens Bank & Trust Co. now owns 29,807 shares of the auto parts company's stock valued at $694,000 after purchasing an additional 559 shares during the last quarter. Orion Porfolio Solutions LLC grew its stake in shares of Gentex by 4.5% in the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,025 shares of the auto parts company's stock valued at $286,000 after buying an additional 562 shares during the period. Finally, Merit Financial Group LLC grew its stake in shares of Gentex by 2.1% in the 4th quarter. Merit Financial Group LLC now owns 30,641 shares of the auto parts company's stock valued at $713,000 after buying an additional 635 shares during the period. Hedge funds and other institutional investors own 86.76% of the company's stock.

Insider Buying and Selling at Gentex

In related news, Director Richard O. Schaum sold 4,815 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $23.31, for a total value of $112,237.65. Following the sale, the director owned 81,443 shares of the company's stock, valued at $1,898,436.33. This trade represents a 5.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Brian C. Walker sold 5,939 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $22.98, for a total value of $136,478.22. Following the completion of the transaction, the director directly owned 24,205 shares in the company, valued at $556,230.90. This trade represents a 19.70% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 16,693 shares of company stock valued at $385,194 in the last quarter. Corporate insiders own 0.55% of the company's stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. B. Riley Financial reaffirmed a "buy" rating and set a $29.00 price target (up from $28.00) on shares of Gentex in a research report on Monday, April 27th. JPMorgan Chase & Co. increased their price objective on Gentex from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. UBS Group set a $26.00 target price on Gentex in a research note on Sunday, April 26th. Freedom Capital upgraded Gentex to a "strong-buy" rating in a research report on Friday, March 27th. Finally, Wall Street Zen downgraded Gentex from a "buy" rating to a "hold" rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $26.83.

Gentex Price Performance

Shares of NASDAQ:GNTX opened at $25.65 on Monday. The firm has a market capitalization of $5.46 billion, a PE ratio of 14.41 and a beta of 0.79. Gentex Corporation has a 1 year low of $20.48 and a 1 year high of $29.38. The firm's 50-day moving average is $24.04 and its two-hundred day moving average is $23.44.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings data on Friday, April 24th. The auto parts company reported $0.48 EPS for the quarter, beating the consensus estimate of $0.44 by $0.04. The business had revenue of $675.44 million during the quarter, compared to analyst estimates of $649.42 million. Gentex had a net margin of 14.75% and a return on equity of 16.27%. The business's revenue for the quarter was up 17.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.42 earnings per share. Analysts expect that Gentex Corporation will post 1.96 EPS for the current fiscal year.

Gentex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th will be issued a dividend of $0.12 per share. The ex-dividend date is Wednesday, July 8th. This represents a $0.48 annualized dividend and a yield of 1.9%. Gentex's dividend payout ratio is 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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