Burns Matteson Capital Management LLC Purchases New Shares in Gentex Corporation $GNTX

Burns Matteson Capital Management LLC purchased a new stake in Gentex Corporation (NASDAQ:GNTX) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 23,958 shares of the auto parts company’s stock, valued at approximately $521,000.

A number of other hedge funds have also modified their holdings of the business. XXEC Inc. acquired a new position in shares of Gentex during the 2nd quarter worth approximately $7,705,220,000. BlackRock Inc. purchased a new stake in Gentex in the 2nd quarter valued at approximately $550,287,000. Dimensional Fund Advisors LP lifted its stake in Gentex by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,463,299 shares of the auto parts company’s stock valued at $163,067,000 after buying an additional 833,919 shares in the last quarter. Caisse de depot et placement du Quebec purchased a new stake in Gentex in the 2nd quarter valued at approximately $79,924,000. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Gentex by 21.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,995,044 shares of the auto parts company’s stock valued at $65,442,000 after buying an additional 534,905 shares during the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Price Performance

Shares of NASDAQ GNTX opened at $21.01 on Friday. The company has a market cap of $4.47 billion, a PE ratio of 11.12 and a beta of 0.86. Gentex Corporation has a 12 month low of $20.48 and a 12 month high of $26.99. The company has a 50-day simple moving average of $22.52 and a 200-day simple moving average of $23.30.

Gentex (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, July 24th. The auto parts company reported $0.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $651.30 million for the quarter, compared to the consensus estimate of $669.65 million. Gentex had a net margin of 15.50% and a return on equity of 16.78%. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.43 earnings per share. On average, analysts anticipate that Gentex Corporation will post 2.06 EPS for the current year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 21st. Shareholders of record on Wednesday, October 7th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, October 7th. Gentex’s payout ratio is presently 25.40%.

Wall Street Analysts Forecast Growth

GNTX has been the subject of several recent research reports. The Goldman Sachs Group downgraded Gentex from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $23.00 to $20.00 in a research report on Tuesday, October 6th. UBS Group reduced their price objective on Gentex from $25.00 to $24.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 7th. Weiss Ratings lowered Gentex from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research note on Sunday, July 12th. Finally, JPMorgan Chase & Co. dropped their price objective on Gentex from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $25.20.

About Gentex

Gentex Corporation develops, manufactures and supplies technology products for the automotive, aerospace and fire-protection industries. The company is best known for its automatic-dimming rearview mirrors, which use electrochromic technology to reduce glare, as well as related interior and exterior vehicle electronics.

Gentex’s automotive portfolio also includes camera-based driver-assistance systems, connected-car technologies, vehicle lighting and sensing products, biometric and occupant-monitoring systems, and integrated electronic features designed to improve vehicle safety, comfort and convenience.