Zacks Investment Research upgraded shares of Gentex Corporation (NASDAQ:GNTX) from a hold rating to a buy rating in a research report report published on Tuesday, October 17th. The firm currently has $23.00 price objective on the auto parts company’s stock.
According to Zacks, “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. It’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. Within this business segment, the Company also designs, develops and manufactures various electronics that are features to the interior and exterior automotive rearview mirrors, as well as interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the automotive producing regions across the world, which it supports with various sales, engineering and distribution locations across the world. Gentex is headquartered in Zeeland, MI. “
A number of other research firms have also commented on GNTX. Craig Hallum lowered shares of Gentex Corporation from a buy rating to a hold rating and set a $18.00 price target on the stock. in a research report on Monday, July 24th. FBR & Co reiterated an outperform rating and set a $25.00 price objective on shares of Gentex Corporation in a research note on Monday, July 24th. BMO Capital Markets reiterated an outperform rating and set a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. BidaskClub downgraded shares of Gentex Corporation from a sell rating to a strong sell rating in a research note on Thursday, July 27th. Finally, Robert W. Baird upgraded shares of Gentex Corporation from a neutral rating to an outperform rating and raised their price target for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Gentex Corporation currently has an average rating of Hold and a consensus target price of $22.06.
Shares of Gentex Corporation (GNTX) traded down $0.03 on Tuesday, reaching $19.26. 646,293 shares of the company traded hands, compared to its average volume of 1,878,457. The firm has a market cap of $5,476.48, a price-to-earnings ratio of 15.31, a PEG ratio of 1.57 and a beta of 1.20.
Gentex Corporation (NASDAQ:GNTX) last announced its quarterly earnings results on Friday, October 20th. The auto parts company reported $0.31 EPS for the quarter, meeting analysts’ consensus estimates of $0.31. The firm had revenue of $438.63 million during the quarter, compared to analysts’ expectations of $452.42 million. Gentex Corporation had a net margin of 20.80% and a return on equity of 18.45%. The company’s revenue for the quarter was up 2.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 earnings per share. equities analysts expect that Gentex Corporation will post 1.27 earnings per share for the current fiscal year.
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The company also recently declared a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.08%. Gentex Corporation’s payout ratio is 31.75%.
Gentex Corporation announced that its board has authorized a stock repurchase plan on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the auto parts company to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.
In other Gentex Corporation news, insider Kevin C. Nash sold 4,320 shares of Gentex Corporation stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $85,104.00. Following the transaction, the insider now directly owns 30,732 shares of the company’s stock, valued at approximately $605,420.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Steven R. Downing sold 8,000 shares of the business’s stock in a transaction dated Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $157,600.00. Following the completion of the sale, the chief financial officer now owns 47,362 shares in the company, valued at $933,031.40. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in GNTX. First Eagle Investment Management LLC purchased a new stake in Gentex Corporation in the third quarter worth approximately $1,109,000. Sei Investments Co. boosted its stake in shares of Gentex Corporation by 7,916.2% during the third quarter. Sei Investments Co. now owns 422,054 shares of the auto parts company’s stock valued at $8,357,000 after purchasing an additional 416,789 shares during the period. Grimes & Company Inc. boosted its stake in shares of Gentex Corporation by 3.7% during the third quarter. Grimes & Company Inc. now owns 313,989 shares of the auto parts company’s stock valued at $6,217,000 after purchasing an additional 11,247 shares during the period. FDx Advisors Inc. lifted its stake in Gentex Corporation by 15.2% in the third quarter. FDx Advisors Inc. now owns 85,407 shares of the auto parts company’s stock worth $1,691,000 after acquiring an additional 11,275 shares during the period. Finally, Global X MANAGEMENT CO LLC lifted its stake in Gentex Corporation by 27.9% in the third quarter. Global X MANAGEMENT CO LLC now owns 19,625 shares of the auto parts company’s stock worth $389,000 after acquiring an additional 4,282 shares during the period. Hedge funds and other institutional investors own 80.87% of the company’s stock.
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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