The Manufacturers Life Insurance Company Invests $3.91 Million in Gentex Corporation $GNTX

Key Points

• The Manufacturers Life Insurance Company acquired 154,557 Gentex shares worth approximately $3.91 million, while institutional investors collectively own 86.76% of the company.
• Gentex reported quarterly EPS of $0.58, beating analyst estimates of $0.50, although revenue declined 1% year over year to $651.3 million and missed consensus expectations.
• The company declared a quarterly dividend of $0.12 per share, equivalent to an annualized $0.48 payout and a 2.2% yield. Analysts remain cautious, with an average “Hold” rating and a $26.80 price target.

The Manufacturers Life Insurance Company acquired a new stake in Gentex Corporation (NASDAQ:GNTX - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 154,557 shares of the auto parts company's stock, valued at approximately $3,906,000. The Manufacturers Life Insurance Company owned approximately 0.07% of Gentex at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in GNTX. Royal Bank of Canada raised its holdings in Gentex by 33.1% during the first quarter. Royal Bank of Canada now owns 189,561 shares of the auto parts company's stock worth $4,418,000 after purchasing an additional 47,150 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Gentex by 1.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,321,634 shares of the auto parts company's stock worth $30,794,000 after purchasing an additional 23,454 shares during the period. Empowered Funds LLC boosted its stake in Gentex by 255.6% during the 1st quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company's stock valued at $1,891,000 after purchasing an additional 58,323 shares in the last quarter. Invesco Ltd. boosted its stake in Gentex by 8.0% during the 2nd quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company's stock valued at $17,881,000 after purchasing an additional 60,127 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its stake in Gentex by 2,038.4% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company's stock valued at $99,000 after purchasing an additional 4,301 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company's stock.

Gentex Stock Performance

Gentex stock opened at $22.13 on Wednesday. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 11.71 and a beta of 0.80. 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 $23.92 and its two-hundred day moving average price is $23.44.

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

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th will be given a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, October 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.2%. Gentex's payout ratio is 25.40%.

Analysts Set New Price Targets

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

Gentex Company 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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