Gallacher Capital Management LLC Purchases 20,739 Shares of Gentex Corporation (NASDAQ:GNTX)

Gallacher Capital Management LLC raised its stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 283.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,068 shares of the auto parts company's stock after buying an additional 20,739 shares during the period. Gallacher Capital Management LLC's holdings in Gentex were worth $654,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Larson Financial Group LLC raised its stake in shares of Gentex by 1,471.0% in the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock valued at $25,000 after acquiring an additional 1,015 shares in the last quarter. TD Private Client Wealth LLC raised its position in shares of Gentex by 138.8% in the fourth quarter. TD Private Client Wealth LLC now owns 1,139 shares of the auto parts company's stock valued at $33,000 after purchasing an additional 662 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Gentex by 85.4% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company's stock worth $28,000 after acquiring an additional 563 shares during the period. Harbor Investment Advisory LLC raised its holdings in Gentex by 208.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company's stock worth $38,000 after acquiring an additional 1,093 shares during the period. Finally, UMB Bank n.a. raised its holdings in Gentex by 103.3% in the 1st quarter. UMB Bank n.a. now owns 2,124 shares of the auto parts company's stock worth $49,000 after acquiring an additional 1,079 shares during the period. 86.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently commented on GNTX shares. Robert W. Baird lifted their price objective on Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. Industrial Alliance Securities set a $25.00 price objective on Gentex in a research note on Friday, July 11th. Guggenheim dropped their price target on Gentex from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research report on Friday, July 11th. Finally, UBS Group reaffirmed a "neutral" rating and set a $23.00 target price (up previously from $21.00) on shares of Gentex in a research report on Monday, July 14th. Seven analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $28.28.

Gentex Price Performance

Shares of GNTX traded down $0.42 during trading hours on Thursday, hitting $23.44. The stock had a trading volume of 1,762,662 shares, compared to its average volume of 2,283,017. The company's fifty day moving average is $22.27 and its two-hundred day moving average is $23.54. Gentex Corporation has a 52 week low of $20.28 and a 52 week high of $33.05. The stock has a market capitalization of $5.27 billion, a price-to-earnings ratio of 13.71 and a beta of 0.81.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings data on Friday, April 25th. The auto parts company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. The firm had revenue of $576.77 million for the quarter, compared to analysts' expectations of $578.68 million. Gentex had a net margin of 17.01% and a return on equity of 16.11%. The company's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.47 earnings per share. Equities analysts predict that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.05%. The ex-dividend date was Wednesday, July 9th. Gentex's payout ratio is presently 28.07%.

Gentex declared that its Board of Directors has approved a share buyback plan on Wednesday, July 16th that permits the company to repurchase 40,000,000 outstanding shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Activity at Gentex

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $22.87, for a total transaction of $86,082.68. Following the sale, the director owned 5,939 shares of the company's stock, valued at $135,824.93. This represents a 38.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.45% of the company's stock.

About Gentex

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.