Paralel Advisors LLC Purchases New Stake in Gentex Corporation $GNTX

Key Points

• Paralel Advisors purchased 105,738 Gentex shares worth approximately $2.67 million, while institutional investors and hedge funds collectively own 86.76% of the company.
• Gentex reported quarterly earnings of $0.58 per share, beating estimates of $0.50, though revenue fell 1% year over year to $651.3 million and missed expectations.
• Shares opened at $23.59, and analysts maintain a consensus “Hold” rating with an average price target of $26.80. Gentex also pays a $0.48 annualized dividend, yielding about 2%.

Paralel Advisors LLC acquired a new stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 105,738 shares of the auto parts company's stock, valued at approximately $2,672,000.

Several other hedge funds also recently added to or reduced their stakes in GNTX. Thompson Siegel & Walmsley LLC grew its stake in Gentex by 57.1% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 377,484 shares of the auto parts company's stock worth $8,784,000 after purchasing an additional 137,245 shares in the last quarter. Pacer Advisors Inc. raised its stake in Gentex by 2,636.4% during the fourth quarter. Pacer Advisors Inc. now owns 799,243 shares of the auto parts company's stock valued at $18,598,000 after buying an additional 770,035 shares in the last quarter. Hillsdale Investment Management Inc. raised its stake in Gentex by 25,026.7% during the first quarter. Hillsdale Investment Management Inc. now owns 188,450 shares of the auto parts company's stock valued at $4,118,000 after buying an additional 187,700 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in Gentex by 3,905.8% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 700,693 shares of the auto parts company's stock worth $16,305,000 after buying an additional 683,201 shares during the last quarter. Finally, Assenagon Asset Management S.A. bought a new position in Gentex during the 2nd quarter worth approximately $3,411,000. 86.76% of the stock is owned by institutional investors and hedge funds.

Gentex Stock Down 0.2%

Shares of NASDAQ GNTX opened at $23.59 on Friday. The firm's 50-day moving average price is $24.32 and its two-hundred day moving average price is $23.50. Gentex Corporation has a 52-week low of $20.48 and a 52-week high of $29.38. The stock has a market capitalization of $5.02 billion, a P/E ratio of 12.48 and a beta of 0.79.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its earnings results on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The company had revenue of $651.30 million during the quarter, compared to analyst estimates of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The business's revenue was down 1.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.43 earnings per share. As a group, equities research analysts expect that Gentex Corporation will post 2.04 earnings per share for the current year.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 22nd. Investors of record on Wednesday, July 8th were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, July 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Gentex's payout ratio is currently 25.40%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on GNTX. Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. dropped their price target on Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Monday, August 10th. Weiss Ratings upgraded Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. B. Riley Financial reaffirmed a "buy" rating and issued a $29.00 price objective (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Finally, UBS Group reiterated a "neutral" rating and set a $25.00 target price (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. One analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price 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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