Parallel Advisors LLC Increases Holdings in Gentex Corporation $GNTX

Parallel Advisors LLC grew its holdings in shares of Gentex Corporation (NASDAQ:GNTX) by 127.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 20,065 shares of the auto parts company’s stock after purchasing an additional 11,258 shares during the period. Parallel Advisors LLC’s holdings in Gentex were worth $441,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of GNTX. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Gentex by 17.0% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 5,744 shares of the auto parts company’s stock worth $126,000 after buying an additional 836 shares during the period. Rowlandmiller & PARTNERS.ADV lifted its holdings in Gentex by 4.3% in the second quarter. Rowlandmiller & PARTNERS.ADV now owns 36,338 shares of the auto parts company’s stock worth $799,000 after acquiring an additional 1,501 shares during the last quarter. Voya Investment Management LLC raised its holdings in shares of Gentex by 16.0% during the first quarter. Voya Investment Management LLC now owns 273,035 shares of the auto parts company’s stock valued at $6,362,000 after buying an additional 37,594 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Gentex by 23,142.1% during the first quarter. Geneos Wealth Management Inc. now owns 26,496 shares of the auto parts company’s stock worth $617,000 after purchasing an additional 26,382 shares in the last quarter. Finally, Glenview Trust co raised its holdings in Gentex by 25.3% during the first quarter. Glenview Trust co now owns 9,200 shares of the auto parts company’s stock worth $214,000 after purchasing an additional 1,860 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the stock. B. Riley lifted their price objective on shares of Gentex from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. The Goldman Sachs Group reissued a “neutral” rating on shares of Gentex in a research note on Friday, July 11th. Robert W. Baird upped their price objective on shares of Gentex from $26.00 to $30.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Zacks Research upgraded shares of Gentex from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 20th. Finally, Wall Street Zen upgraded shares of Gentex from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $28.63.

Gentex Trading Down 1.3%

GNTX stock opened at $28.67 on Friday. The firm has a market capitalization of $6.29 billion, a P/E ratio of 16.20 and a beta of 0.85. Gentex Corporation has a 12 month low of $20.28 and a 12 month high of $31.72. The firm has a 50 day moving average of $26.91 and a 200-day moving average of $23.99.

Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, July 25th. The auto parts company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.39 by $0.08. Gentex had a net margin of 16.82% and a return on equity of 16.86%. The company had revenue of $657.86 million for the quarter, compared to the consensus estimate of $591.94 million. During the same period in the previous year, the firm earned $0.37 earnings per share. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. Gentex has set its FY 2025 guidance at EPS. Sell-side analysts predict that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 22nd. Stockholders of record on Wednesday, October 8th will be given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date is Wednesday, October 8th. Gentex’s dividend payout ratio is currently 27.12%.

Gentex announced that its board has authorized a share repurchase program on Wednesday, July 16th that allows the company to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the auto parts company to buy shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Gentex 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.