Intech Investment Management LLC Buys New Stake in Gentex Co. (NASDAQ:GNTX)

Intech Investment Management LLC bought a new stake in shares of Gentex Co. (NASDAQ:GNTX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 30,770 shares of the auto parts company's stock, valued at approximately $1,037,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Phoenix Wealth Advisors raised its stake in Gentex by 3.1% during the second quarter. Phoenix Wealth Advisors now owns 10,196 shares of the auto parts company's stock valued at $344,000 after buying an additional 306 shares during the last quarter. GAMMA Investing LLC grew its position in Gentex by 26.3% during the 1st quarter. GAMMA Investing LLC now owns 1,742 shares of the auto parts company's stock valued at $63,000 after purchasing an additional 363 shares during the last quarter. Toronto Dominion Bank grew its position in Gentex by 0.9% during the 1st quarter. Toronto Dominion Bank now owns 42,346 shares of the auto parts company's stock valued at $1,530,000 after purchasing an additional 370 shares during the last quarter. Eagle Asset Management Inc. increased its stake in Gentex by 0.5% during the 4th quarter. Eagle Asset Management Inc. now owns 69,808 shares of the auto parts company's stock valued at $2,280,000 after purchasing an additional 373 shares in the last quarter. Finally, JLB & Associates Inc. raised its holdings in Gentex by 1.7% in the first quarter. JLB & Associates Inc. now owns 24,381 shares of the auto parts company's stock worth $881,000 after buying an additional 416 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. cut their price target on shares of Gentex from $36.00 to $35.00 and set a "neutral" rating on the stock in a report on Monday, July 22nd. BNP Paribas downgraded Gentex from an "outperform" rating to a "neutral" rating and set a $34.00 target price on the stock. in a research note on Tuesday, July 30th. Robert W. Baird decreased their price target on Gentex from $40.00 to $38.00 and set an "outperform" rating for the company in a research note on Monday, July 29th. B. Riley dropped their price objective on Gentex from $44.00 to $41.00 and set a "buy" rating on the stock in a research report on Monday, July 29th. Finally, UBS Group began coverage on Gentex in a research report on Wednesday, September 4th. They issued a "neutral" rating and a $34.00 target price for the company. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $36.86.

Insiders Place Their Bets

In related news, major shareholder Corp Gentex acquired 3,152,500 shares of the stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the transaction, the insider now directly owns 6,463,808 shares in the company, valued at $32,319,040. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.41% of the company's stock.

Gentex Trading Down 2.0 %

GNTX stock traded down $0.62 during trading on Wednesday, reaching $30.28. The stock had a trading volume of 2,023,586 shares, compared to its average volume of 1,419,605. The firm has a market cap of $7.00 billion, a PE ratio of 16.01, a PEG ratio of 0.99 and a beta of 0.92. The stock's 50 day moving average is $30.48 and its two-hundred day moving average is $33.21. Gentex Co. has a 52 week low of $27.86 and a 52 week high of $37.58.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings data on Friday, July 26th. The auto parts company reported $0.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.52 by ($0.15). Gentex had a return on equity of 17.78% and a net margin of 17.87%. The business had revenue of $572.93 million during the quarter, compared to analysts' expectations of $623.28 million. On average, research analysts anticipate that Gentex Co. will post 1.96 EPS for the current year.

Gentex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th will be issued a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.59%. The ex-dividend date is Wednesday, October 9th. Gentex's dividend payout ratio is presently 25.40%.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.