Scharf Investments LLC Has $24.26 Million Holdings in Gentex Corporation (NASDAQ:GNTX)

Scharf Investments LLC cut its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 43.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,041,148 shares of the auto parts company's stock after selling 788,720 shares during the quarter. Gentex comprises 0.7% of Scharf Investments LLC's investment portfolio, making the stock its 25th largest holding. Scharf Investments LLC owned approximately 0.46% of Gentex worth $24,259,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP lifted its holdings in shares of Gentex by 6.1% during the 4th 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 period. Burgundy Asset Management Ltd. lifted its stake in Gentex by 1.6% during the fourth quarter. Burgundy Asset Management Ltd. now owns 5,516,817 shares of the auto parts company's stock worth $158,498,000 after purchasing an additional 86,929 shares during the period. Geode Capital Management LLC boosted its holdings in Gentex by 1.0% during the fourth quarter. Geode Capital Management LLC now owns 5,423,820 shares of the auto parts company's stock valued at $155,861,000 after purchasing an additional 55,816 shares in the last quarter. TD Asset Management Inc. grew its stake in shares of Gentex by 7.1% in the 4th quarter. TD Asset Management Inc. now owns 5,415,871 shares of the auto parts company's stock valued at $155,598,000 after purchasing an additional 356,854 shares during the period. Finally, JPMorgan Chase & Co. raised its holdings in shares of Gentex by 162.4% in the 4th quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company's stock worth $150,810,000 after buying an additional 3,248,434 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company's stock.

Insider Activity

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the business'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 completion of the transaction, the director now directly owns 5,939 shares in the company, valued at approximately $135,824.93. The trade was a 38.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.45% of the company's stock.

Gentex Price Performance

Shares of GNTX stock traded up $0.33 during trading hours on Tuesday, reaching $21.87. 987,899 shares of the company were exchanged, compared to its average volume of 1,838,965. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $35.32. The stock's fifty day moving average is $21.84 and its two-hundred day moving average is $24.48. The company has a market cap of $4.92 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 1.05 and a beta of 0.82.

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, meeting analysts' consensus estimates of $0.43. The firm had revenue of $576.77 million for the quarter, compared to analyst estimates of $578.68 million. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The business's quarterly revenue was down 2.3% compared to the same quarter last year. During the same period last year, the company earned $0.47 EPS. On average, research analysts anticipate that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The firm also recently announced 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 2.19%. Gentex's payout ratio is presently 28.07%.

Analysts Set New Price Targets

Several analysts recently commented on GNTX shares. Guggenheim decreased 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. The Goldman Sachs Group reduced their target price on shares of Gentex from $28.00 to $23.00 and set a "neutral" rating on the stock in a research note on Thursday, April 10th. Baird R W cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. Robert W. Baird restated a "neutral" rating and issued a $25.00 price target (down from $31.00) on shares of Gentex in a research report on Tuesday, April 15th. Finally, UBS Group dropped their price objective 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. Eight research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Gentex has a consensus 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.