Algert Global LLC Makes New Investment in Gentex Corporation $GNTX

Key Points

• Algert Global LLC acquired 689,540 Gentex shares in the second quarter, valued at approximately $17.4 million and representing a 0.32% stake. Institutional investors collectively own 86.76% of GNTX.
• Analysts remain cautious, with one Buy rating and seven Hold ratings; Gentex has a consensus rating of Hold and an average price target of $26.80.
• Gentex exceeded quarterly earnings expectations with $0.58 in EPS versus the $0.50 consensus, although revenue fell 1% year over year to $651.3 million. The company also pays a quarterly dividend of $0.12, yielding about 2% annually.

Algert Global LLC acquired a new position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 689,540 shares of the auto parts company's stock, valued at approximately $17,425,000. Algert Global LLC owned 0.32% of Gentex as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Gentex during the 2nd quarter worth approximately $5,601,000. Bank of Nova Scotia acquired a new position in Gentex in the 2nd quarter valued at $413,000. Northwestern Mutual Wealth Management Co. acquired a new position in Gentex in the 2nd quarter valued at $433,000. Quantbot Technologies LP bought a new position in Gentex during the 2nd quarter worth $3,444,000. Finally, Evolve Private Wealth LLC bought a new position in Gentex during the 2nd quarter worth $545,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GNTX. B. Riley Financial reissued a "buy" rating and issued a $29.00 price objective (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Robert W. Baird raised their target price on shares of Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a report on Monday, April 27th. JPMorgan Chase & Co. dropped their price target on shares of Gentex from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Monday, August 10th. Weiss Ratings upgraded Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen downgraded Gentex from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $26.80.

Gentex Stock Performance

Shares of GNTX stock opened at $23.59 on Tuesday. Gentex Corporation has a fifty-two week low of $20.48 and a fifty-two week high of $29.38. The stock's fifty day moving average price is $24.23 and its two-hundred day moving average price is $23.50. The company has a market cap of $5.02 billion, a PE ratio of 12.48 and a beta of 0.79.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, topping analysts' consensus estimates of $0.50 by $0.08. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The company had revenue of $651.30 million during the quarter, compared to analysts' expectations of $669.65 million. During the same quarter in the previous year, the firm earned $0.43 EPS. Gentex's revenue was down 1.0% on a year-over-year basis. On average, equities analysts predict that Gentex Corporation will post 2.04 EPS for the current fiscal year.

Gentex Dividend Announcement

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