Gentex Corporation $GNTX Shares Sold by EdgePoint Investment Group Inc.

Key Points

• EdgePoint Investment Group cut its stake in Gentex by 95.3% in Q3, selling 5,374,882 shares and retaining 263,000 shares worth about $7.44 million (0.12% of the company).
• Company insiders have been net sellers: CEO Steven R. Downing sold 35,000 shares (~$866k) and CTO Neil Boehm sold 11,248 shares (~$279k) on Feb 17, and insiders sold 58,133 shares (~$1.44M) in the last 90 days, leaving insiders with 0.45% ownership.
• Analysts hold a consensus Hold rating (two Buys, six Holds) with an average price target of $26.71, amid recent target revisions such as B. Riley's $28 and UBS's $25.

EdgePoint Investment Group Inc. reduced its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 95.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 263,000 shares of the auto parts company's stock after selling 5,374,882 shares during the period. EdgePoint Investment Group Inc. owned 0.12% of Gentex worth $7,443,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. acquired a new position in Gentex in the 3rd quarter valued at about $38,000. Clearstead Advisors LLC increased its holdings in shares of Gentex by 82.3% during the 3rd quarter. Clearstead Advisors LLC now owns 2,042 shares of the auto parts company's stock worth $58,000 after buying an additional 922 shares during the last quarter. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Gentex during the 3rd quarter valued at approximately $65,000. Steph & Co. raised its position in shares of Gentex by 30.5% during the 3rd quarter. Steph & Co. now owns 2,684 shares of the auto parts company's stock valued at $76,000 after buying an additional 627 shares during the period. Finally, EverSource Wealth Advisors LLC lifted its holdings in Gentex by 2,038.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company's stock valued at $99,000 after acquiring an additional 4,301 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GNTX shares. B. Riley Financial lowered their price objective on Gentex from $32.00 to $28.00 and set a "buy" rating for the company in a research report on Monday, February 2nd. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a research note on Sunday, March 8th. Robert W. Baird set a $26.00 price target on Gentex in a report on Wednesday, January 14th. UBS Group set a $25.00 price objective on Gentex in a research report on Monday, February 2nd. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Gentex in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $26.71.

Insider Buying and Selling

In other Gentex news, CEO Steven R. Downing sold 35,000 shares of the business's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $24.75, for a total transaction of $866,250.00. Following the sale, the chief executive officer directly owned 211,670 shares in the company, valued at $5,238,832.50. This represents a 14.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Neil Boehm sold 11,248 shares of the stock in a transaction dated Tuesday, February 17th. The stock was sold at an average price of $24.82, for a total transaction of $279,175.36. Following the sale, the chief technology officer directly owned 58,951 shares in the company, valued at $1,463,163.82. This represents a 16.02% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 58,133 shares of company stock valued at $1,442,313. Corporate insiders own 0.45% of the company's stock.

Gentex Stock Performance

Gentex stock opened at $20.97 on Friday. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $29.38. The firm has a 50 day moving average price of $23.65 and a 200 day moving average price of $24.67. The company has a market capitalization of $4.52 billion, a PE ratio of 12.05 and a beta of 0.76.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, January 30th. The auto parts company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.43 by $0.01. Gentex had a return on equity of 16.05% and a net margin of 15.19%.The company had revenue of $644.40 million for the quarter, compared to analysts' expectations of $650.90 million. During the same period in the prior year, the firm earned $0.39 earnings per share. The firm's revenue was up 19.0% compared to the same quarter last year. As a group, equities research analysts forecast that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 22nd. Investors of record on Wednesday, April 8th will be paid a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, April 8th. This represents a $0.48 annualized dividend and a yield of 2.3%. Gentex's dividend payout ratio is presently 27.59%.

About Gentex

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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