Aigen Investment Management LP Increases Stock Holdings in Gentex Corporation (NASDAQ:GNTX)

Key Points

• Aigen Investment Management LP increased its stake in Gentex Corporation by 220.0%, now owning 51,413 shares which are valued at approximately $1.2 million.
• Gentex recently reported a quarterly earnings of $0.47 EPS, exceeding analysts' expectations, with revenue rising by 14.8% year-over-year to $657.86 million.
• The company has initiated a share buyback program allowing for the repurchase of 40 million shares, which suggests that management believes its shares are undervalued.

Aigen Investment Management LP grew its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 220.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 51,413 shares of the auto parts company's stock after buying an additional 35,344 shares during the quarter. Aigen Investment Management LP's holdings in Gentex were worth $1,198,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Larson Financial Group LLC grew its holdings in shares of Gentex by 1,471.0% during the first quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock valued at $25,000 after buying an additional 1,015 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Gentex by 85.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company's stock valued at $28,000 after buying an additional 563 shares during the last quarter. Harbor Investment Advisory LLC boosted its holdings in shares of Gentex by 208.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company's stock valued at $38,000 after acquiring an additional 1,093 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Gentex by 103.3% during the 1st quarter. UMB Bank n.a. now owns 2,124 shares of the auto parts company's stock valued at $49,000 after acquiring an additional 1,079 shares during the last quarter. Finally, NBC Securities Inc. boosted its holdings in shares of Gentex by 268,600.0% during the 1st quarter. NBC Securities Inc. now owns 2,687 shares of the auto parts company's stock valued at $62,000 after acquiring an additional 2,686 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company's stock.

Gentex Stock Up 2.2%

Shares of GNTX traded up $0.61 during mid-day trading on Wednesday, hitting $27.84. 1,472,432 shares of the company traded hands, compared to its average volume of 2,900,857. Gentex Corporation has a 1-year low of $20.28 and a 1-year high of $31.75. The company has a market capitalization of $6.11 billion, a PE ratio of 15.73 and a beta of 0.82. The business has a 50 day moving average of $23.69 and a 200 day moving average of $23.45.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its earnings results on Friday, July 25th. The auto parts company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.39 by $0.08. The firm had revenue of $657.86 million for the quarter, compared to analyst estimates of $591.94 million. Gentex had a return on equity of 16.86% and a net margin of 16.82%. Gentex's revenue for the quarter was up 14.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.37 earnings per share. As a group, research analysts expect that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex announced that its board has approved a stock buyback program on Wednesday, July 16th that authorizes the company to repurchase 40,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company's management believes its stock is undervalued.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Investors of record on Wednesday, July 9th were given a $0.12 dividend. The ex-dividend date was Wednesday, July 9th. This represents a $0.48 dividend on an annualized basis and a yield of 1.7%. Gentex's dividend payout ratio is currently 27.12%.

Insider Buying and Selling

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.87, for a total value of $86,082.68. Following the sale, the director owned 5,939 shares in the company, valued at approximately $135,824.93. This represents a 38.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 0.45% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

GNTX has been the topic of a number of recent analyst reports. Baird R W cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Guggenheim dropped their price objective on shares of Gentex from $30.00 to $24.00 and set a "buy" rating for the company in a research note on Tuesday, April 22nd. B. Riley lifted their price objective on shares of Gentex from $28.00 to $32.00 and gave the stock a "buy" rating in a research note on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research note on Friday, July 11th. Finally, Wall Street Zen raised shares of Gentex from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Six analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Gentex has an average rating of "Hold" and an average target price of $28.63.

Gentex Profile

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.