UBS Group Begins Coverage on Gentex (NASDAQ:GNTX)

UBS Group initiated coverage on shares of Gentex (NASDAQ:GNTX) in a research note issued to investors on Wednesday, MarketBeat reports. The firm issued a neutral rating and a $34.00 price target on the auto parts company’s stock.

GNTX has been the subject of several other reports. JPMorgan Chase & Co. lowered their price target on shares of Gentex from $36.00 to $35.00 and set a neutral rating for the company in a research note on Monday, July 22nd. BNP Paribas downgraded shares of Gentex from an outperform rating to a neutral rating and set a $34.00 price target for the company. in a research note on Tuesday, July 30th. Robert W. Baird lowered their price target on shares of Gentex from $40.00 to $38.00 and set an outperform rating for the company in a research note on Monday, July 29th. StockNews.com downgraded shares of Gentex from a buy rating to a hold rating in a research note on Thursday, July 4th. Finally, B. Riley lowered their price objective on shares of Gentex from $44.00 to $41.00 and set a buy rating for the company in a research note on Monday, July 29th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $36.86.

Gentex Stock Performance

Shares of NASDAQ:GNTX opened at $30.03 on Wednesday. Gentex has a 52-week low of $27.86 and a 52-week high of $37.58. The firm has a fifty day moving average of $31.53 and a 200 day moving average of $33.81. The firm has a market capitalization of $6.94 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 1.03 and a beta of 0.92.

Gentex (NASDAQ:GNTX) last announced its earnings results on Friday, July 26th. The auto parts company reported $0.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.15). Gentex had a return on equity of 17.78% and a net margin of 17.87%. The company had revenue of $572.93 million during the quarter, compared to analysts’ expectations of $623.28 million. On average, sell-side analysts forecast that Gentex will post 1.96 EPS for the current fiscal year.

Gentex Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be paid a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Wednesday, October 9th. Gentex’s payout ratio is currently 25.40%.

Insider Buying and Selling

In related news, major shareholder Corp Gentex purchased 3,152,500 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was bought at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the completion of the purchase, the insider now directly owns 6,463,808 shares in the company, valued at $32,319,040. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Gentex

A number of institutional investors have recently bought and sold shares of GNTX. Kestra Investment Management LLC purchased a new stake in Gentex in the second quarter worth about $1,356,000. Cetera Investment Advisers grew its holdings in Gentex by 22.9% in the second quarter. Cetera Investment Advisers now owns 157,214 shares of the auto parts company’s stock worth $5,300,000 after purchasing an additional 29,338 shares during the period. Truist Financial Corp grew its holdings in Gentex by 22.5% in the second quarter. Truist Financial Corp now owns 642,283 shares of the auto parts company’s stock worth $21,651,000 after purchasing an additional 117,843 shares during the period. Disciplined Growth Investors Inc. MN grew its holdings in Gentex by 1.0% in the second quarter. Disciplined Growth Investors Inc. MN now owns 4,259,831 shares of the auto parts company’s stock worth $143,599,000 after purchasing an additional 43,457 shares during the period. Finally, Creative Planning grew its holdings in Gentex by 4.1% in the second quarter. Creative Planning now owns 60,685 shares of the auto parts company’s stock worth $2,046,000 after purchasing an additional 2,393 shares during the period. 86.76% of the stock is owned by institutional investors.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.