Hsbc Holdings PLC Buys 101,656 Shares of Gentex Corporation $GNTX

Key Points

• HSBC Holdings PLC sharply increased its Gentex position in the fourth quarter, buying 101,656 additional shares and lifting its stake by 308.9% to 134,570 shares worth about $3.14 million.
• Gentex reported better-than-expected quarterly results, with EPS of $0.48 versus $0.44 expected and revenue of $675.44 million, up 17.1% year over year.
• The company also declared a quarterly dividend of $0.12 per share payable July 22, while analysts currently rate the stock a consensus Hold with an average price target of $26.83.

Hsbc Holdings PLC increased its stake in Gentex Corporation (NASDAQ:GNTX - Free Report) by 308.9% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 134,570 shares of the auto parts company's stock after buying an additional 101,656 shares during the period. Hsbc Holdings PLC owned 0.06% of Gentex worth $3,141,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in shares of Gentex by 10.3% in the third quarter. Wellington Management Group LLP now owns 14,828,120 shares of the auto parts company's stock worth $419,636,000 after acquiring an additional 1,383,203 shares during the last quarter. Bank of Montreal Can raised its position in shares of Gentex by 14,398.7% in the 4th quarter. Bank of Montreal Can now owns 7,726,057 shares of the auto parts company's stock worth $179,785,000 after purchasing an additional 7,672,769 shares during the last quarter. State Street Corp raised its position in shares of Gentex by 1.0% in the 2nd quarter. State Street Corp now owns 7,439,333 shares of the auto parts company's stock worth $163,591,000 after purchasing an additional 74,779 shares during the last quarter. American Century Companies Inc. boosted its stake in Gentex by 2.0% in the 3rd quarter. American Century Companies Inc. now owns 6,742,293 shares of the auto parts company's stock worth $190,807,000 after purchasing an additional 131,035 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in Gentex by 25.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 6,629,380 shares of the auto parts company's stock worth $154,271,000 after purchasing an additional 1,349,445 shares in the last quarter. Institutional investors own 86.76% of the company's stock.

Gentex Price Performance

GNTX stock opened at $25.65 on Monday. The company has a market cap of $5.46 billion, a P/E ratio of 14.41 and a beta of 0.79. Gentex Corporation has a 1 year low of $20.48 and a 1 year high of $29.38. The stock's fifty day moving average price is $24.04 and its 200-day moving average price is $23.44.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings data on Friday, April 24th. The auto parts company reported $0.48 EPS for the quarter, beating analysts' consensus estimates of $0.44 by $0.04. Gentex had a return on equity of 16.27% and a net margin of 14.75%.The company had revenue of $675.44 million during the quarter, compared to analysts' expectations of $649.42 million. During the same quarter in the prior year, the business earned $0.42 earnings per share. Gentex's revenue for the quarter was up 17.1% compared to the same quarter last year. As a group, analysts expect that Gentex Corporation will post 1.96 earnings per share for the current year.

Gentex Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Wednesday, July 8th. This represents a $0.48 annualized dividend and a dividend yield of 1.9%. Gentex's dividend payout ratio is presently 26.97%.

Analyst Ratings Changes

A number of research firms have weighed in on GNTX. B. Riley Financial restated a "buy" rating and set a $29.00 price objective (up from $28.00) on shares of Gentex in a research note on Monday, April 27th. Wall Street Zen downgraded shares of Gentex from a "buy" rating to a "hold" rating in a research note on Saturday, June 13th. Robert W. Baird increased their price target on shares of Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a report on Monday, April 27th. Weiss Ratings raised shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Gentex from $27.00 to $28.00 and gave the stock a "neutral" rating in a report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $26.83.

Insider Transactions at Gentex

In other news, Director Richard O. Schaum sold 4,815 shares of the stock in a transaction that occurred on Thursday, April 30th. The shares were sold at an average price of $23.31, for a total value of $112,237.65. Following the transaction, the director owned 81,443 shares in the company, valued at $1,898,436.33. This represents a 5.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the company's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $22.98, for a total transaction of $136,478.22. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,693 shares of company stock worth $385,194 in the last quarter. Company insiders own 0.55% of the company's stock.

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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