Parallel Advisors LLC Purchases 11,258 Shares of Gentex Corporation $GNTX

Key Points

• Parallel Advisors LLC has significantly increased its stake in Gentex Corporation by 127.8%, now owning 20,065 shares valued at $441,000 after acquiring an additional 11,258 shares.
• Gentex recently reported an earnings per share of $0.47, surpassing expectations, with a revenue of $657.86 million which is a 14.8% increase year-over-year.
• The company has also announced a quarterly dividend of $0.12 per share to be paid on October 22nd, with a dividend yield of 1.7% and an authorized repurchase program for 40 million shares, suggesting confidence in its stock value.

Parallel Advisors LLC increased its position in Gentex Corporation (NASDAQ:GNTX - Free Report) by 127.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 20,065 shares of the auto parts company's stock after purchasing an additional 11,258 shares during the quarter. Parallel Advisors LLC's holdings in Gentex were worth $441,000 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 GNTX. Fuller & Thaler Asset Management Inc. increased its position in Gentex by 487.7% during the 1st quarter. Fuller & Thaler Asset Management Inc. now owns 3,447,651 shares of the auto parts company's stock valued at $80,330,000 after buying an additional 2,860,969 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Gentex by 142.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,589,585 shares of the auto parts company's stock valued at $106,937,000 after buying an additional 2,695,117 shares in the last quarter. American Century Companies Inc. increased its position in Gentex by 148.5% during the 1st quarter. American Century Companies Inc. now owns 4,119,232 shares of the auto parts company's stock valued at $95,978,000 after buying an additional 2,461,835 shares in the last quarter. JPMorgan Chase & Co. increased its position in Gentex by 46.2% during the 1st quarter. JPMorgan Chase & Co. now owns 7,673,701 shares of the auto parts company's stock valued at $178,797,000 after buying an additional 2,424,471 shares in the last quarter. Finally, Burgundy Asset Management Ltd. increased its position in Gentex by 40.1% during the 1st quarter. Burgundy Asset Management Ltd. now owns 7,728,209 shares of the auto parts company's stock valued at $180,067,000 after buying an additional 2,211,392 shares in the last quarter. Institutional investors own 86.76% of the company's stock.

Gentex Stock Performance

Shares of Gentex stock traded down $0.01 during trading hours on Tuesday, hitting $28.39. The company's stock had a trading volume of 79,365 shares, compared to its average volume of 2,265,558. The business has a 50 day moving average price of $27.01 and a two-hundred day moving average price of $24.00. Gentex Corporation has a 12-month low of $20.28 and a 12-month high of $31.72. The company has a market cap of $6.23 billion, a PE ratio of 16.05 and a beta of 0.85.

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

Gentex announced that its Board of Directors has initiated a stock 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 repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Wednesday, October 8th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 8th. Gentex's payout ratio is 27.12%.

Wall Street Analysts Forecast Growth

GNTX has been the subject of a number of analyst reports. UBS Group raised their price objective on Gentex from $23.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research report on Friday, July 11th. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. B. Riley lifted their target price on Gentex from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, July 28th. Finally, Zacks Research lowered Gentex from a "strong-buy" rating to a "hold" rating in a report on Friday. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $28.63.

Gentex Company Profile

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.