Bank of America Corp DE Makes New $29.16 Million Investment in Gentex Corporation $GNTX

Key Points

• Bank of America acquired 1.15 million Gentex shares worth approximately $29.2 million, giving it a 0.54% stake. Institutional investors collectively own 86.76% of the company.
• Gentex exceeded quarterly earnings expectations with $0.58 EPS versus the $0.50 consensus, although revenue fell 1% year over year to $651.3 million.
• The company declared a quarterly dividend of $0.12 per share, representing a 2.2% annualized yield, while analysts maintain a consensus “Hold” rating and a $26.80 price target.

Bank of America Corp DE acquired a new stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,153,735 shares of the auto parts company's stock, valued at approximately $29,155,000. Bank of America Corp DE owned approximately 0.54% of Gentex as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the stock. XXEC Inc. acquired a new position in shares of Gentex during the 2nd quarter worth about $7,705,220,000. BlackRock Inc. purchased a new position in Gentex in the 2nd quarter valued at about $550,287,000. Dimensional Fund Advisors LP boosted its holdings in Gentex by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,463,299 shares of the auto parts company's stock worth $163,067,000 after buying an additional 833,919 shares during the last quarter. Caisse de depot et placement du Quebec purchased a new stake in shares of Gentex during the second quarter worth approximately $79,924,000. Finally, Arrowstreet Capital Limited Partnership lifted its holdings in Gentex by 21.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,995,044 shares of the auto parts company's stock valued at $65,442,000 after purchasing an additional 534,905 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company's stock.

Gentex Price Performance

Shares of GNTX stock opened at $22.30 on Wednesday. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.01. The firm has a market cap of $4.75 billion, a PE ratio of 11.80 and a beta of 0.80. The company has a 50-day moving average of $23.34 and a two-hundred day moving average of $23.30.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $669.65 million. During the same quarter last year, the company posted $0.43 EPS. The firm's quarterly revenue was down 1.0% on a year-over-year basis. Sell-side analysts anticipate that Gentex Corporation will post 2.07 EPS for the current fiscal year.

Gentex Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, October 7th. Gentex's dividend payout ratio is currently 25.40%.

Analyst Ratings Changes

GNTX has been the topic of a number of research reports. Weiss Ratings reissued a "hold (c)" rating on shares of Gentex in a research note on Friday. UBS Group reissued a "neutral" rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. Wall Street Zen lowered shares of Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. 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 note on Monday, August 10th. Finally, Freedom Capital downgraded shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $26.80.

Gentex Profile

Gentex Corporation is a technology and manufacturing company headquartered in Zeeland, Michigan. Founded in 1974, the company develops products primarily for the automotive industry, serving vehicle manufacturers and suppliers in North America, Europe, Asia and other international markets.

Gentex is best known for its automatic-dimming rearview mirrors, which use electrochromic technology to reduce glare from headlights. Its automotive product portfolio also includes camera-based driver-assistance systems, digital rearview mirrors, vehicle display and connectivity technologies, lighting products, and other electronic features designed to support vehicle safety, convenience and visibility.

The company also develops fire-protection products, including smoke detectors and signaling devices for residential, commercial and industrial applications.

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