Janney Montgomery Scott LLC Buys 57,003 Shares of Gentex Corporation $GNTX

Key Points

• Janney Montgomery Scott LLC acquired an additional 57,003 shares of Gentex Corporation, increasing its stake by 5.4% to approximately 1,118,695 shares, valued at $24.6 million.
• Several hedge funds have significantly raised their holdings in Gentex, with institutional investors now owning 86.76% of the company's stock.
• Gentex reported better-than-expected quarterly earnings, achieving $0.47 EPS compared to the consensus estimate of $0.39, along with a 14.8% year-over-year revenue growth.

Janney Montgomery Scott LLC increased its stake in Gentex Corporation (NASDAQ:GNTX - Free Report) by 5.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,118,695 shares of the auto parts company's stock after purchasing an additional 57,003 shares during the quarter. Janney Montgomery Scott LLC owned approximately 0.50% of Gentex worth $24,600,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Larson Financial Group LLC raised its holdings in shares of Gentex by 1,471.0% in the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock worth $25,000 after purchasing an additional 1,015 shares during the period. Brooklyn Investment Group raised its holdings in Gentex by 305.7% during the 1st quarter. Brooklyn Investment Group now owns 1,217 shares of the auto parts company's stock valued at $28,000 after acquiring an additional 917 shares during the period. Whittier Trust Co. of Nevada Inc. raised its holdings in Gentex by 85.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company's stock valued at $28,000 after acquiring an additional 563 shares during the period. Harbor Investment Advisory LLC raised its holdings in Gentex by 208.2% during the 1st quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company's stock valued at $38,000 after acquiring an additional 1,093 shares during the period. Finally, State of Wyoming bought a new stake in Gentex during the 1st quarter valued at $45,000. Institutional investors own 86.76% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. B. Riley boosted their target price on shares of Gentex from $28.00 to $32.00 and gave the company a "buy" rating in a report on Monday, July 28th. Industrial Alliance Securities set a $25.00 target price on shares of Gentex in a report on Friday, July 11th. Wall Street Zen raised shares of Gentex from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Robert W. Baird boosted their target price on shares of Gentex from $26.00 to $30.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, UBS Group boosted their target price on shares of Gentex from $23.00 to $28.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Two research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, Gentex has a consensus rating of "Hold" and a consensus price target of $29.75.

Gentex Price Performance

GNTX opened at $27.94 on Thursday. The company has a fifty day moving average price of $27.74 and a 200-day moving average price of $24.18. The firm has a market capitalization of $6.13 billion, a P/E ratio of 15.79 and a beta of 0.84. Gentex Corporation has a one year low of $20.28 and a one year high of $31.48.

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

Gentex declared that its Board of Directors has initiated a stock repurchase program on Wednesday, July 16th that authorizes the company to repurchase 40,000,000 shares. This repurchase authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board believes its shares are undervalued.

Gentex Dividend Announcement

The business 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 $0.12 dividend. The ex-dividend date is Wednesday, October 8th. This represents a $0.48 annualized dividend and a yield of 1.7%. Gentex's payout ratio is 27.12%.

About Gentex

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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