Bank of America Corp DE Buys 292,767 Shares of Gentherm Inc $THRM

Key Points

• Bank of America bought 292,767 Gentherm shares valued at approximately $10 million, giving it a 0.95% stake. Institutional investors and hedge funds collectively own 97.13% of the company.
• Gentherm exceeded quarterly expectations, reporting $0.75 in EPS and $416.17 million in revenue, with revenue up 11% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $46.50.
• The company authorized a $400 million share repurchase program and declared a special dividend of $1.90 per share, payable October 7 to shareholders of record September 28.

Bank of America Corp DE bought a new stake in Gentherm Inc (NASDAQ:THRM - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 292,767 shares of the auto parts company's stock, valued at approximately $9,986,000. Bank of America Corp DE owned about 0.95% of Gentherm as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new stake in Gentherm during the 2nd quarter valued at about $165,005,000. Dimensional Fund Advisors LP grew its position in shares of Gentherm by 7.0% in the first quarter. Dimensional Fund Advisors LP now owns 1,474,493 shares of the auto parts company's stock valued at $40,960,000 after purchasing an additional 96,280 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC acquired a new stake in shares of Gentherm in the second quarter valued at approximately $27,822,000. Arrowstreet Capital Limited Partnership increased its holdings in shares of Gentherm by 1.8% in the first quarter. Arrowstreet Capital Limited Partnership now owns 554,641 shares of the auto parts company's stock valued at $15,408,000 after purchasing an additional 10,058 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its position in Gentherm by 24.5% during the first quarter. Renaissance Technologies LLC now owns 271,464 shares of the auto parts company's stock worth $7,541,000 after buying an additional 53,400 shares in the last quarter. 97.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, SVP Wayne Kauffman, III sold 4,700 shares of the company's stock in a transaction that occurred on Wednesday, July 29th. The shares were sold at an average price of $43.21, for a total value of $203,087.00. Following the transaction, the senior vice president directly owned 27,421 shares in the company, valued at approximately $1,184,861.41. This represents a 14.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.10% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on THRM shares. JPMorgan Chase & Co. raised Gentherm from a "neutral" rating to an "overweight" rating and set a $48.00 price objective on the stock in a research note on Tuesday, September 15th. Roth Capital reaffirmed a "buy" rating and issued a $50.00 target price on shares of Gentherm in a research note on Wednesday, July 29th. Stifel Nicolaus lifted their price target on Gentherm from $44.00 to $59.00 and gave the stock a "buy" rating in a report on Friday, July 24th. CJS Securities assumed coverage on shares of Gentherm in a research report on Monday, September 14th. They set an "outperform" rating and a $50.00 price target on the stock. Finally, Wall Street Zen lowered shares of Gentherm from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 1st. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $46.50.

Gentherm Price Performance

NASDAQ:THRM opened at $35.21 on Friday. Gentherm Inc has a 52 week low of $27.00 and a 52 week high of $48.35. The company has a quick ratio of 1.49, a current ratio of 2.06 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $1.08 billion, a P/E ratio of 40.47, a P/E/G ratio of 0.80 and a beta of 1.34. The stock's fifty day moving average is $39.86 and its two-hundred day moving average is $34.72.

Gentherm (NASDAQ:THRM - Get Free Report) last issued its quarterly earnings data on Thursday, July 23rd. The auto parts company reported $0.75 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.19. Gentherm had a return on equity of 12.06% and a net margin of 1.68%.The firm had revenue of $416.17 million during the quarter, compared to the consensus estimate of $382.90 million. During the same period last year, the company earned $0.54 EPS. The company's quarterly revenue was up 11.0% on a year-over-year basis. Equities analysts expect that Gentherm Inc will post 2.92 EPS for the current year.

Gentherm declared that its board has approved a share repurchase program on Thursday, July 23rd that permits the company to buyback $400.00 million in outstanding shares. This buyback authorization permits the auto parts company to purchase up to 36.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's leadership believes its shares are undervalued.

Gentherm Dividend Announcement

The business also recently declared a special dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Monday, September 28th will be given a dividend of $1.90 per share.

Gentherm Company Profile

Gentherm Inc NASDAQ: THRM develops and manufactures thermal management and pneumatic comfort technologies for the automotive and medical markets. The company's products are designed to improve occupant comfort, regulate temperature and support specialized healthcare applications.

For automotive customers, Gentherm supplies heated and ventilated seating systems, climate-controlled seats, heated steering wheels, neck-conditioning systems and other interior comfort technologies. Its portfolio also includes battery thermal management and related solutions intended to help manage temperature in electrified vehicles.

In the medical market, Gentherm provides patient temperature-management systems used for warming and cooling during medical procedures and critical-care applications.

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