Chesapeake Capital Corp IL Sells 15,573 Shares of Gentex Co. (NASDAQ:GNTX)

Chesapeake Capital Corp IL lowered its stake in Gentex Co. (NASDAQ:GNTX) by 51.4% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 14,716 shares of the auto parts company’s stock after selling 15,573 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Gentex were worth $496,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Norges Bank bought a new position in shares of Gentex in the 4th quarter valued at about $89,843,000. Scharf Investments LLC raised its stake in Gentex by 36,001.4% in the 2nd quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock valued at $76,803,000 after acquiring an additional 2,272,046 shares during the period. First Trust Advisors LP lifted its holdings in Gentex by 301.6% during the 4th quarter. First Trust Advisors LP now owns 2,568,775 shares of the auto parts company’s stock valued at $83,896,000 after purchasing an additional 1,929,150 shares during the last quarter. Wellington Management Group LLP boosted its position in Gentex by 27.9% during the fourth quarter. Wellington Management Group LLP now owns 8,728,378 shares of the auto parts company’s stock worth $285,069,000 after purchasing an additional 1,905,356 shares during the period. Finally, TD Asset Management Inc raised its position in shares of Gentex by 41.2% in the first quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock valued at $168,957,000 after purchasing an additional 1,363,898 shares during the period. Institutional investors own 86.76% of the company’s stock.

Gentex Trading Down 0.7 %

Shares of Gentex stock opened at $29.83 on Tuesday. The company has a market cap of $6.87 billion, a PE ratio of 15.78, a price-to-earnings-growth ratio of 0.99 and a beta of 0.92. The company has a 50 day moving average of $31.46 and a 200-day moving average of $33.76. Gentex Co. has a 1-year low of $27.86 and a 1-year high of $37.58.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, July 26th. The auto parts company reported $0.37 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.15). Gentex had a return on equity of 17.78% and a net margin of 17.87%. The business had revenue of $572.93 million for the quarter, compared to the consensus estimate of $623.28 million. Research analysts forecast that Gentex Co. will post 1.96 earnings per share for the current year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th will be given a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. The ex-dividend date of this dividend is Wednesday, October 9th. Gentex’s dividend payout ratio is presently 25.40%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on GNTX shares. UBS Group began coverage on Gentex in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 target price on the stock. StockNews.com cut Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. B. Riley reduced their target price on shares of Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. lowered their price target on shares of Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Finally, Robert W. Baird cut their price objective on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $36.86.

Insiders Place Their Bets

In related news, major shareholder Corp Gentex purchased 3,152,500 shares of Gentex stock in a transaction dated Friday, August 23rd. The shares were bought at an average cost of $5.00 per share, for a total transaction of $15,762,500.00. Following the purchase, the insider now owns 6,463,808 shares in the company, valued at approximately $32,319,040. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

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.