Synovus Financial Corp Sells 23,223 Shares of Gentex Co. (NASDAQ:GNTX)

Synovus Financial Corp reduced its stake in shares of Gentex Co. (NASDAQ:GNTX - Free Report) by 49.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 23,913 shares of the auto parts company's stock after selling 23,223 shares during the quarter. Synovus Financial Corp's holdings in Gentex were worth $687,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Midwest Capital Advisors LLC acquired a new stake in shares of Gentex in the 4th quarter valued at $26,000. TD Private Client Wealth LLC lifted its position in shares of Gentex by 138.8% during the 4th quarter. TD Private Client Wealth LLC now owns 1,139 shares of the auto parts company's stock worth $33,000 after buying an additional 662 shares during the last quarter. Synergy Asset Management LLC acquired a new stake in Gentex in the fourth quarter valued at about $34,000. Thurston Springer Miller Herd & Titak Inc. grew its position in Gentex by 32.5% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 2,419 shares of the auto parts company's stock valued at $70,000 after acquiring an additional 593 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd acquired a new position in Gentex during the fourth quarter worth about $96,000. Institutional investors own 86.76% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on GNTX shares. JPMorgan Chase & Co. reduced their price target on shares of Gentex from $34.00 to $32.00 and set a "neutral" rating on the stock in a research note on Monday, February 3rd. Baird R W lowered shares of Gentex from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, April 15th. The Goldman Sachs Group lowered their price target on shares of Gentex from $28.00 to $23.00 and set a "neutral" rating for the company in a report on Thursday, April 10th. B. Riley reiterated a "buy" rating and issued a $32.50 price target (down from $37.00) on shares of Gentex in a research note on Monday, February 3rd. Finally, Guggenheim reduced their price objective on Gentex from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Tuesday. Eight equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Gentex currently has a consensus rating of "Hold" and an average price target of $28.31.

Gentex Trading Up 2.2 %

NASDAQ:GNTX traded up $0.46 during trading hours on Tuesday, hitting $21.75. 1,712,289 shares of the company were exchanged, compared to its average volume of 1,699,834. The stock has a market capitalization of $4.92 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 0.84 and a beta of 0.84. Gentex Co. has a one year low of $20.28 and a one year high of $35.33. The company has a fifty day simple moving average of $23.40 and a 200 day simple moving average of $27.02.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings data on Friday, January 31st. The auto parts company reported $0.39 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.49 by ($0.10). Gentex had a return on equity of 16.74% and a net margin of 17.49%. During the same period in the prior year, the company earned $0.50 EPS. Equities research analysts predict that Gentex Co. will post 2.04 earnings per share for the current fiscal year.

Gentex Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 23rd. Stockholders of record on Wednesday, April 9th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date of this dividend is Wednesday, April 9th. Gentex's dividend payout ratio is currently 27.27%.

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.