KBC Group NV Decreases Position in Gentex Corporation (NASDAQ:GNTX)

KBC Group NV reduced its stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 91.2% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,231 shares of the auto parts company's stock after selling 95,623 shares during the quarter. KBC Group NV's holdings in Gentex were worth $215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. JPMorgan Chase & Co. lifted its position in shares of Gentex by 162.4% during the fourth quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company's stock worth $150,810,000 after purchasing an additional 3,248,434 shares during the last quarter. Norges Bank purchased a new stake in shares of Gentex during the fourth quarter worth about $51,959,000. Wellington Management Group LLP grew its stake in shares of Gentex by 6.1% during the fourth quarter. Wellington Management Group LLP now owns 18,023,056 shares of the auto parts company's stock worth $517,802,000 after acquiring an additional 1,038,912 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Gentex in the fourth quarter valued at approximately $24,479,000. Finally, American Century Companies Inc. boosted its position in Gentex by 66.9% in the fourth quarter. American Century Companies Inc. now owns 1,657,397 shares of the auto parts company's stock valued at $47,617,000 after buying an additional 664,389 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Stock Performance

Shares of NASDAQ GNTX traded up $0.24 during mid-day trading on Thursday, reaching $23.28. 3,860,271 shares of the company's stock were exchanged, compared to its average volume of 2,263,164. The company's 50-day moving average is $22.06 and its 200-day moving average is $23.93. Gentex Corporation has a 52-week low of $20.28 and a 52-week high of $35.32. The firm has a market capitalization of $5.23 billion, a price-to-earnings ratio of 13.61, a PEG ratio of 1.14 and a beta of 0.81.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, meeting analysts' consensus estimates of $0.43. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The company had revenue of $576.77 million during the quarter, compared to analysts' expectations of $578.68 million. During the same period last year, the business posted $0.47 EPS. Gentex's revenue for the quarter was down 2.3% on a year-over-year basis. As a group, equities analysts predict that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Wednesday, July 9th. Gentex's dividend payout ratio (DPR) is presently 28.07%.

Insider Buying and Selling at Gentex

In other 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 approximately $135,824.93. This trade represents a 38.79% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.45% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have commented on GNTX. UBS Group lowered their price objective on Gentex from $29.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. The Goldman Sachs Group reduced their price objective on Gentex from $28.00 to $23.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Baird R W downgraded Gentex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Robert W. Baird reissued a "neutral" rating and issued a $25.00 price objective (down from $31.00) on shares of Gentex in a research note on Tuesday, April 15th. Finally, Guggenheim reduced their price objective on Gentex from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Gentex presently has an average rating of "Hold" and an average target price of $28.31.

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.