IFG Advisory LLC Buys 20,516 Shares of Gentex Corporation (NASDAQ:GNTX)

Key Points

• IFG Advisory LLC increased its stake in Gentex Corporation by 17.2% in Q1, acquiring a total of 139,926 shares valued at approximately $3.26 million.
• Gentex reported earnings of $0.47 per share for the latest quarter, exceeding expectations and showing a 14.8% increase in revenue year-over-year.
• The company announced a quarterly dividend of $0.12 per share and initiated a share buyback plan allowing for the repurchase of up to 40 million shares, signaling potential confidence in stock value.

IFG Advisory LLC boosted its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 17.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 139,926 shares of the auto parts company's stock after buying an additional 20,516 shares during the period. IFG Advisory LLC owned approximately 0.06% of Gentex worth $3,260,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Larson Financial Group LLC lifted its holdings in shares of Gentex by 1,471.0% in the first quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock worth $25,000 after buying an additional 1,015 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Gentex by 85.4% during the first 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 in the last quarter. Harbor Investment Advisory LLC raised its stake in shares of Gentex by 208.2% during the first 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 in the last quarter. UMB Bank n.a. raised its stake in shares of Gentex by 103.3% during the first 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 in the last quarter. Finally, NBC Securities Inc. grew its holdings in shares of Gentex by 268,600.0% in the first quarter. NBC Securities Inc. now owns 2,687 shares of the auto parts company's stock worth $62,000 after purchasing an additional 2,686 shares during the last quarter. Institutional investors and hedge funds own 86.76% of the company's stock.

Insiders Place Their Bets

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was 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 trade represents a 38.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.45% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. Industrial Alliance Securities set a $25.00 price target on shares of Gentex in a report on Friday, July 11th. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Robert W. Baird lifted their price target on Gentex from $26.00 to $30.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. B. Riley lifted their price target on Gentex from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. Finally, Baird R W lowered Gentex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $28.63.

Gentex Trading Up 1.4%

Shares of GNTX traded up $0.36 during midday trading on Tuesday, reaching $26.50. 147,982 shares of the stock were exchanged, compared to its average volume of 2,335,085. Gentex Corporation has a 52 week low of $20.28 and a 52 week high of $31.75. The company's 50 day moving average is $22.94 and its two-hundred day moving average is $23.44. The company has a market capitalization of $5.96 billion, a P/E ratio of 14.98 and a beta of 0.82.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.39 by $0.08. Gentex had a return on equity of 16.86% and a net margin of 16.82%. The business had revenue of $657.86 million for the quarter, compared to the consensus estimate of $591.94 million. During the same quarter in the prior year, the company earned $0.37 EPS. The business's revenue was up 14.8% compared to the same quarter last year. On average, sell-side analysts expect that Gentex Corporation will post 2.04 EPS for the current year.

Gentex announced that its Board of Directors has authorized a share repurchase plan on Wednesday, July 16th that authorizes the company to buyback 40,000,000 outstanding shares. This buyback authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th were given a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, July 9th. This represents a $0.48 dividend on an annualized basis and a yield of 1.8%. Gentex's dividend payout ratio (DPR) is presently 27.12%.

Gentex 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.