Gentex Co. (NASDAQ:GNTX) Short Interest Down 7.4% in July

Gentex Co. (NASDAQ:GNTX) was the recipient of a significant drop in short interest in the month of July. As of July 15th, there was short interest totalling 8,410,200 shares, a drop of 7.4% from the June 15th total of 9,082,700 shares. Currently, 3.3% of the shares of the company are sold short. Based on an average daily volume of 1,580,000 shares, the short-interest ratio is presently 5.3 days.

In other Gentex news, VP Matthew Chiodo sold 5,560 shares of the stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $27.07, for a total value of $150,509.20. Following the completion of the transaction, the vice president now directly owns 30,776 shares of the company’s stock, valued at $833,106.32. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Steven R. Downing sold 3,810 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $25.32, for a total transaction of $96,469.20. Following the completion of the transaction, the insider now directly owns 124,078 shares of the company’s stock, valued at $3,141,654.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,808 shares of company stock valued at $865,749. 0.37% of the stock is owned by insiders.

Hedge funds have recently added to or reduced their stakes in the business. Country Trust Bank grew its stake in Gentex by 1.9% in the 2nd quarter. Country Trust Bank now owns 1,026,687 shares of the auto parts company’s stock worth $25,267,000 after acquiring an additional 18,937 shares during the period. Boston Partners acquired a new position in shares of Gentex in the 1st quarter valued at $76,910,000. Fort L.P. boosted its holdings in shares of Gentex by 38.9% in the 1st quarter. Fort L.P. now owns 80,992 shares of the auto parts company’s stock valued at $1,675,000 after purchasing an additional 22,700 shares during the last quarter. Wedge Capital Management L L P NC boosted its holdings in shares of Gentex by 4.0% in the 1st quarter. Wedge Capital Management L L P NC now owns 662,155 shares of the auto parts company’s stock valued at $13,693,000 after purchasing an additional 25,761 shares during the last quarter. Finally, Great West Life Assurance Co. Can boosted its holdings in shares of Gentex by 17.8% in the 1st quarter. Great West Life Assurance Co. Can now owns 257,040 shares of the auto parts company’s stock valued at $5,307,000 after purchasing an additional 38,765 shares during the last quarter. 82.74% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on the stock. Zacks Investment Research cut shares of Phoenix New Media from a “hold” rating to a “sell” rating in a report on Tuesday, July 23rd. BidaskClub raised shares of WSFS Financial from a “strong sell” rating to a “sell” rating in a report on Tuesday. B. Riley set a $6.00 target price on shares of Intevac and gave the company a “hold” rating in a report on Friday, July 19th. ValuEngine cut shares of Vereit from a “buy” rating to a “hold” rating in a research note on Friday, July 19th. Finally, BMO Capital Markets reissued a “hold” rating on shares of First Majestic Silver in a research note on Tuesday, April 2nd. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $23.66.

GNTX stock traded up $0.13 during midday trading on Wednesday, hitting $27.28. The stock had a trading volume of 19,805 shares, compared to its average volume of 1,765,053. The company has a market cap of $6.94 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 3.28 and a beta of 1.21. Gentex has a 12-month low of $17.80 and a 12-month high of $27.94. The business has a 50-day moving average price of $24.67.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, July 19th. The auto parts company reported $0.42 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.02. The firm had revenue of $468.71 million during the quarter, compared to analysts’ expectations of $462.65 million. Gentex had a net margin of 23.28% and a return on equity of 23.08%. Gentex’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.40 EPS. As a group, analysts expect that Gentex will post 1.68 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 24th. Shareholders of record on Wednesday, July 10th were paid a $0.115 dividend. The ex-dividend date of this dividend was Tuesday, July 9th. This represents a $0.46 annualized dividend and a yield of 1.69%. Gentex’s payout ratio is currently 28.40%.

About Gentex

Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets 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, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.

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