Nitorum Capital L.P. Trims Stock Position in Gentex Corporation $GNTX

Key Points

• Nitorum Capital L.P. reduced its holdings in Gentex Corporation by 26%, now owning approximately 501,389 shares valued at $11.68 million.
• Gentex announced a quarterly dividend of $0.12, representing a yield of 1.7%, with an ex-dividend date set for October 8th.
• The company's stock is currently trading at $28.12, up 1.6%, with a market cap of $6.17 billion and recent earnings exceeding expectations.

Nitorum Capital L.P. cut its holdings in Gentex Corporation (NASDAQ:GNTX - Free Report) by 26.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,389 shares of the auto parts company's stock after selling 176,310 shares during the quarter. Gentex makes up approximately 1.6% of Nitorum Capital L.P.'s holdings, making the stock its 25th largest holding. Nitorum Capital L.P. owned about 0.22% of Gentex worth $11,682,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. AQR Capital Management LLC boosted its position in Gentex by 36.7% during the 4th quarter. AQR Capital Management LLC now owns 155,234 shares of the auto parts company's stock valued at $4,460,000 after acquiring an additional 41,649 shares in the last quarter. Jane Street Group LLC boosted its position in Gentex by 83.1% during the 4th quarter. Jane Street Group LLC now owns 156,201 shares of the auto parts company's stock valued at $4,488,000 after acquiring an additional 70,912 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its position in Gentex by 41.5% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 36,948 shares of the auto parts company's stock valued at $1,062,000 after acquiring an additional 10,837 shares in the last quarter. Bayesian Capital Management LP boosted its position in Gentex by 45.7% during the 4th quarter. Bayesian Capital Management LP now owns 13,400 shares of the auto parts company's stock valued at $385,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Captrust Financial Advisors boosted its position in Gentex by 10.8% during the 4th quarter. Captrust Financial Advisors now owns 103,821 shares of the auto parts company's stock valued at $2,983,000 after acquiring an additional 10,144 shares in the last quarter. 86.76% of the stock is owned by institutional investors.

Gentex Price Performance

Shares of NASDAQ GNTX traded down $0.25 during mid-day trading on Wednesday, hitting $27.97. 812,176 shares of the company's stock traded hands, compared to its average volume of 2,274,753. The company's 50-day moving average is $26.03 and its two-hundred day moving average is $23.75. The company has a market capitalization of $6.14 billion, a P/E ratio of 15.80 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 announced its earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.08. Gentex had a net margin of 16.82% and a return on equity of 16.86%. The firm had revenue of $657.86 million for the quarter, compared to analysts' expectations of $591.94 million. During the same period in the prior year, the company earned $0.37 EPS. The business's revenue was up 14.8% compared to the same quarter last year. Gentex has set its FY 2025 guidance at EPS. Equities analysts anticipate that Gentex Corporation will post 2.04 EPS for the current fiscal year.

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

Gentex Dividend Announcement

The company also recently disclosed 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. This represents a $0.48 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 8th. Gentex's dividend payout ratio is 27.12%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GNTX. UBS Group boosted their price target on Gentex from $23.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. 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 research note on Monday, July 28th. Wall Street Zen upgraded Gentex from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. The Goldman Sachs Group restated a "neutral" rating on shares of Gentex in a research note on Friday, July 11th. Finally, Industrial Alliance Securities set a $25.00 target price on shares of Gentex in a report on Friday, July 11th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, Gentex currently has a consensus rating of "Hold" and a consensus target price of $28.63.

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.