Corient Private Wealth LP Takes $1.67 Million Position in Gentex Corporation $GNTX

Corient Private Wealth LP acquired a new stake in Gentex Corporation (NASDAQ:GNTX) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 65,972 shares of the auto parts company’s stock, valued at approximately $1,667,000.

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

Gentex Price Performance

NASDAQ:GNTX opened at $22.84 on Friday. The stock has a market cap of $4.86 billion, a P/E ratio of 12.08 and a beta of 0.80. Gentex Corporation has a one year low of $20.48 and a one year high of $29.38. The company has a fifty day moving average price of $23.81 and a 200 day moving average price of $23.41.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.08. The firm had revenue of $651.30 million during the quarter, compared to the consensus estimate of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The business’s revenue was down 1.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.43 EPS. As a group, equities research analysts anticipate that Gentex Corporation will post 2.07 EPS for the current year.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Investors of record on Wednesday, October 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Wednesday, October 7th. Gentex’s dividend payout ratio (DPR) is presently 25.40%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on GNTX shares. JPMorgan Chase & Co. cut their target price on shares of Gentex from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. Weiss Ratings raised Gentex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Freedom Capital lowered Gentex from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 29th. UBS Group reissued a “neutral” rating and set a $25.00 price objective (down from $26.00) on shares of Gentex in a research report on Thursday, July 9th. Finally, Wall Street Zen downgraded Gentex from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. One investment 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.com, the stock has an average rating of “Hold” and a consensus price target of $26.80.

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).