Man Group plc Purchases New Shares in Gentex Corporation $GNTX

Key Points

• Man Group plc acquired 291,294 Gentex shares worth approximately $7.36 million in the second quarter, giving it a 0.14% stake. Institutional investors collectively own 86.76% of Gentex.
• Gentex’s latest quarterly results exceeded expectations, with earnings of $0.58 per share versus the $0.50 consensus estimate, although revenue fell 1% year over year to $651.3 million.
• Analyst sentiment remains cautious: Gentex has a consensus “Hold” rating from one Buy and seven Hold ratings, with an average price target of $26.80; the stock recently traded at $22.67.

Man Group plc acquired a new position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 291,294 shares of the auto parts company's stock, valued at approximately $7,361,000. Man Group plc owned 0.14% of Gentex at the end of the most recent reporting period.

A number of other institutional investors have also recently modified their holdings of the stock. Clearstead Advisors LLC increased its stake in Gentex by 21.4% in the fourth quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company's stock valued at $58,000 after acquiring an additional 437 shares during the last quarter. Gagnon Securities LLC lifted its stake in Gentex by 0.8% during the fourth quarter. Gagnon Securities LLC now owns 55,672 shares of the auto parts company's stock worth $1,295,000 after purchasing an additional 458 shares during the last quarter. Crumly & Associates Inc. lifted its stake in Gentex by 3.7% during the second quarter. Crumly & Associates Inc. now owns 13,291 shares of the auto parts company's stock worth $336,000 after purchasing an additional 478 shares during the last quarter. First Citizens Bank & Trust Co. boosted its holdings in shares of Gentex by 1.6% in the 1st quarter. First Citizens Bank & Trust Co. now owns 30,294 shares of the auto parts company's stock valued at $662,000 after purchasing an additional 487 shares in the last quarter. Finally, Sei Investments Co. increased its stake in shares of Gentex by 0.3% in the 1st quarter. Sei Investments Co. now owns 196,776 shares of the auto parts company's stock valued at $4,300,000 after purchasing an additional 521 shares during the last quarter. 86.76% of the stock is currently owned by institutional investors.

Gentex Stock Down 1.7%

GNTX stock opened at $22.67 on Friday. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 11.99 and a beta of 0.79. Gentex Corporation has a 12-month low of $20.48 and a 12-month high of $29.38. The company's fifty day simple moving average is $24.04 and its 200 day simple moving average is $23.47.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.50 by $0.08. The company had revenue of $651.30 million during the quarter, compared to the consensus estimate of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The company's quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter last year, the firm posted $0.43 EPS. Research analysts expect that Gentex Corporation will post 2.04 earnings per share for the current year.

Analysts Set New Price Targets

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

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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