Edgestream Partners L.P. Acquires 167,736 Shares of Gentex Corporation $GNTX

Edgestream Partners L.P. boosted its stake in shares of Gentex Corporation (NASDAQ:GNTX) by 523.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 199,771 shares of the auto parts company’s stock after buying an additional 167,736 shares during the period. Edgestream Partners L.P.’s holdings in Gentex were worth $4,365,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Anchor Investment Management LLC acquired a new position in shares of Gentex in the first quarter valued at approximately $26,000. CIBC Private Wealth Group LLC raised its holdings in shares of Gentex by 2,420.7% during the third quarter. CIBC Private Wealth Group LLC now owns 2,067 shares of the auto parts company’s stock worth $58,000 after acquiring an additional 1,985 shares during the period. Arax Advisory Partners acquired a new stake in shares of Gentex during the fourth quarter worth $52,000. AdvisorNet Financial Inc lifted its position in Gentex by 2,299.0% in the 1st quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company’s stock valued at $52,000 after acquiring an additional 2,299 shares in the last quarter. Finally, Employees Retirement System of Texas bought a new stake in Gentex in the 4th 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 recently weighed in on GNTX shares. B. Riley Financial reaffirmed a “buy” rating and issued a $29.00 target price (up from $28.00) on shares of Gentex in a research note on Monday, April 27th. Freedom Capital downgraded Gentex from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Weiss Ratings upgraded Gentex from a “hold (c-)” rating to a “hold (c)” rating in a report on Tuesday, June 23rd. Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, JPMorgan Chase & Co. boosted their target price on Gentex from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. One equities research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $27.00.

Gentex Stock Down 1.2%

Shares of Gentex stock opened at $23.36 on Friday. The stock has a market cap of $4.97 billion, a P/E ratio of 12.36 and a beta of 0.78. Gentex Corporation has a 12-month low of $20.48 and a 12-month high of $29.38. The business’s 50 day moving average is $24.54 and its 200-day moving average is $23.50.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.08. The business 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 firm’s revenue was down 1.0% on a year-over-year basis. During the same period last year, the business earned $0.43 earnings per share. On average, sell-side analysts expect that Gentex Corporation will post 1.99 EPS for the current year.

Gentex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 22nd. Shareholders of record on Wednesday, July 8th were paid a $0.12 dividend. The ex-dividend date was Wednesday, July 8th. This represents a $0.48 dividend on an annualized basis and a yield of 2.1%. Gentex’s dividend payout ratio (DPR) is currently 25.40%.

Insider Transactions at Gentex

In other news, Director Brian C. Walker sold 5,939 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $22.98, for a total value of $136,478.22. Following the sale, the director directly owned 24,205 shares of the company’s stock, valued at approximately $556,230.90. This represents a 19.70% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the company’s stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $22.98, for a total transaction of $136,478.22. The SEC filing for this sale provides additional information. Company insiders own 0.55% of the company’s stock.

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).