Redwood Investment Management LLC purchased a new position in shares of Gentex Corporation (NASDAQ:GNTX – Free Report) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 46,307 shares of the auto parts company’s stock, valued at approximately $1,170,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in GNTX. Parvin Asset Management LLC acquired a new stake in Gentex in the second quarter valued at $1,086,000. Corient Private Wealth LP acquired a new position in Gentex during the 2nd quarter worth $1,667,000. Bank of America Corp DE acquired a new position in Gentex during the 2nd quarter worth $29,155,000. Summit Street Capital Management LLC bought a new stake in shares of Gentex in the 2nd quarter worth about $4,873,000. Finally, Windsor Advisory Group LLC acquired a new stake in shares of Gentex in the 2nd quarter valued at about $788,000. Institutional investors own 86.76% of the company’s stock.
Analysts Set New Price Targets
Several brokerages have issued reports on GNTX. Weiss Ratings upgraded Gentex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. Freedom Capital downgraded Gentex from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 29th. Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. UBS Group reaffirmed a “neutral” rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Gentex from $28.00 to $27.00 and set a “neutral” rating on the stock in a report on Monday, August 10th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.80.
Gentex Trading Up 0.9%
NASDAQ:GNTX opened at $23.87 on Thursday. The stock has a 50 day moving average of $24.16 and a 200-day moving average of $23.48. The firm has a market capitalization of $5.08 billion, a PE ratio of 12.63 and a beta of 0.79. Gentex Corporation has a 52 week low of $20.48 and a 52 week high of $29.38.
Gentex (NASDAQ:GNTX – Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.08. The business had revenue of $651.30 million for the quarter, compared to the consensus estimate of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The business’s revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. As a group, analysts predict that Gentex Corporation will post 2.04 EPS for the current fiscal year.
Gentex Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, July 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. Gentex’s payout ratio is 25.40%.
Gentex Profile
Gentex Corporation (NASDAQ: GNTX) is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company’s primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world’s leading original equipment manufacturers (OEMs).
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