Gentex Co. (NASDAQ:GNTX) Shares Sold by Shelton Capital Management

Shelton Capital Management cut its holdings in Gentex Co. (NASDAQ:GNTX) by 4.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 11,564 shares of the auto parts company’s stock after selling 476 shares during the quarter. Shelton Capital Management’s holdings in Gentex were worth $338,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Icon Advisers Inc. Co. raised its stake in Gentex by 71.6% in the 1st quarter. Icon Advisers Inc. Co. now owns 58,500 shares of the auto parts company’s stock worth $1,640,000 after acquiring an additional 24,400 shares during the last quarter. Simplicity Solutions LLC boosted its position in Gentex by 13.5% in the second quarter. Simplicity Solutions LLC now owns 22,310 shares of the auto parts company’s stock valued at $653,000 after buying an additional 2,654 shares during the last quarter. Brown Advisory Inc. increased its holdings in Gentex by 23.8% in the 1st quarter. Brown Advisory Inc. now owns 975,375 shares of the auto parts company’s stock worth $27,340,000 after buying an additional 187,420 shares during the period. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Gentex during the 1st quarter worth approximately $2,448,000. Finally, Sciencast Management LP purchased a new position in Gentex during the 2nd quarter worth approximately $529,000. Institutional investors and hedge funds own 84.60% of the company’s stock.

Gentex Stock Performance

Gentex stock opened at $31.13 on Tuesday. The stock has a market capitalization of $7.26 billion, a P/E ratio of 18.20, a P/E/G ratio of 0.77 and a beta of 0.98. The company’s fifty day moving average price is $30.92 and its 200 day moving average price is $30.40. Gentex Co. has a 1 year low of $25.77 and a 1 year high of $34.33.

Gentex (NASDAQ:GNTX) last announced its earnings results on Friday, October 27th. The auto parts company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.42 by $0.03. The business had revenue of $575.85 million for the quarter, compared to analyst estimates of $567.57 million. Gentex had a net margin of 18.04% and a return on equity of 18.38%. The company’s revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter last year, the business earned $0.31 earnings per share. Sell-side analysts predict that Gentex Co. will post 1.77 EPS for the current year.

Gentex Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th were given a $0.12 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.48 annualized dividend and a dividend yield of 1.54%. Gentex’s dividend payout ratio (DPR) is presently 28.07%.

Analysts Set New Price Targets

Several brokerages recently issued reports on GNTX. Robert W. Baird raised their target price on shares of Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, July 31st. B. Riley boosted their price target on Gentex from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, July 31st. Finally, StockNews.com began coverage on shares of Gentex in a report on Thursday, October 5th. They set a “buy” rating for the company. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $33.20.

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, 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.