46,307 Shares in Gentex Corporation $GNTX Bought by Redwood Investment Management LLC

Key Points

• Redwood Investment Management acquired 46,307 Gentex shares during the second quarter, worth approximately $1.17 million. Institutional investors collectively own 86.76% of the company.
• Gentex reported quarterly EPS of $0.58, beating analyst estimates of $0.50, while revenue fell 1% year over year to $651.3 million. The company maintains a quarterly dividend of $0.12 per share, equivalent to a 2.0% yield.
• Analyst sentiment remains cautious: one analyst rates Gentex a Buy and seven rate it Hold, producing an overall “Hold” consensus and an average price target of $26.80.

Redwood Investment Management LLC bought a new stake in Gentex Corporation (NASDAQ:GNTX - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 46,307 shares of the auto parts company's stock, valued at approximately $1,170,000.

Other institutional investors have also recently added to or reduced their stakes in the company. XXEC Inc. acquired a new stake in Gentex during the second quarter worth about $7,705,220,000. BlackRock Inc. acquired a new position in shares of Gentex in the 2nd quarter valued at about $550,287,000. Bank of Montreal Can grew its holdings in shares of Gentex by 14,398.7% during the 4th quarter. Bank of Montreal Can now owns 7,726,057 shares of the auto parts company's stock worth $179,785,000 after purchasing an additional 7,672,769 shares during the period. Caisse de depot et placement du Quebec purchased a new stake in shares of Gentex during the 2nd quarter worth about $79,924,000. Finally, Norges Bank acquired a new stake in Gentex during the 4th quarter worth approximately $52,767,000. Hedge funds and other institutional investors own 86.76% of the company's stock.

Gentex Trading Up 0.9%

Shares of GNTX stock opened at $23.87 on Thursday. The company has a market capitalization of $5.08 billion, a PE ratio of 12.63 and a beta of 0.79. The firm has a fifty day simple moving average of $24.16 and a 200-day simple moving average of $23.48. Gentex Corporation has a twelve month low of $20.48 and a twelve month high of $29.38.

Gentex (NASDAQ:GNTX - Get Free Report) last released 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. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The firm had revenue of $651.30 million for the quarter, compared to the consensus estimate of $669.65 million. During the same quarter in the previous year, the firm posted $0.43 EPS. The firm's quarterly revenue was down 1.0% on a year-over-year basis. Equities research analysts predict that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, July 8th. This represents a $0.48 annualized dividend and a dividend yield of 2.0%. Gentex's dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analyst Weigh In

GNTX has been the topic of a number of recent research reports. Wall Street Zen cut shares of Gentex from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. Freedom Capital lowered shares of Gentex from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. Weiss Ratings raised shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. JPMorgan Chase & Co. reduced 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. Finally, UBS Group reaffirmed a "neutral" rating and set a $25.00 price target (down from $26.00) on shares of Gentex in a research report on Thursday, July 9th. One research 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.com, Gentex currently has an average rating of "Hold" and an average target price of $26.80.

About Gentex

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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