Connor Clark & Lunn Investment Management Ltd. Takes $5.60 Million Position in Gentex Corporation $GNTX

Key Points

• Connor Clark & Lunn Investment Management acquired 221,661 Gentex shares worth approximately $5.6 million in the second quarter, giving it about a 0.10% stake. Institutional investors collectively own 86.76% of the company.
• Analyst sentiment is cautious: Gentex has an overall “Hold” rating, with one Buy and seven Hold ratings, while the average price target is $26.80.
• Gentex beat quarterly earnings expectations with $0.58 in EPS versus $0.50 forecast, although revenue of $651.3 million missed estimates and declined 1% year over year. Shares opened at $23.06, with a one-year range of $20.48 to $29.38.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Gentex Corporation (NASDAQ:GNTX - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 221,661 shares of the auto parts company's stock, valued at approximately $5,601,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.10% of Gentex at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Anchor Investment Management LLC purchased a new stake in shares of Gentex during the first quarter valued at about $26,000. Arax Advisory Partners purchased a new position in shares of Gentex in the 4th quarter worth approximately $52,000. AdvisorNet Financial Inc grew its position in shares of Gentex by 2,299.0% in the 1st quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company's stock worth $52,000 after buying an additional 2,299 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Gentex during the 2nd quarter worth approximately $54,000. Finally, Employees Retirement System of Texas bought a new position in shares of Gentex during the 4th quarter worth approximately $56,000. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GNTX has been the subject of several recent analyst reports. JPMorgan Chase & Co. lowered their target price 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. Wall Street Zen lowered Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. UBS Group reissued a "neutral" rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a research report on Thursday, July 9th. Weiss Ratings upgraded Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Finally, Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $26.80.

Gentex Stock Performance

NASDAQ:GNTX opened at $23.06 on Friday. The firm's fifty day moving average is $24.10 and its two-hundred day moving average is $23.48. The firm has a market cap of $4.91 billion, a price-to-earnings ratio of 12.20 and a beta of 0.79. Gentex Corporation has a one year low of $20.48 and a one year high of $29.38.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings data 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. The business had revenue of $651.30 million during the quarter, compared to analyst estimates of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The company's revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the business posted $0.43 EPS. As a group, equities research analysts predict that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

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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