Legacy Trust Sells 23,088 Shares of Gentex Co. (NASDAQ:GNTX)

Legacy Trust reduced its stake in shares of Gentex Co. (NASDAQ:GNTX - Free Report) by 27.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,495 shares of the auto parts company's stock after selling 23,088 shares during the quarter. Legacy Trust's holdings in Gentex were worth $1,410,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Choreo LLC lifted its position in Gentex by 27.8% during the 4th quarter. Choreo LLC now owns 14,511 shares of the auto parts company's stock valued at $415,000 after purchasing an additional 3,154 shares during the period. Empowered Funds LLC lifted its stake in Gentex by 4.9% in the fourth quarter. Empowered Funds LLC now owns 22,819 shares of the auto parts company's stock valued at $656,000 after buying an additional 1,071 shares in the last quarter. Entropy Technologies LP acquired a new position in Gentex in the 4th quarter worth $290,000. Portfolio Design Labs LLC acquired a new position in shares of Gentex during the fourth quarter worth about $202,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Gentex during the 4th quarter worth approximately $210,000. 86.76% of the stock is owned by institutional investors.

Gentex Stock Down 2.5%

Shares of NASDAQ GNTX traded down $0.55 during midday trading on Friday, reaching $21.72. The company had a trading volume of 1,756,070 shares, compared to its average volume of 1,842,520. The stock has a market cap of $4.88 billion, a PE ratio of 12.34, a price-to-earnings-growth ratio of 0.84 and a beta of 0.82. Gentex Co. has a one year low of $20.28 and a one year high of $35.32. The firm's fifty day moving average price is $21.79 and its 200-day moving average price is $24.99.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 EPS for the quarter, meeting analysts' consensus estimates of $0.43. The business had revenue of $576.77 million during the quarter, compared to analyst estimates of $578.68 million. Gentex had a return on equity of 16.74% and a net margin of 17.49%. Gentex's quarterly revenue was down 2.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.47 EPS. As a group, equities research analysts expect that Gentex Co. will post 2.04 EPS for the current year.

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Wednesday, July 9th. Gentex's payout ratio is 28.07%.

Analysts Set New Price Targets

GNTX has been the topic of a number of recent analyst reports. Baird R W downgraded shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Tuesday, April 15th. Guggenheim cut their price objective on shares of Gentex from $30.00 to $24.00 and set a "buy" rating for the company in a report on Tuesday, April 22nd. UBS Group decreased their price target on Gentex from $29.00 to $21.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Robert W. Baird restated a "neutral" rating and set a $25.00 price objective (down from $31.00) on shares of Gentex in a research report on Tuesday, April 15th. Finally, The Goldman Sachs Group cut their target price on shares of Gentex from $28.00 to $23.00 and set a "neutral" rating on the stock in a research report on Thursday, April 10th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $28.31.

Insider Activity

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the company's 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 now directly owns 5,939 shares of the company's stock, valued at $135,824.93. This represents a 38.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.45% of the company's stock.

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.