Jensen Investment Management Inc. Has $3.76 Million Stock Position in Gentex Corporation (NASDAQ:GNTX)

Key Points

• Jensen Investment Management Inc. reduced its stake in Gentex Corporation by 9.7%, holding 161,540 shares worth $3.76 million after selling 17,380 shares in the first quarter.
• Gentex recently reported earnings of $0.47 per share, exceeding analysts' expectations and showing a 14.8% increase in quarterly revenue year-over-year.
• The company authorized a stock repurchase program for up to 40 million shares, indicating that its board believes the stock may be undervalued.

Jensen Investment Management Inc. lowered its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 9.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 161,540 shares of the auto parts company's stock after selling 17,380 shares during the quarter. Jensen Investment Management Inc. owned 0.07% of Gentex worth $3,764,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of GNTX. Vanguard Group Inc. raised its stake in shares of Gentex by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 22,581,938 shares of the auto parts company's stock worth $526,159,000 after purchasing an additional 886,785 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Gentex during the 4th quarter worth approximately $24,479,000. Epoch Investment Partners Inc. raised its stake in shares of Gentex by 16.0% during the 4th quarter. Epoch Investment Partners Inc. now owns 4,438,938 shares of the auto parts company's stock worth $127,531,000 after purchasing an additional 611,635 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Gentex during the 4th quarter worth approximately $15,802,000. Finally, Northern Trust Corp raised its stake in shares of Gentex by 29.9% during the 4th quarter. Northern Trust Corp now owns 2,236,718 shares of the auto parts company's stock worth $64,261,000 after purchasing an additional 514,920 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company's stock.

Gentex Trading Up 2.3%

GNTX opened at $26.75 on Wednesday. The stock has a market cap of $6.01 billion, a PE ratio of 15.11 and a beta of 0.82. The stock's fifty day simple moving average is $23.03 and its 200 day simple moving average is $23.46. Gentex Corporation has a 1-year low of $20.28 and a 1-year high of $31.75.

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

Gentex Dividend Announcement

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

Gentex declared that its board has authorized a stock repurchase program on Wednesday, July 16th that permits the company to buyback 40,000,000 outstanding shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. UBS Group upped their price objective on Gentex from $23.00 to $28.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Industrial Alliance Securities set a $25.00 price target on Gentex in a research note on Friday, July 11th. The Goldman Sachs Group restated a "neutral" rating on shares of 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 note on Tuesday, April 22nd. Finally, Wall Street Zen upgraded Gentex from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, Gentex presently has a consensus rating of "Hold" and a consensus target price of $28.63.

Insiders Place Their Bets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.