SBI Okasan Asset Management Co.Ltd. Acquires New Shares in Gentex Corporation $GNTX

Key Points

• SBI Okasan Asset Management initiated a new position in Gentex during the fourth quarter, buying 43,100 shares worth about $1.01 million.
• Gentex has seen mixed but generally positive analyst sentiment: several firms raised targets or upgraded the stock, though the overall consensus remains “Hold” with an average price target of $26.83.
• The company reported better-than-expected quarterly results, with EPS of $0.48 versus $0.44 expected and revenue up 17.1% year over year, and it also announced a quarterly dividend of $0.12 per share.

SBI Okasan Asset Management Co.Ltd. bought a new position in shares of Gentex Corporation (NASDAQ:GNTX - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 43,100 shares of the auto parts company's stock, valued at approximately $1,011,000.

Several other large investors also recently bought and sold shares of the company. Wellington Management Group LLP raised its stake in shares of Gentex by 10.3% during the 3rd quarter. Wellington Management Group LLP now owns 14,828,120 shares of the auto parts company's stock worth $419,636,000 after buying an additional 1,383,203 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Gentex by 21.9% in the 3rd quarter. JPMorgan Chase & Co. now owns 6,725,426 shares of the auto parts company's stock valued at $190,330,000 after acquiring an additional 1,206,060 shares during the last quarter. Millennium Management LLC grew its stake in Gentex by 199.3% in the 3rd quarter. Millennium Management LLC now owns 1,741,518 shares of the auto parts company's stock valued at $49,285,000 after acquiring an additional 1,159,718 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new position in Gentex during the 3rd quarter valued at about $31,926,000. Finally, Caisse de depot et placement du Quebec acquired a new position in Gentex during the third quarter worth about $22,420,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on GNTX shares. B. Riley Financial reaffirmed a "buy" rating and issued a $29.00 price target (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Freedom Capital upgraded Gentex to a "strong-buy" rating in a research report on Friday, March 27th. Wall Street Zen raised Gentex from a "hold" rating to a "buy" rating in a research note on Sunday, March 8th. JPMorgan Chase & Co. increased their target price on Gentex from $27.00 to $28.00 and gave the company a "neutral" rating in a report on Thursday, May 14th. Finally, Robert W. Baird raised their price target on Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research report on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $26.83.

Insiders Place Their Bets

In other news, Director Brian C. Walker sold 5,939 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $22.98, for a total transaction of $136,478.22. Following the transaction, the director directly owned 24,205 shares in the company, valued at $556,230.90. This represents a 19.70% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard O. Schaum sold 4,815 shares of the firm's stock in a transaction that occurred on Thursday, April 30th. The stock was sold at an average price of $23.31, for a total transaction of $112,237.65. Following the completion of the sale, the director directly owned 81,443 shares in the company, valued at $1,898,436.33. This represents a 5.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 16,693 shares of company stock valued at $385,194. Insiders own 0.55% of the company's stock.

Gentex Stock Performance

Shares of NASDAQ GNTX opened at $24.16 on Friday. The firm has a market cap of $5.14 billion, a P/E ratio of 13.57 and a beta of 0.78. Gentex Corporation has a 1 year low of $20.48 and a 1 year high of $29.38. The firm's 50 day moving average price is $22.61 and its 200 day moving average price is $23.09.

Gentex (NASDAQ:GNTX - Get Free Report) last issued its quarterly earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share for the quarter, topping analysts' consensus estimates of $0.44 by $0.04. Gentex had a return on equity of 16.27% and a net margin of 14.75%.The company had revenue of $675.44 million for the quarter, compared to analyst estimates of $649.42 million. During the same quarter in the prior year, the company posted $0.42 EPS. The business's revenue for the quarter was up 17.1% compared to the same quarter last year. As a group, equities analysts predict that Gentex Corporation will post 1.96 EPS for the current year.

Gentex Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 22nd. Investors of record on Wednesday, July 8th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, July 8th. This represents a $0.48 annualized dividend and a yield of 2.0%. Gentex's dividend payout ratio is 26.97%.

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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