Gentex Corporation (GNTX) Shares Down 7.4% After Earnings Miss

Gentex Corporation (NASDAQ:GNTX) was down 7.4% during mid-day trading on Friday after the company announced weaker than expected quarterly earnings. The company traded as low as $16.59 and last traded at $17.28, with a volume of 7,617,427 shares. The stock had previously closed at $18.66.

The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The firm had revenue of $443.10 million for the quarter, compared to the consensus estimate of $446.36 million. During the same period last year, the firm earned $0.30 EPS. The company’s revenue for the quarter was up 4.6% on a year-over-year basis.

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 19th. Shareholders of record on Thursday, July 6th were paid a dividend of $0.10 per share. The ex-dividend date was Monday, July 3rd. This represents a $0.40 annualized dividend and a yield of 2.29%. This is a positive change from Gentex Corporation’s previous quarterly dividend of $0.09. Gentex Corporation’s payout ratio is 31.50%.

Several equities research analysts have issued reports on GNTX shares. Wellington Shields lowered Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a research note on Thursday, May 4th. BidaskClub lowered Gentex Corporation from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 27th. Zacks Investment Research lowered Gentex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. FBR & Co reaffirmed an “outperform” rating and set a $25.00 price target on shares of Gentex Corporation in a research note on Monday, July 24th. Finally, Craig Hallum lowered Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $21.75.

In other news, Director John A. Mulder sold 10,000 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $19.22, for a total value of $192,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 2.50% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. raised its position in Gentex Corporation by 0.3% in the second quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock worth $416,000 after buying an additional 56 shares during the last quarter. Trust Co. of Toledo NA OH raised its position in Gentex Corporation by 0.5% in the first quarter. Trust Co. of Toledo NA OH now owns 13,729 shares of the auto parts company’s stock worth $293,000 after buying an additional 63 shares during the last quarter. Northwestern Mutual Investment Management Company LLC raised its position in Gentex Corporation by 0.3% in the first quarter. Northwestern Mutual Investment Management Company LLC now owns 49,511 shares of the auto parts company’s stock worth $1,056,000 after buying an additional 134 shares during the last quarter. Cardinal Capital Management raised its position in Gentex Corporation by 1.6% in the first quarter. Cardinal Capital Management now owns 22,234 shares of the auto parts company’s stock worth $474,000 after buying an additional 349 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its position in Gentex Corporation by 0.4% in the second quarter. Gateway Investment Advisers LLC now owns 93,609 shares of the auto parts company’s stock worth $1,776,000 after buying an additional 388 shares during the last quarter. 82.40% of the stock is owned by institutional investors and hedge funds.

The firm has a market capitalization of $5.00 billion, a price-to-earnings ratio of 13.84 and a beta of 1.18. The company’s 50-day moving average price is $18.13 and its 200-day moving average price is $19.82.

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Gentex Corporation 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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