Bank of New York Mellon Corp Raises Stock Position in Gentex Co. (NASDAQ:GNTX)

Bank of New York Mellon Corp lifted its position in shares of Gentex Co. (NASDAQ:GNTX) by 16.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,787,311 shares of the auto parts company’s stock after acquiring an additional 386,461 shares during the quarter. Bank of New York Mellon Corp’s holdings in Gentex were worth $80,079,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. JPMorgan Chase & Co. boosted its position in Gentex by 179.7% during the third quarter. JPMorgan Chase & Co. now owns 2,000,796 shares of the auto parts company’s stock worth $59,404,000 after purchasing an additional 1,285,519 shares in the last quarter. Bridgewater Associates LP increased its holdings in Gentex by 249.1% during the 3rd quarter. Bridgewater Associates LP now owns 617,657 shares of the auto parts company’s stock valued at $18,338,000 after acquiring an additional 440,725 shares in the last quarter. Cidel Asset Management Inc. acquired a new position in Gentex during the fourth quarter worth about $11,815,000. Citigroup Inc. lifted its holdings in shares of Gentex by 327.8% in the third quarter. Citigroup Inc. now owns 483,842 shares of the auto parts company’s stock valued at $14,365,000 after purchasing an additional 370,746 shares in the last quarter. Finally, Lightrock Netherlands B.V. acquired a new stake in shares of Gentex in the fourth quarter valued at approximately $9,443,000. Institutional investors and hedge funds own 86.76% of the company’s stock.

Gentex Price Performance

GNTX opened at $24.32 on Monday. Gentex Co. has a 12 month low of $24.07 and a 12 month high of $37.58. The business has a 50-day moving average of $26.70 and a two-hundred day moving average of $28.90. The stock has a market capitalization of $5.53 billion, a price-to-earnings ratio of 13.82, a price-to-earnings-growth ratio of 0.84 and a beta of 0.91.

Gentex (NASDAQ:GNTX) last released its earnings results on Friday, January 31st. The auto parts company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.10). Gentex had a net margin of 17.49% and a return on equity of 16.74%. During the same quarter in the previous year, the company earned $0.50 earnings per share. Equities research analysts anticipate that Gentex Co. will post 2.04 earnings per share for the current year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 23rd. Investors of record on Wednesday, April 9th will be given a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.97%. The ex-dividend date is Wednesday, April 9th. Gentex’s dividend payout ratio (DPR) is currently 27.27%.

Analyst Ratings Changes

Several brokerages recently issued reports on GNTX. B. Riley restated a “buy” rating and set a $32.50 price objective (down from $37.00) on shares of Gentex in a research report on Monday, February 3rd. Guggenheim reduced their price objective on Gentex from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. UBS Group dropped their price objective on Gentex from $30.00 to $29.00 and set a “neutral” rating for the company in a research report on Monday, February 3rd. Robert W. Baird set a $31.00 target price on shares of Gentex in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. decreased their price target on shares of Gentex from $34.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $32.31.

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.