Freestone Grove Partners LP Purchases Shares of 1,861,677 Gentex Corporation $GNTX

Freestone Grove Partners LP purchased a new position in shares of Gentex Corporation (NASDAQ:GNTX) during the second quarter, Holdings Channel.com reports. The firm purchased 1,861,677 shares of the auto parts company’s stock, valued at approximately $47,045,000.

Several other large investors also recently modified their holdings of the stock. Anchor Investment Management LLC acquired a new position in shares of Gentex during the 1st quarter valued at $26,000. AdvisorNet Financial Inc grew its holdings in Gentex by 2,299.0% in the first quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company’s stock worth $52,000 after purchasing an additional 2,299 shares during the period. Arax Advisory Partners acquired a new stake in Gentex in the fourth quarter worth $52,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Gentex in the second quarter valued at $54,000. Finally, Employees Retirement System of Texas bought a new stake in Gentex in the fourth quarter valued at $56,000. Institutional investors and hedge funds own 86.76% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on GNTX shares. Freedom Capital cut shares of Gentex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. JPMorgan Chase & Co. dropped their price target on Gentex from $28.00 to $27.00 and set a “neutral” rating on the stock in a research note on Monday, August 10th. UBS Group reiterated a “neutral” rating and issued a $25.00 price target (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. Finally, Weiss Ratings raised Gentex from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, June 23rd. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $26.80.

Gentex Trading Up 0.9%

GNTX opened at $23.87 on Thursday. Gentex Corporation has a 1-year low of $20.48 and a 1-year high of $29.38. The company has a market cap of $5.08 billion, a price-to-earnings ratio of 12.63 and a beta of 0.79. The company’s fifty day moving average price is $24.16 and its two-hundred day moving average price is $23.48.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 earnings per share (EPS) 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 analysts’ expectations 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 last year, the company earned $0.43 earnings per share. As a group, equities analysts forecast that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th were paid a dividend of $0.12 per share. The ex-dividend date was Wednesday, July 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.0%. Gentex’s payout ratio is 25.40%.

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).