Allspring Global Investments Holdings LLC Reduces Holdings in Gentex Co. (NASDAQ:GNTX)

Allspring Global Investments Holdings LLC cut its stake in shares of Gentex Co. (NASDAQ:GNTX - Free Report) by 46.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 299,257 shares of the auto parts company's stock after selling 261,684 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.13% of Gentex worth $9,774,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of GNTX. Belpointe Asset Management LLC increased its position in shares of Gentex by 414.3% during the first quarter. Belpointe Asset Management LLC now owns 900 shares of the auto parts company's stock worth $25,000 after acquiring an additional 725 shares during the period. VisionPoint Advisory Group LLC boosted its stake in Gentex by 123.6% in the third quarter. VisionPoint Advisory Group LLC now owns 1,203 shares of the auto parts company's stock valued at $39,000 after acquiring an additional 665 shares in the last quarter. Covestor Ltd boosted its stake in Gentex by 79.2% in the first quarter. Covestor Ltd now owns 1,887 shares of the auto parts company's stock valued at $55,000 after acquiring an additional 834 shares in the last quarter. Quent Capital LLC lifted its stake in shares of Gentex by 209.0% during the third quarter. Quent Capital LLC now owns 1,749 shares of the auto parts company's stock worth $57,000 after buying an additional 1,183 shares during the period. Finally, Steward Partners Investment Advisory LLC lifted its stake in shares of Gentex by 31.7% during the first quarter. Steward Partners Investment Advisory LLC now owns 2,774 shares of the auto parts company's stock worth $78,000 after buying an additional 667 shares during the period. 86.76% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Kevin C. Nash sold 13,500 shares of the stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $33.04, for a total value of $446,040.00. Following the sale, the chief financial officer now owns 44,321 shares of the company's stock, valued at approximately $1,464,365.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Kevin C. Nash sold 13,500 shares of the firm's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $33.04, for a total transaction of $446,040.00. Following the completion of the transaction, the chief financial officer now owns 44,321 shares in the company, valued at approximately $1,464,365.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Richard O. Schaum sold 6,022 shares of the company's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $33.93, for a total transaction of $204,326.46. Following the sale, the director now directly owns 62,555 shares of the company's stock, valued at $2,122,491.15. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company's stock.

Gentex Trading Down 0.5 %

GNTX traded down $0.17 during trading on Wednesday, hitting $33.51. 1,142,592 shares of the company's stock were exchanged, compared to its average volume of 1,428,636. The firm has a market cap of $7.75 billion, a P/E ratio of 18.21, a price-to-earnings-growth ratio of 0.72 and a beta of 0.99. The stock has a 50 day moving average price of $35.76 and a 200 day moving average price of $32.96. Gentex Co. has a 1 year low of $25.85 and a 1 year high of $37.58.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings results on Friday, January 26th. The auto parts company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.06. The firm had revenue of $589.13 million for the quarter, compared to analysts' expectations of $563.42 million. Gentex had a net margin of 18.63% and a return on equity of 19.25%. The firm's quarterly revenue was up 19.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.37 earnings per share. Analysts forecast that Gentex Co. will post 2.16 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 17th. Investors of record on Friday, April 5th will be issued a $0.12 dividend. The ex-dividend date is Thursday, April 4th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.43%. Gentex's dividend payout ratio (DPR) is presently 26.09%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on GNTX shares. B. Riley lifted their price objective on shares of Gentex from $42.00 to $44.00 and gave the company a "buy" rating in a report on Wednesday, March 20th. StockNews.com upgraded shares of Gentex from a "hold" rating to a "buy" rating in a report on Friday, February 23rd. The Goldman Sachs Group upped their price objective on shares of Gentex from $31.00 to $35.00 and gave the stock a "neutral" rating in a report on Monday, January 29th. Guggenheim upped their price objective on shares of Gentex from $40.00 to $41.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Gentex from $36.00 to $37.00 and gave the company a "neutral" rating in a research report on Thursday, January 25th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat.com, Gentex presently has a consensus rating of "Moderate Buy" and an average price target of $37.83.

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.