OLD National Bancorp IN Sells 8,472 Shares of Gentex Co. (NASDAQ:GNTX)

OLD National Bancorp IN lessened its holdings in shares of Gentex Co. (NASDAQ:GNTX) by 51.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,953 shares of the auto parts company’s stock after selling 8,472 shares during the period. OLD National Bancorp IN’s holdings in Gentex were worth $260,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of GNTX. Merit Financial Group LLC bought a new position in Gentex in the 3rd quarter worth about $618,000. IFG Advisory LLC boosted its stake in Gentex by 85.1% in the 4th quarter. IFG Advisory LLC now owns 129,203 shares of the auto parts company’s stock worth $4,220,000 after purchasing an additional 59,407 shares in the last quarter. New York Life Investment Management LLC boosted its stake in Gentex by 112.3% in the 3rd quarter. New York Life Investment Management LLC now owns 24,876 shares of the auto parts company’s stock worth $809,000 after purchasing an additional 13,161 shares in the last quarter. Jump Financial LLC boosted its stake in Gentex by 130.7% in the 3rd quarter. Jump Financial LLC now owns 123,805 shares of the auto parts company’s stock worth $4,029,000 after purchasing an additional 70,138 shares in the last quarter. Finally, Epoch Investment Partners Inc. boosted its stake in Gentex by 1.9% in the 3rd quarter. Epoch Investment Partners Inc. now owns 1,951,077 shares of the auto parts company’s stock worth $63,488,000 after purchasing an additional 36,461 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.

Gentex Trading Down 1.5 %

Gentex stock opened at $34.65 on Friday. The firm has a 50 day moving average of $35.68 and a 200 day moving average of $33.06. The firm has a market capitalization of $8.02 billion, a price-to-earnings ratio of 18.83, a P/E/G ratio of 0.74 and a beta of 0.99. Gentex Co. has a 12-month low of $25.85 and a 12-month high of $37.58.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, January 26th. The auto parts company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.06. Gentex had a net margin of 18.63% and a return on equity of 19.25%. The company had revenue of $589.13 million during the quarter, compared to analyst estimates of $563.42 million. During the same period in the prior year, the firm posted $0.37 EPS. The firm’s quarterly revenue was up 19.3% compared to the same quarter last year. On average, analysts predict that Gentex Co. will post 2.17 EPS for the current year.

Gentex Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 17th. Shareholders of record on Friday, April 5th were paid a $0.12 dividend. The ex-dividend date was Thursday, April 4th. This represents a $0.48 annualized dividend and a yield of 1.39%. Gentex’s payout ratio is 26.09%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GNTX. The Goldman Sachs Group upped their price target on shares of Gentex from $31.00 to $35.00 and gave the stock a “neutral” rating in a research note on Monday, January 29th. StockNews.com raised Gentex from a “hold” rating to a “buy” rating in a research report on Friday, February 23rd. Guggenheim boosted their target price on Gentex from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Wednesday, April 17th. B. Riley boosted their target price on Gentex from $42.00 to $44.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Finally, JPMorgan Chase & Co. boosted their target price on Gentex from $36.00 to $37.00 and gave the stock 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 issued a buy rating to the company’s stock. According to MarketBeat, Gentex currently has an average rating of “Moderate Buy” and an average price target of $37.83.

Insiders Place Their Bets

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

Gentex Company 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.