Parvin Asset Management LLC Acquires Shares of 42,995 Gentex Corporation $GNTX

Key Points

• Parvin Asset Management acquired 42,995 Gentex shares worth approximately $1.09 million in the second quarter. Institutional investors collectively own 86.76% of the company.
• Analysts remain cautious, with one Buy rating and seven Holds; Gentex has an average rating of “Hold” and an average price target of $26.80.
• Gentex exceeded quarterly EPS expectations, reporting $0.58 versus the $0.50 consensus, although revenue declined 1% year over year to $651.3 million. The company also pays a quarterly dividend of $0.12, equivalent to a 2% annualized yield.

Parvin Asset Management LLC acquired a new stake in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 42,995 shares of the auto parts company's stock, valued at approximately $1,086,000.

A number of other institutional investors also recently modified their holdings of the company. Anchor Investment Management LLC purchased a new stake in Gentex in the 1st quarter worth approximately $26,000. CIBC Private Wealth Group LLC increased its stake in shares of Gentex by 2,420.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,067 shares of the auto parts company's stock valued at $58,000 after buying an additional 1,985 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Gentex during the second quarter valued at approximately $54,000. Arax Advisory Partners bought a new position in shares of Gentex during the fourth quarter valued at approximately $52,000. Finally, AdvisorNet Financial Inc lifted its stake in Gentex by 2,299.0% in the first quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company's stock worth $52,000 after acquiring an additional 2,299 shares during the period. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Weiss Ratings raised shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. Wall Street Zen cut shares of Gentex from a "buy" rating to a "hold" rating in a research report on Sunday, July 12th. UBS Group reaffirmed 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. JPMorgan Chase & Co. reduced their price target on shares of Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a research report on Monday, August 10th. Finally, Freedom Capital lowered shares of Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $26.80.

Gentex Stock Performance

Shares of GNTX stock opened at $23.87 on Thursday. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 12.63 and a beta of 0.79. Gentex Corporation has a one year low of $20.48 and a one year high of $29.38. The company's 50-day moving average is $24.16 and its 200 day moving average is $23.48.

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

Gentex Announces Dividend

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

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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