Fifth Third Bancorp Acquires 156,128 Shares of Gentex Corporation $GNTX

Key Points

• Fifth Third Bancorp boosted its Gentex stake by 2,542% in the first quarter, ending with 162,270 shares valued at about $3.55 million. Institutional ownership in Gentex remains high at 86.76%.
• Gentex reported better-than-expected quarterly results, earning $0.48 per share versus $0.44 expected, on revenue of $675.44 million. Revenue rose 17.1% year over year, and analysts now expect full-year EPS of 1.97.
• The company announced a quarterly dividend of $0.12 per share payable July 22, implying a 2.0% annual yield. Meanwhile, analysts are mostly cautious, with an average rating of Hold and an average price target of $27.00.

Fifth Third Bancorp increased its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 2,542.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 162,270 shares of the auto parts company's stock after acquiring an additional 156,128 shares during the period. Fifth Third Bancorp owned about 0.08% of Gentex worth $3,546,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Hudson Bay Capital Management LP bought a new position in shares of Gentex during the 3rd quarter worth approximately $3,613,000. Thompson Siegel & Walmsley LLC grew its position in Gentex by 57.1% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 377,484 shares of the auto parts company's stock valued at $8,784,000 after acquiring an additional 137,245 shares during the period. Pacer Advisors Inc. raised its stake 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 in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in Gentex by 3,905.8% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 700,693 shares of the auto parts company's stock worth $16,305,000 after acquiring an additional 683,201 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Gentex during the fourth quarter valued at $52,767,000. Institutional investors own 86.76% of the company's stock.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $24.35 on Monday. The business has a fifty day moving average of $24.43 and a 200-day moving average of $23.52. Gentex Corporation has a twelve month low of $20.48 and a twelve month high of $29.38. The firm has a market cap of $5.19 billion, a PE ratio of 13.68 and a beta of 0.78.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. Gentex had a net margin of 14.75% and a return on equity of 16.27%. The business had revenue of $675.44 million for the quarter, compared to the consensus estimate of $649.42 million. During the same quarter in the prior year, the company earned $0.42 EPS. The firm's quarterly revenue was up 17.1% on a year-over-year basis. On average, analysts anticipate that Gentex Corporation will post 1.97 EPS for the current fiscal year.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. The ex-dividend date is Wednesday, July 8th. Gentex's dividend payout ratio is presently 26.97%.

Insider Activity

In other Gentex news, Director Brian C. Walker sold 5,939 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. Following the transaction, the director directly owned 24,205 shares in the company, valued at approximately $556,230.90. This trade represents a 19.70% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $22.98, for a total value of $136,478.22. The SEC filing for this sale provides additional information. Insiders have sold 16,693 shares of company stock valued at $385,194 over the last three months. 0.55% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

GNTX has been the topic of several analyst reports. UBS Group reaffirmed a "neutral" rating and issued a $25.00 target price (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. B. Riley Financial reissued a "buy" rating and set a $29.00 price target (up from $28.00) on shares of Gentex in a report on Monday, April 27th. JPMorgan Chase & Co. boosted their price target on shares of Gentex from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. Freedom Capital raised shares of Gentex to a "strong-buy" rating in a report on Friday, March 27th. Finally, Wall Street Zen lowered shares of Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and six have issued a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average target price of $27.00.

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).

Want to see what other hedge funds are holding GNTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Gentex Corporation (NASDAQ:GNTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.