XXEC Inc. Boosts Stock Holdings in Gentex Corporation $GNTX

Key Points

• XXEC Inc. sharply increased its Gentex stake in the first quarter, boosting holdings by 483.9% to 1.54 million shares. The position is now worth about $36.6 million and represents 7.2% of XXEC’s portfolio.
• Gentex reported better-than-expected quarterly results, with EPS of $0.48 versus estimates of $0.44 and revenue of $675.4 million versus expectations of $649.4 million. Revenue rose 17.1% year over year.
• The company also announced a quarterly dividend of $0.12 per share, payable July 22, for an annualized yield of 1.9%. Meanwhile, analysts currently rate the stock a consensus “Hold” with an average target price of $26.83.

XXEC Inc. boosted its holdings in Gentex Corporation (NASDAQ:GNTX - Free Report) by 483.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,541,062 shares of the auto parts company's stock after purchasing an additional 1,277,120 shares during the quarter. Gentex comprises 7.2% of XXEC Inc.'s portfolio, making the stock its 5th largest position. XXEC Inc. owned approximately 0.72% of Gentex worth $36,612,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in GNTX. Clearstead Advisors LLC boosted its position 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 purchasing an additional 437 shares in the last quarter. Gagnon Securities LLC grew its stake in shares of Gentex by 0.8% in the 4th quarter. Gagnon Securities LLC now owns 55,672 shares of the auto parts company's stock worth $1,295,000 after buying an additional 458 shares during the last quarter. First Citizens Bank & Trust Co. increased its position in Gentex by 1.9% during the 4th quarter. First Citizens Bank & Trust Co. now owns 29,807 shares of the auto parts company's stock valued at $694,000 after buying an additional 559 shares in the last quarter. Orion Porfolio Solutions LLC increased its position in Gentex by 4.5% during the 2nd quarter. Orion Porfolio Solutions LLC now owns 13,025 shares of the auto parts company's stock valued at $286,000 after buying an additional 562 shares in the last quarter. Finally, Merit Financial Group LLC raised its stake in Gentex by 2.1% during the fourth quarter. Merit Financial Group LLC now owns 30,641 shares of the auto parts company's stock valued at $713,000 after buying an additional 635 shares during the last quarter. Institutional investors own 86.76% of the company's stock.

Gentex Stock Up 0.6%

Shares of NASDAQ GNTX opened at $25.27 on Wednesday. Gentex Corporation has a twelve month low of $20.48 and a twelve month high of $29.38. The firm has a market cap of $5.38 billion, a P/E ratio of 14.20 and a beta of 0.79. The company has a 50 day moving average of $24.16 and a 200 day moving average of $23.46.

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

Gentex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 22nd. Stockholders of record on Wednesday, July 8th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Wednesday, July 8th. Gentex's dividend payout ratio is presently 26.97%.

Insider Activity at Gentex

In other Gentex news, Director Joseph B. Anderson, Jr. sold 5,939 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Brian C. Walker sold 5,939 shares of the business's stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. Following the completion of the transaction, the director directly owned 24,205 shares of the company's stock, valued at approximately $556,230.90. This trade represents a 19.70% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 16,693 shares of company stock valued at $385,194 over the last ninety days. Insiders own 0.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. UBS Group set a $26.00 target price on Gentex in a report on Sunday, April 26th. B. Riley Financial restated a "buy" rating and set a $29.00 price target (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Freedom Capital raised Gentex to a "strong-buy" rating in a research report on Friday, March 27th. Robert W. Baird upped their price target on shares of Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Gentex from $27.00 to $28.00 and gave the company a "neutral" rating in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $26.83.

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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