Fifth Third Bancorp Reduces Position in Gentex Co. (NASDAQ:GNTX)

Fifth Third Bancorp decreased its holdings in Gentex Co. (NASDAQ:GNTX - Free Report) by 77.3% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,051 shares of the auto parts company's stock after selling 27,483 shares during the quarter. Fifth Third Bancorp's holdings in Gentex were worth $231,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. AQR Capital Management LLC increased its position in Gentex by 6.3% during the second quarter. AQR Capital Management LLC now owns 140,831 shares of the auto parts company's stock valued at $4,725,000 after acquiring an additional 8,374 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Gentex by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 209,219 shares of the auto parts company's stock valued at $7,053,000 after purchasing an additional 3,764 shares during the last quarter. Creative Planning lifted its stake in shares of Gentex by 4.1% in the 2nd quarter. Creative Planning now owns 60,685 shares of the auto parts company's stock worth $2,046,000 after purchasing an additional 2,393 shares during the period. Truist Financial Corp boosted its holdings in shares of Gentex by 22.5% in the second quarter. Truist Financial Corp now owns 642,283 shares of the auto parts company's stock worth $21,651,000 after buying an additional 117,843 shares during the last quarter. Finally, Cetera Investment Advisers grew its position in Gentex by 22.9% during the second quarter. Cetera Investment Advisers now owns 157,214 shares of the auto parts company's stock valued at $5,300,000 after buying an additional 29,338 shares during the period. Hedge funds and other institutional investors own 86.76% of the company's stock.

Gentex Trading Down 8.2 %

NASDAQ GNTX opened at $25.92 on Friday. Gentex Co. has a 12 month low of $25.10 and a 12 month high of $37.58. The stock has a market cap of $5.90 billion, a PE ratio of 13.86, a P/E/G ratio of 0.92 and a beta of 0.91. The stock's 50 day moving average is $29.03 and its 200 day moving average is $29.88.

Gentex (NASDAQ:GNTX - Get Free Report) last released its earnings results on Friday, January 31st. The auto parts company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.10). Gentex had a return on equity of 18.25% and a net margin of 18.37%. During the same quarter in the previous year, the company posted $0.50 earnings per share. On average, analysts forecast that Gentex Co. will post 1.86 EPS for the current fiscal year.

Gentex Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 22nd. Stockholders of record on Wednesday, January 8th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, January 8th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.85%. Gentex's payout ratio is 25.67%.

Wall Street Analyst Weigh In

Several research firms have weighed in on GNTX. Robert W. Baird lifted their price target on shares of Gentex from $35.00 to $37.00 and gave the stock an "outperform" rating in a research note on Monday, October 28th. Bank of America cut their price target on Gentex from $39.00 to $35.00 and set a "neutral" rating for the company in a report on Monday, October 14th. Finally, Guggenheim lowered their price objective on Gentex from $35.00 to $34.00 and set a "buy" rating on the stock in a research report on Thursday, November 21st. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $35.13.

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.

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