Invenomic Capital Management LP Decreases Stock Position in Gentex Co. (NASDAQ:GNTX)

Invenomic Capital Management LP cut its holdings in Gentex Co. (NASDAQ:GNTX) by 13.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 126,842 shares of the auto parts company’s stock after selling 19,932 shares during the quarter. Invenomic Capital Management LP’s holdings in Gentex were worth $3,644,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GNTX. JPMorgan Chase & Co. raised its stake in Gentex by 162.4% in the fourth quarter. JPMorgan Chase & Co. now owns 5,249,230 shares of the auto parts company’s stock valued at $150,810,000 after buying an additional 3,248,434 shares during the last quarter. Norges Bank purchased a new stake in Gentex in the fourth quarter valued at about $51,959,000. Wellington Management Group LLP raised its stake in Gentex by 6.1% in the fourth quarter. Wellington Management Group LLP now owns 18,023,056 shares of the auto parts company’s stock valued at $517,802,000 after buying an additional 1,038,912 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in Gentex in the fourth quarter valued at about $24,479,000. Finally, American Century Companies Inc. raised its stake in Gentex by 66.9% in the fourth quarter. American Century Companies Inc. now owns 1,657,397 shares of the auto parts company’s stock valued at $47,617,000 after buying an additional 664,389 shares during the last quarter. 86.76% of the stock is currently owned by hedge funds and other institutional investors.

Gentex Stock Performance

NASDAQ:GNTX opened at $22.21 on Monday. The stock has a market cap of $4.99 billion, a P/E ratio of 12.62, a P/E/G ratio of 0.84 and a beta of 0.85. Gentex Co. has a 1 year low of $20.28 and a 1 year high of $35.33. The stock has a 50-day simple moving average of $22.71 and a 200-day simple moving average of $26.31.

Gentex (NASDAQ:GNTX) last announced its earnings results on Friday, April 25th. The auto parts company reported $0.43 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.43. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $578.68 million. Gentex had a return on equity of 16.74% and a net margin of 17.49%. The business’s revenue was down 2.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.47 EPS. On average, equities research analysts predict that Gentex Co. will post 2.04 EPS for the current year.

Gentex Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 23rd. Shareholders of record on Wednesday, April 9th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 2.16%. The ex-dividend date of this dividend was Wednesday, April 9th. Gentex’s dividend payout ratio is presently 28.07%.

Wall Street Analysts Forecast Growth

GNTX has been the subject of a number of research analyst reports. Guggenheim decreased their price target on Gentex from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. JPMorgan Chase & Co. reduced their price target on Gentex from $34.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Baird R W lowered Gentex from a “strong-buy” rating to a “hold” rating in a report on Tuesday, April 15th. B. Riley reaffirmed a “buy” rating and issued a $32.50 price target (down from $37.00) on shares of Gentex in a research note on Monday, February 3rd. Finally, The Goldman Sachs Group lowered their price objective on Gentex from $28.00 to $23.00 and set a “neutral” rating on the stock in a research note on Thursday, April 10th. Eight research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $28.31.

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.