TrueMark Investments LLC has made a significant move by acquiring a new stake in Gentex Corporation (NASDAQ: GNTX) during the third quarter of 2023. According to the company’s recent filing with the U.S. Securities and Exchange Commission (SEC), TrueMark purchased 27,415 shares valued at approximately $776,000. This investment underscores growing interest in the auto parts manufacturer, which specializes in automotive and aerospace technology.
Other hedge funds have also adjusted their positions in Gentex. Notably, Covestor Ltd increased its holdings by 17.6%, acquiring an additional 1,525 shares, bringing its total to 10,169 shares worth $288,000. Universal Beteiligungs und Servicegesellschaft mbH raised its stake by 1.3%, now holding 88,568 shares valued at $2,506,000. Additionally, Grey Fox Wealth Advisors LLC and Parsons Capital Management Inc. RI both entered new stakes in Gentex, investing $65,000 and $210,000 respectively. Wealth Enhancement Advisory Services LLC also increased its holdings by 1.8%, totaling 49,687 shares worth $1,323,000. Notably, institutional investors and hedge funds collectively own 86.76% of Gentex’s stock.
Analysts have recently provided updates on Gentex’s stock performance. On October 20, JPMorgan Chase & Co. raised its price target from $30.00 to $32.00, maintaining a “neutral” rating. Weiss Ratings reaffirmed a “hold (c)” rating, while Robert W. Baird set a target of $26.00. On October 6, UBS Group raised its price objective to $29.00, and The Goldman Sachs Group established a target price of $27.00. Currently, two investment analysts have rated the stock as a Buy, while six have assigned a Hold rating. According to MarketBeat.com, Gentex has an average rating of “Hold” with a target price of $27.86.
Gentex Stock Performance and Financials
As of the latest trading day, shares of Gentex opened at $23.59. The stock has demonstrated a 50-day simple moving average of $23.40 and a 200-day average of $25.24. Over the last year, Gentex has recorded a low of $20.28 and a high of $29.38. The company boasts a market capitalization of $5.16 billion and a price-to-earnings ratio of 13.88 with a beta of 0.78.
In its most recent quarterly earnings report on October 24, Gentex reported earnings per share of $0.46, slightly below analysts’ expectations of $0.47. The company generated revenue of $570.32 million, which fell short of the forecasted $661.10 million. Despite this, Gentex achieved a year-over-year revenue increase of 7.7%. The return on equity stood at 15.86% with a net margin of 15.61%. Analysts project that Gentex will post earnings of $2.04 per share for the current fiscal year.
Gentex has also announced a quarterly dividend of $0.12 per share, paid on January 21, 2024. This results in an annualized dividend of $0.48 and a yield of 2.0%. The dividend payout ratio is currently 28.24%, indicating a healthy return to shareholders.
About Gentex Corporation
Gentex Corporation, trading under NASDAQ: GNTX, is a global technology firm focused on designing and manufacturing advanced automotive and aerospace products. The company is well-known for its automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. Gentex supplies a range of exterior and interior mirrors equipped with integrated electronics and safety features to leading original equipment manufacturers (OEMs) worldwide.
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