Gentex Corporation (NASDAQ:GNTX) Shares Bought by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC increased its stake in Gentex Corporation by 125.3%, owning 21,598 shares valued at $503,000 as of the end of the first quarter.
• Gentex reported a net margin of 16.82% and earnings of $0.47 per share for the latest quarter, surpassing analyst expectations.
• The company recently announced a quarterly dividend of $0.12 per share and initiated a stock buyback program for up to 40 million shares.

Neuberger Berman Group LLC grew its position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) by 125.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,598 shares of the auto parts company's stock after purchasing an additional 12,010 shares during the period. Neuberger Berman Group LLC's holdings in Gentex were worth $503,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Gentex by 0.4% during the 1st quarter. Principal Financial Group Inc. now owns 523,489 shares of the auto parts company's stock worth $12,197,000 after purchasing an additional 1,923 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Gentex in the fourth quarter worth approximately $10,868,000. Asset Management One Co. Ltd. boosted its position in shares of Gentex by 5.9% in the first quarter. Asset Management One Co. Ltd. now owns 219,454 shares of the auto parts company's stock worth $5,113,000 after acquiring an additional 12,168 shares during the last quarter. Praxis Investment Management Inc. acquired a new stake in shares of Gentex in the first quarter worth approximately $359,000. Finally, Speece Thorson Capital Group Inc. boosted its position in shares of Gentex by 18.3% in the first quarter. Speece Thorson Capital Group Inc. now owns 682,684 shares of the auto parts company's stock worth $15,907,000 after acquiring an additional 105,446 shares during the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Gentex Stock Down 1.3%

Shares of NASDAQ GNTX opened at $27.33 on Friday. Gentex Corporation has a fifty-two week low of $20.28 and a fifty-two week high of $31.75. The firm's 50-day simple moving average is $23.94 and its 200 day simple moving average is $23.44. The stock has a market cap of $6.00 billion, a P/E ratio of 15.44 and a beta of 0.82.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.39 by $0.08. Gentex had a net margin of 16.82% and a return on equity of 16.86%. The company had revenue of $657.86 million during the quarter, compared to the consensus estimate of $591.94 million. During the same period in the prior year, the company earned $0.37 EPS. Gentex's revenue was up 14.8% on a year-over-year basis. On average, sell-side analysts anticipate that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

Gentex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th were issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.8%. The ex-dividend date was Wednesday, July 9th. Gentex's payout ratio is presently 27.12%.

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

Analyst Upgrades and Downgrades

GNTX has been the topic of several research analyst reports. B. Riley raised their target price on shares of Gentex from $28.00 to $32.00 and gave the stock a "buy" rating in a research report on Monday, July 28th. UBS Group raised their price target on shares of Gentex from $23.00 to $28.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Robert W. Baird raised their price target on shares of Gentex from $26.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, July 28th. The Goldman Sachs Group restated a "neutral" rating on shares of Gentex in a report on Friday, July 11th. Finally, Wall Street Zen upgraded shares of Gentex from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $28.63.

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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