Gentex Corporation $GNTX is MAC Alpha Capital Management LP's 9th Largest Position

Key Points

• MAC Alpha Capital Management increased its Gentex position by 36% in the second quarter to 416,657 shares valued at approximately $10.53 million, making GNTX its ninth-largest holding. Institutional investors collectively own 86.76% of the company.
• Gentex reported quarterly EPS of $0.58, exceeding analyst expectations of $0.50, while revenue of $651.3 million fell short of estimates and declined 1% year over year. The company declared a $0.12 quarterly dividend, equivalent to a 2.2% yield.
• Analyst sentiment remains cautious: one analyst rates Gentex a Buy and six rate it Hold, producing an overall “Hold” consensus and an average price target of $26.80.

MAC Alpha Capital Management LP grew its position in Gentex Corporation (NASDAQ:GNTX - Free Report) by 36.0% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 416,657 shares of the auto parts company's stock after buying an additional 110,300 shares during the quarter. Gentex accounts for 2.1% of MAC Alpha Capital Management LP's holdings, making the stock its 9th largest holding. MAC Alpha Capital Management LP owned approximately 0.20% of Gentex worth $10,530,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. XXEC Inc. purchased a new position in Gentex during the 2nd quarter valued at about $7,705,220,000. BlackRock Inc. purchased a new stake in Gentex during the second quarter worth about $550,287,000. Dimensional Fund Advisors LP increased its stake in Gentex by 12.6% during the first quarter. Dimensional Fund Advisors LP now owns 7,463,299 shares of the auto parts company's stock worth $163,067,000 after purchasing an additional 833,919 shares during the period. Caisse de depot et placement du Quebec purchased a new stake in Gentex during the second quarter worth about $79,924,000. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Gentex by 21.7% during the first quarter. Arrowstreet Capital Limited Partnership now owns 2,995,044 shares of the auto parts company's stock worth $65,442,000 after purchasing an additional 534,905 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company's stock.

Gentex Price Performance

NASDAQ GNTX opened at $22.24 on Monday. The firm has a 50 day moving average of $23.41 and a two-hundred day moving average of $23.32. Gentex Corporation has a 52 week low of $20.48 and a 52 week high of $29.07. The stock has a market capitalization of $4.74 billion, a PE ratio of 11.77 and a beta of 0.80.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings data 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 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% compared to the same quarter last year. During the same period in the previous year, the company posted $0.43 EPS. On average, equities research analysts expect that Gentex Corporation will post 2.07 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Wednesday, October 7th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, October 7th. This represents a $0.48 annualized dividend and a yield of 2.2%. Gentex's payout ratio is presently 25.40%.

Analyst Ratings Changes

GNTX has been the subject of a number of research reports. Freedom Capital cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. reduced their target price on shares of Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a report on Monday, August 10th. Wall Street Zen cut shares of Gentex from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. UBS Group restated a "neutral" rating and issued a $25.00 price target (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Finally, Weiss Ratings raised Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and six have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $26.80.

Gentex Company Profile

Gentex Corporation is a technology and manufacturing company headquartered in Zeeland, Michigan. Founded in 1974, the company develops products primarily for the automotive industry, serving vehicle manufacturers and suppliers in North America, Europe, Asia and other international markets.

Gentex is best known for its automatic-dimming rearview mirrors, which use electrochromic technology to reduce glare from headlights. Its automotive product portfolio also includes camera-based driver-assistance systems, digital rearview mirrors, vehicle display and connectivity technologies, lighting products, and other electronic features designed to support vehicle safety, convenience and visibility.

The company also develops fire-protection products, including smoke detectors and signaling devices for residential, commercial and industrial applications.

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