BlackRock Inc. Takes Position in Gentex Corporation $GNTX

Key Points

• BlackRock acquired 21.8 million Gentex shares worth approximately $550.3 million, giving it a 10.23% stake. Institutional investors collectively own 86.76% of the company.
• Gentex exceeded quarterly EPS expectations, reporting $0.58 versus the $0.50 consensus, although revenue fell 1% year over year to $651.3 million and missed estimates.
• Shares opened at $23.59, while analysts maintain a consensus “Hold” rating with an average price target of $26.80. Gentex also pays a quarterly dividend of $0.12, equivalent to a 2% annualized yield.

BlackRock Inc. purchased a new stake in Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 21,776,286 shares of the auto parts company's stock, valued at approximately $550,287,000. BlackRock Inc. owned about 10.23% of Gentex at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in GNTX. Thompson Siegel & Walmsley LLC boosted its stake in shares of Gentex by 57.1% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 377,484 shares of the auto parts company's stock worth $8,784,000 after acquiring an additional 137,245 shares during the period. Pacer Advisors Inc. increased its position in Gentex by 2,636.4% during the fourth quarter. Pacer Advisors Inc. now owns 799,243 shares of the auto parts company's stock worth $18,598,000 after acquiring an additional 770,035 shares during the period. Hillsdale Investment Management Inc. increased its holdings in shares of Gentex by 25,026.7% during the first quarter. Hillsdale Investment Management Inc. now owns 188,450 shares of the auto parts company's stock worth $4,118,000 after purchasing an additional 187,700 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in Gentex by 3,905.8% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 700,693 shares of the auto parts company's stock valued at $16,305,000 after acquiring an additional 683,201 shares in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Gentex in the second quarter valued at about $3,411,000. 86.76% of the stock is owned by institutional investors.

Gentex Price Performance

GNTX 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 firm has a market capitalization of $5.02 billion, a P/E ratio of 12.48 and a beta of 0.79. The company's 50-day moving average is $24.23 and its 200 day moving average is $23.50.

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. The company had revenue of $651.30 million for the quarter, compared to analysts' expectations of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. Gentex's revenue was down 1.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.43 EPS. On average, equities research analysts expect that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th were paid a $0.12 dividend. The ex-dividend date was Wednesday, July 8th. This represents a $0.48 annualized dividend and a yield of 2.0%. Gentex's dividend payout ratio (DPR) is currently 25.40%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GNTX. B. Riley Financial reiterated a "buy" rating and set a $29.00 price objective (up from $28.00) on shares of Gentex in a research report on Monday, April 27th. Weiss Ratings raised shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Freedom Capital downgraded shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. Robert W. Baird increased their price target on Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a research note on Monday, April 27th. Finally, UBS Group reissued a "neutral" rating and set a $25.00 price objective (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $26.80.

Gentex Company 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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