Gentex (NASDAQ:GNTX) declared that its Board of Directors has initiated a stock buyback program, which allows the company to repurchase 20,000,000 outstanding shares on Friday, March 9th, EventVestor reports. This repurchase authorization allows the auto parts company to buy shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
Gentex stock opened at $23.52 on Thursday. The firm has a market cap of $6,388.52, a P/E ratio of 18.19, a PEG ratio of 1.49 and a beta of 1.31. Gentex has a 1 year low of $16.59 and a 1 year high of $24.07.
Gentex (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, January 26th. The auto parts company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. The business had revenue of $459.57 million during the quarter, compared to analysts’ expectations of $449.43 million. Gentex had a net margin of 22.66% and a return on equity of 18.35%. The firm’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. sell-side analysts anticipate that Gentex will post 1.62 EPS for the current fiscal year.
Several brokerages have recently issued reports on GNTX. Susquehanna Bancshares set a $24.00 price objective on shares of Gentex and gave the stock a “hold” rating in a research note on Wednesday, March 14th. B. Riley lifted their price objective on shares of Gentex from $25.00 to $29.00 and gave the stock a “buy” rating in a research note on Monday, January 29th. ValuEngine raised shares of Gentex from a “hold” rating to a “buy” rating in a research report on Thursday, March 1st. Zacks Investment Research raised shares of Gentex from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research report on Wednesday, January 10th. Finally, Robert W. Baird reissued a “hold” rating and issued a $23.00 target price on shares of Gentex in a research report on Friday, January 26th. Four equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $25.33.
In related news, Director James H. Wallace sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $23.40, for a total transaction of $280,800.00. Following the completion of the sale, the director now directly owns 48,304 shares in the company, valued at $1,130,313.60. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel Scott P. Ryan sold 7,220 shares of Gentex stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $23.66, for a total transaction of $170,825.20. Following the completion of the sale, the general counsel now owns 21,329 shares of the company’s stock, valued at $504,644.14. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 974,354 shares of company stock valued at $22,734,583. 2.50% of the stock is currently owned by corporate insiders.
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Gentex Company Profile
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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