AXQ Capital LP Invests $1.93 Million in Gentex Corporation $GNTX

Key Points

• AXQ Capital LP initiated a new position in Gentex during the fourth quarter, buying 82,828 shares valued at about $1.93 million.
• Gentex reported better-than-expected quarterly results, with EPS of $0.48 versus $0.44 expected and revenue of $675.44 million, up 17.1% year over year.
• The company declared a quarterly dividend of $0.12 per share, equal to an annualized yield of 2.0%, while analysts currently rate the stock a consensus Hold with an average target price of $26.83.

AXQ Capital LP bought a new position in Gentex Corporation (NASDAQ:GNTX - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 82,828 shares of the auto parts company's stock, valued at approximately $1,927,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in GNTX. Royal Bank of Canada lifted its stake in Gentex by 33.1% in the first quarter. Royal Bank of Canada now owns 189,561 shares of the auto parts company's stock valued at $4,418,000 after acquiring an additional 47,150 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Gentex by 1.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,321,634 shares of the auto parts company's stock valued at $30,794,000 after acquiring an additional 23,454 shares during the last quarter. Empowered Funds LLC lifted its stake in Gentex by 255.6% in the first quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company's stock valued at $1,891,000 after acquiring an additional 58,323 shares during the last quarter. Invesco Ltd. lifted its stake in Gentex by 8.0% in the second quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company's stock valued at $17,881,000 after acquiring an additional 60,127 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Gentex by 2,038.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company's stock valued at $99,000 after acquiring an additional 4,301 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Trading Down 0.3%

Shares of GNTX stock opened at $24.08 on Tuesday. Gentex Corporation has a 1 year low of $20.48 and a 1 year high of $29.38. The firm's fifty day simple moving average is $22.67 and its 200 day simple moving average is $23.09. The firm has a market capitalization of $5.13 billion, a P/E ratio of 13.53 and a beta of 0.79.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.44 by $0.04. The firm had revenue of $675.44 million for the quarter, compared to analyst estimates of $649.42 million. Gentex had a net margin of 14.75% and a return on equity of 16.27%. The business's revenue for the quarter was up 17.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.42 EPS. Equities research analysts anticipate that Gentex Corporation will post 1.96 EPS for the current fiscal year.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, July 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Gentex's dividend payout ratio is currently 26.97%.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on GNTX. Freedom Capital upgraded shares of Gentex to a "strong-buy" rating in a research note on Friday, March 27th. JPMorgan Chase & Co. lifted their target price on shares of Gentex from $27.00 to $28.00 and gave the company a "neutral" rating in a research note on Thursday, May 14th. Robert W. Baird boosted their price objective on shares of Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. UBS Group set a $26.00 price objective on shares of Gentex in a research note on Sunday, April 26th. Finally, Wall Street Zen upgraded shares of Gentex from a "hold" rating to a "buy" rating in a research note on Sunday, March 8th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $26.83.

Insiders Place Their Bets

In other news, Director Joseph B. Anderson, Jr. sold 5,939 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $22.98, for a total value of $136,478.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Richard O. Schaum sold 4,815 shares of the firm's stock in a transaction dated Thursday, April 30th. The shares were sold at an average price of $23.31, for a total transaction of $112,237.65. Following the completion of the transaction, the director directly owned 81,443 shares in the company, valued at $1,898,436.33. This trade represents a 5.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 16,693 shares of company stock valued at $385,194 in the last 90 days. 0.55% of the stock is currently owned by insiders.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.