Gentex Corporation $GNTX Shares Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management S.A. increased its holdings in Gentex Corporation by 25.9%, acquiring a total of 123,473 shares worth approximately $2.7 million.
• The company recently announced a quarterly dividend of $0.12 per share, with a yield of 1.7%, to be paid out on October 22nd.
• Gentex Corporation's stock currently has an average rating of "Hold" from analysts, with a consensus target price of $28.63.

Assenagon Asset Management S.A. grew its holdings in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 25.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 123,473 shares of the auto parts company's stock after purchasing an additional 25,392 shares during the period. Assenagon Asset Management S.A. owned approximately 0.05% of Gentex worth $2,715,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. grew its holdings in Gentex by 4.1% during the first quarter. Vanguard Group Inc. now owns 22,581,938 shares of the auto parts company's stock worth $526,159,000 after acquiring an additional 886,785 shares during the period. Burgundy Asset Management Ltd. boosted its position in shares of Gentex by 40.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 7,728,209 shares of the auto parts company's stock worth $180,067,000 after purchasing an additional 2,211,392 shares in the last quarter. JPMorgan Chase & Co. grew its stake in shares of Gentex by 46.2% during the 1st quarter. JPMorgan Chase & Co. now owns 7,673,701 shares of the auto parts company's stock worth $178,797,000 after purchasing an additional 2,424,471 shares during the period. Ariel Investments LLC increased its holdings in shares of Gentex by 10.7% in the 1st quarter. Ariel Investments LLC now owns 7,082,055 shares of the auto parts company's stock valued at $165,012,000 after purchasing an additional 687,329 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Gentex by 3.6% in the first quarter. Dimensional Fund Advisors LP now owns 4,655,948 shares of the auto parts company's stock valued at $108,482,000 after purchasing an additional 160,432 shares during the period. 86.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on GNTX shares. Zacks Research cut shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Friday, September 19th. UBS Group raised their price objective on Gentex from $23.00 to $28.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a report on Friday, July 11th. Industrial Alliance Securities set a $25.00 target price on Gentex in a report on Friday, July 11th. Finally, B. Riley raised their price target on Gentex from $28.00 to $32.00 and gave the company a "buy" rating in a research report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company's stock. According to data from MarketBeat, Gentex currently has an average rating of "Hold" and a consensus target price of $28.63.

Gentex Stock Performance

GNTX stock opened at $28.35 on Friday. The stock's 50 day moving average price is $27.33 and its 200 day moving average price is $24.07. The firm has a market cap of $6.22 billion, a P/E ratio of 16.02 and a beta of 0.85. Gentex Corporation has a 1 year low of $20.28 and a 1 year high of $31.72.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share for the quarter, topping analysts' consensus estimates of $0.39 by $0.08. The company had revenue of $657.86 million during the quarter, compared to analysts' expectations of $591.94 million. Gentex had a return on equity of 16.86% and a net margin of 16.82%.The business's revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.37 earnings per share. Gentex has set its FY 2025 guidance at EPS. On average, research analysts predict that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex announced that its board has initiated a stock buyback program on Wednesday, July 16th that authorizes the company to repurchase 40,000,000 outstanding shares. This repurchase authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company's board believes its shares are undervalued.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Investors of record on Wednesday, October 8th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, October 8th. This represents a $0.48 annualized dividend and a yield of 1.7%. Gentex's dividend payout ratio is 27.12%.

Gentex Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.

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