Nordea Investment Management AB Buys Shares of 227,304 Gentex Corporation $GNTX

Nordea Investment Management AB purchased a new position in shares of Gentex Corporation (NASDAQ:GNTX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 227,304 shares of the auto parts company’s stock, valued at approximately $6,422,000. Nordea Investment Management AB owned approximately 0.10% of Gentex as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Addison Advisors LLC purchased a new stake in Gentex during the 2nd quarter worth approximately $25,000. Steph & Co. acquired a new position in shares of Gentex in the second quarter worth $45,000. UMB Bank n.a. increased its position in shares of Gentex by 34.4% during the second quarter. UMB Bank n.a. now owns 2,854 shares of the auto parts company’s stock worth $63,000 after acquiring an additional 730 shares during the period. Bayforest Capital Ltd purchased a new stake in shares of Gentex during the second quarter worth $81,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Gentex by 2,038.4% in the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company’s stock valued at $99,000 after acquiring an additional 4,301 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently commented on GNTX. JPMorgan Chase & Co. boosted their target price on Gentex from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Monday, October 20th. Weiss Ratings restated a “hold (c)” rating on shares of Gentex in a research note on Wednesday, October 8th. The Goldman Sachs Group set a $27.00 target price on shares of Gentex and gave the company a “neutral” rating in a report on Monday, October 27th. Robert W. Baird set a $26.00 price target on shares of Gentex in a report on Wednesday. Finally, UBS Group reissued a “neutral” rating and issued a $29.00 price objective (up from $28.00) on shares of Gentex in a research report on Monday, October 6th. Two research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $27.86.

Gentex Trading Down 0.3%

GNTX stock opened at $23.93 on Friday. The stock has a market cap of $5.24 billion, a P/E ratio of 14.08 and a beta of 0.78. Gentex Corporation has a twelve month low of $20.28 and a twelve month high of $29.38. The company’s 50 day moving average is $23.36 and its two-hundred day moving average is $25.22.

Gentex (NASDAQ:GNTX) last posted its earnings results on Friday, October 24th. The auto parts company reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). Gentex had a net margin of 15.61% and a return on equity of 15.86%. The company had revenue of $570.32 million during the quarter, compared to analysts’ expectations of $661.10 million. During the same period last year, the business earned $0.53 earnings per share. The company’s quarterly revenue was up 7.7% on a year-over-year basis. On average, equities research analysts predict that Gentex Corporation 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, January 21st. Investors of record on Wednesday, January 7th will be given a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, January 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.0%. Gentex’s dividend payout ratio is 28.24%.

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).