Gentex Corporation (NASDAQ:GNTX) Shares Sold by Harfst & Associates Inc.

Key Points

• Harfst & Associates Inc. has reduced its stake in Gentex Corporation by 52.8%, selling 39,366 shares and holding 35,170 shares worth $819,000 as of the latest SEC filing.
• Gentex Corporation reported earnings of $0.47 per share for the last quarter, beating estimates, and noted a 14.8% increase in revenue year-over-year.
• The company announced a stock buyback plan authorizing the repurchase of 40 million shares, indicating confidence in the stock's value.

Harfst & Associates Inc. lowered its position in Gentex Corporation (NASDAQ:GNTX - Free Report) by 52.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 35,170 shares of the auto parts company's stock after selling 39,366 shares during the quarter. Harfst & Associates Inc.'s holdings in Gentex were worth $819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GNTX. Cerity Partners LLC boosted its holdings in Gentex by 113.9% in the fourth quarter. Cerity Partners LLC now owns 21,520 shares of the auto parts company's stock valued at $623,000 after acquiring an additional 11,459 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Gentex in the fourth quarter valued at about $24,479,000. Treasurer of the State of North Carolina raised its position in Gentex by 0.6% in the fourth quarter. Treasurer of the State of North Carolina now owns 101,711 shares of the auto parts company's stock valued at $2,922,000 after purchasing an additional 640 shares during the period. Barclays PLC raised its position in Gentex by 66.5% in the fourth quarter. Barclays PLC now owns 179,659 shares of the auto parts company's stock valued at $5,162,000 after purchasing an additional 71,729 shares during the period. Finally, Ontario Teachers Pension Plan Board purchased a new position in Gentex in the fourth quarter valued at about $382,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Gentex Trading Down 1.3%

Gentex stock traded down $0.36 during midday trading on Friday, hitting $27.33. The stock had a trading volume of 1,719,447 shares, compared to its average volume of 2,737,028. The stock has a market cap of $6.00 billion, a P/E ratio of 15.44 and a beta of 0.82. Gentex Corporation has a 12 month low of $20.28 and a 12 month high of $31.75. The business has a fifty day moving average price of $23.94 and a 200 day moving average price of $23.41.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings data on Friday, July 25th. The auto parts company reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.08. The firm had revenue of $657.86 million during the quarter, compared to analyst estimates of $591.94 million. Gentex had a return on equity of 16.86% and a net margin of 16.82%. Gentex's quarterly revenue was up 14.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.37 earnings per share. On average, equities analysts anticipate that Gentex Corporation will post 2.04 EPS for the current fiscal year.

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

Gentex Announces Dividend

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

Analyst Upgrades and Downgrades

Several research analysts have commented on GNTX shares. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group lifted their target price on Gentex from $23.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research report on Friday, July 11th. Robert W. Baird lifted their target price on Gentex from $26.00 to $30.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Industrial Alliance Securities set a $25.00 target price on Gentex in a research report on Friday, July 11th. Six research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Gentex has a consensus rating of "Hold" and a consensus target price of $28.63.

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.