Empowered Funds LLC Buys Shares of 257,264 Gentex Corporation $GNTX

Key Points

• Empowered Funds LLC initiated a position of 257,264 Gentex shares in the second quarter, valued at approximately $6.5 million and representing about 0.12% of the company. Institutional investors and hedge funds collectively own 86.76% of Gentex.
• Gentex reported quarterly EPS of $0.58, beating estimates of $0.50, while revenue of $651.3 million fell short of expectations and declined 1% year over year.
• Analysts remain cautious, with a consensus “Hold” rating and an average price target of $26.80; the stock recently opened at $22.67, compared with a 12-month range of $20.48 to $29.38.

Empowered Funds LLC bought a new position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund bought 257,264 shares of the auto parts company's stock, valued at approximately $6,501,000. Empowered Funds LLC owned approximately 0.12% of Gentex as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Anchor Investment Management LLC acquired a new stake in shares of Gentex in the first quarter valued at about $26,000. CIBC Private Wealth Group LLC grew its position in Gentex by 2,420.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,067 shares of the auto parts company's stock worth $58,000 after buying an additional 1,985 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Gentex during the second quarter worth about $54,000. Arax Advisory Partners purchased a new position in Gentex in the fourth quarter valued at about $52,000. Finally, AdvisorNet Financial Inc increased its holdings in Gentex by 2,299.0% in the first quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company's stock valued at $52,000 after buying an additional 2,299 shares in the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Gentex Stock Performance

NASDAQ:GNTX opened at $22.67 on Monday. The company has a market capitalization of $4.83 billion, a P/E ratio of 11.99 and a beta of 0.79. The firm has a 50-day moving average price of $24.04 and a two-hundred day moving average price of $23.47. Gentex Corporation has a twelve month low of $20.48 and a twelve month high of $29.38.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $651.30 million for the quarter, compared to the consensus estimate of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The company's revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.43 earnings per share. On average, equities research analysts predict that Gentex Corporation will post 2.04 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. UBS Group reissued a "neutral" rating and set a $25.00 price target (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Weiss Ratings raised Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. Freedom Capital cut Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. decreased their target price on Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Monday, August 10th. Finally, Wall Street Zen downgraded Gentex from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. One analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price 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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