Summit Street Capital Management LLC Takes Position in Gentex Corporation $GNTX

Summit Street Capital Management LLC purchased a new position in Gentex Corporation (NASDAQ:GNTX) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 192,825 shares of the auto parts company’s stock, valued at approximately $4,873,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. XXEC Inc. purchased a new position in Gentex during the second quarter valued at approximately $7,705,220,000. BlackRock Inc. bought a new stake in Gentex during the 2nd quarter valued at $550,287,000. Bank of Montreal Can boosted its position in Gentex by 14,398.7% during the 4th quarter. Bank of Montreal Can now owns 7,726,057 shares of the auto parts company’s stock valued at $179,785,000 after acquiring an additional 7,672,769 shares in the last quarter. Caisse de depot et placement du Quebec purchased a new position in shares of Gentex in the 2nd quarter valued at $79,924,000. Finally, Norges Bank purchased a new position in shares of Gentex in the 4th quarter valued at $52,767,000. 86.76% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Gentex Trading Up 0.9%

NASDAQ GNTX opened at $23.87 on Thursday. The firm’s fifty day simple moving average is $24.16 and its two-hundred day simple moving average is $23.48. The firm has a market capitalization of $5.08 billion, a P/E ratio of 12.63 and a beta of 0.79. Gentex Corporation has a 12-month low of $20.48 and a 12-month high of $29.38.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The firm had revenue of $651.30 million during the quarter, compared to analyst estimates of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The business’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.43 EPS. As a group, sell-side analysts predict that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

Gentex Announces Dividend

The firm 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 2.0%. Gentex’s dividend payout ratio (DPR) 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).