Bank of New York Mellon Corp Takes $52 Million Position in Gentex Corporation $GNTX

Key Points

• Bank of New York Mellon acquired 2.06 million Gentex shares worth approximately $52 million, representing a 0.97% stake. Institutional investors collectively own 86.76% of the company.
• Gentex beat quarterly earnings expectations with EPS of $0.58 versus the $0.50 consensus, although revenue fell 1% year over year to $651.3 million and missed estimates.
• Analysts remain cautious: Gentex has an overall “Hold” rating, with one Buy and seven Hold ratings, and a consensus price target of $26.80 versus the stock’s $23.06 opening price.

Bank of New York Mellon Corp bought a new stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,057,924 shares of the auto parts company's stock, valued at approximately $52,004,000. Bank of New York Mellon Corp owned 0.97% of Gentex as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada grew its holdings 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 worth $4,418,000 after purchasing an additional 47,150 shares during the period. Goldman Sachs Group Inc. boosted its holdings 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 worth $30,794,000 after acquiring an additional 23,454 shares in the last quarter. Empowered Funds LLC increased its stake in Gentex by 255.6% during the 1st quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company's stock valued at $1,891,000 after purchasing an additional 58,323 shares in the last quarter. Invesco Ltd. lifted its stake in shares of Gentex by 8.0% in the second quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company's stock worth $17,881,000 after buying an additional 60,127 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Gentex by 2,038.4% in the 2nd 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 in the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Stock Performance

Gentex stock opened at $23.06 on Friday. Gentex Corporation has a 52 week low of $20.48 and a 52 week high of $29.38. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 12.20 and a beta of 0.79. The company has a 50 day moving average price of $24.10 and a 200 day moving average price of $23.48.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share for the quarter, beating 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 for the quarter, compared to the consensus estimate of $669.65 million. During the same quarter in the prior year, the company earned $0.43 EPS. The firm's quarterly revenue was down 1.0% on a year-over-year basis. Equities analysts forecast that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. JPMorgan Chase & Co. dropped their price target on shares of Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Monday, August 10th. Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 29th. Weiss Ratings upgraded Gentex from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. UBS Group reaffirmed a "neutral" rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Finally, Wall Street Zen lowered shares of Gentex from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Hold" and a consensus price target of $26.80.

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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