State of New Jersey Common Pension Fund D Cuts Stock Holdings in Gentex Co. (NASDAQ:GNTX)

State of New Jersey Common Pension Fund D decreased its stake in shares of Gentex Co. (NASDAQ:GNTX) by 13.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 108,353 shares of the auto parts company’s stock after selling 17,027 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Gentex were worth $3,539,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Merit Financial Group LLC purchased a new position in shares of Gentex during the third quarter valued at approximately $618,000. IFG Advisory LLC boosted its position in shares of Gentex by 85.1% during the fourth quarter. IFG Advisory LLC now owns 129,203 shares of the auto parts company’s stock valued at $4,220,000 after buying an additional 59,407 shares during the last quarter. New York Life Investment Management LLC boosted its position in shares of Gentex by 112.3% during the third quarter. New York Life Investment Management LLC now owns 24,876 shares of the auto parts company’s stock valued at $809,000 after buying an additional 13,161 shares during the last quarter. Cumberland Partners Ltd lifted its holdings in Gentex by 104.1% during the fourth quarter. Cumberland Partners Ltd now owns 184,655 shares of the auto parts company’s stock worth $6,030,000 after acquiring an additional 94,195 shares during the period. Finally, Jump Financial LLC lifted its holdings in Gentex by 130.7% during the third quarter. Jump Financial LLC now owns 123,805 shares of the auto parts company’s stock worth $4,029,000 after acquiring an additional 70,138 shares during the period. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Insider Activity

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

Gentex Price Performance

Shares of GNTX opened at $34.71 on Friday. The firm has a market cap of $8.03 billion, a PE ratio of 18.86, a PEG ratio of 0.73 and a beta of 0.99. The stock’s fifty day moving average price is $35.67 and its two-hundred day moving average price is $33.09. Gentex Co. has a 1 year low of $25.85 and a 1 year high of $37.58.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, April 26th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.47. The firm had revenue of $590.23 million for the quarter, compared to analyst estimates of $600.38 million. Gentex had a return on equity of 19.25% and a net margin of 18.63%. The business’s revenue was up 7.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.42 earnings per share. Sell-side analysts anticipate that Gentex Co. will post 2.17 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The company also recently announced 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 dividend yield of 1.38%. Gentex’s payout ratio is presently 26.09%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Guggenheim lifted their price target on Gentex from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Wednesday, April 17th. B. Riley lifted their price target on Gentex from $42.00 to $44.00 and gave the stock a “buy” rating in a report on Wednesday, March 20th. StockNews.com upgraded Gentex from a “hold” rating to a “buy” rating in a report on Friday, February 23rd. The Goldman Sachs Group lifted their price target on Gentex from $31.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, January 29th. Finally, JPMorgan Chase & Co. lifted their price target on Gentex from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, January 25th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.