Trust Point Inc. Reduces Stock Position in Gentex Corporation (NASDAQ:GNTX)

Trust Point Inc. reduced its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 55.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,974 shares of the auto parts company's stock after selling 17,472 shares during the period. Trust Point Inc.'s holdings in Gentex were worth $326,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Midwest Capital Advisors LLC acquired a new position in shares of Gentex in the 4th quarter valued at $26,000. TD Private Client Wealth LLC boosted its holdings in shares of Gentex by 138.8% in the 4th quarter. TD Private Client Wealth LLC now owns 1,139 shares of the auto parts company's stock valued at $33,000 after buying an additional 662 shares in the last quarter. Harbor Investment Advisory LLC boosted its holdings in shares of Gentex by 208.2% in the 1st quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company's stock valued at $38,000 after buying an additional 1,093 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Gentex by 103.3% in the 1st quarter. UMB Bank n.a. now owns 2,124 shares of the auto parts company's stock valued at $49,000 after buying an additional 1,079 shares in the last quarter. Finally, NBC Securities Inc. boosted its holdings in shares of Gentex by 268,600.0% in the 1st quarter. NBC Securities Inc. now owns 2,687 shares of the auto parts company's stock valued at $62,000 after buying an additional 2,686 shares in the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Stock Down 0.7%

NASDAQ:GNTX traded down $0.14 during trading hours on Friday, reaching $21.25. 3,826,076 shares of the company's stock were exchanged, compared to its average volume of 1,842,100. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 12.43, a P/E/G ratio of 1.05 and a beta of 0.81. The company has a 50-day moving average of $21.83 and a 200 day moving average of $24.58. Gentex Corporation has a 1-year low of $20.28 and a 1-year high of $35.32.

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

Gentex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 9th. This represents a $0.48 dividend on an annualized basis and a yield of 2.26%. Gentex's payout ratio is currently 28.07%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on GNTX shares. UBS Group lowered their target price on shares of Gentex from $29.00 to $21.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. Baird R W cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Robert W. Baird reiterated a "neutral" rating and set a $25.00 price target (down previously from $31.00) on shares of Gentex in a research note on Tuesday, April 15th. The Goldman Sachs Group decreased their price target on shares of Gentex from $28.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Finally, Guggenheim decreased their price target on shares of Gentex from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Eight analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $28.31.

Insiders Place Their Bets

In related news, Director Joseph B. Anderson, Jr. sold 3,764 shares of Gentex stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.87, for a total value of $86,082.68. Following the sale, the director now directly owns 5,939 shares in the company, valued at $135,824.93. The trade was a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.45% of the stock is owned by insiders.

Gentex Company 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.