Summit Street Capital Management LLC Buys New Stake in Gentex Corporation $GNTX

Key Points

• Summit Street Capital Management acquired 192,825 shares of Gentex, valued at approximately $4.9 million, giving it a 0.09% stake. Institutional investors collectively own 86.76% of the company.
• Analysts remain cautious, with one Buy rating and seven Holds; Gentex has a consensus rating of Hold and an average price target of $26.80.
• Gentex beat quarterly EPS estimates, reporting $0.58 versus $0.50 expected, although revenue declined 1% year over year to $651.3 million. The company also maintains a $0.12 quarterly dividend, equivalent to a 2.0% annual yield.

Summit Street Capital Management LLC purchased a new position in Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 192,825 shares of the auto parts company's stock, valued at approximately $4,873,000. Summit Street Capital Management LLC owned about 0.09% of Gentex as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Clearstead Advisors LLC increased its holdings in shares of Gentex by 21.4% in the 4th quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company's stock worth $58,000 after buying an additional 437 shares during the last quarter. Gagnon Securities LLC grew its position in Gentex by 0.8% in the fourth quarter. Gagnon Securities LLC now owns 55,672 shares of the auto parts company's stock worth $1,295,000 after acquiring an additional 458 shares in the last quarter. Crumly & Associates Inc. grew its position in Gentex by 3.7% in the second quarter. Crumly & Associates Inc. now owns 13,291 shares of the auto parts company's stock worth $336,000 after acquiring an additional 478 shares in the last quarter. First Citizens Bank & Trust Co. increased its stake in Gentex by 1.6% during the first quarter. First Citizens Bank & Trust Co. now owns 30,294 shares of the auto parts company's stock worth $662,000 after acquiring an additional 487 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Gentex by 0.3% during the first quarter. Sei Investments Co. now owns 196,776 shares of the auto parts company's stock worth $4,300,000 after acquiring an additional 521 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on GNTX. UBS Group reaffirmed a "neutral" rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Wall Street Zen lowered Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. JPMorgan Chase & Co. lowered their price target on Gentex from $28.00 to $27.00 and set a "neutral" rating for the company in a research report on Monday, August 10th. Finally, Weiss Ratings raised shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research note on Tuesday, June 23rd. One equities research analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $26.80.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $23.87 on Thursday. The firm has a market cap of $5.08 billion, a PE ratio of 12.63 and a beta of 0.79. The firm's 50 day simple moving average is $24.16 and its 200-day simple moving average is $23.48. Gentex Corporation has a one year low of $20.48 and a one year high of $29.38.

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

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th were given a dividend of $0.12 per share. The ex-dividend date of this dividend 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 25.40%.

About Gentex

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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