A number of other brokerages have also recently weighed in on GNTX. Zacks Investment Research raised Gentex Corporation from a hold rating to a buy rating and set a $23.00 price objective for the company in a research note on Tuesday, October 17th. KeyCorp reaffirmed a buy rating and issued a $25.00 price objective on shares of Gentex Corporation in a research note on Sunday, October 15th. ValuEngine cut Gentex Corporation from a buy rating to a hold rating in a research note on Friday, September 1st. BidaskClub raised Gentex Corporation from a strong sell rating to a sell rating in a research note on Saturday, August 26th. Finally, Robert W. Baird raised Gentex Corporation from a neutral rating to an outperform rating and lifted their price objective for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of Hold and an average target price of $22.19.
Gentex Corporation (NASDAQ:GNTX) traded down 6.20% during trading on Wednesday, hitting $19.38. The stock had a trading volume of 6,079,725 shares. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The company has a market cap of $5.53 billion, a P/E ratio of 15.38 and a beta of 1.18. The firm has a 50 day moving average of $19.57 and a 200-day moving average of $18.97.
Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.31. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The business had revenue of $438.63 million during the quarter, compared to analysts’ expectations of $452.42 million. During the same period in the previous year, the firm posted $0.32 earnings per share. The company’s revenue was up 2.1% on a year-over-year basis. Equities analysts anticipate that Gentex Corporation will post $1.27 earnings per share for the current fiscal year.
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Gentex Corporation declared that its board has approved a stock buyback program on Wednesday, August 23rd that authorizes the company to buyback 15,000,000 shares. This buyback authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The business also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Investors of record on Friday, October 6th were paid 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 2.06%. Gentex Corporation’s payout ratio is 31.75%.
In related news, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the completion of the transaction, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Steven R. Downing sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total value of $157,600.00. Following the transaction, the chief financial officer now directly owns 47,362 shares of the company’s stock, valued at $933,031.40. The disclosure for this sale can be found here. Insiders have sold a total of 251,720 shares of company stock valued at $4,391,506 over the last three months. 2.50% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in GNTX. Northwestern Mutual Wealth Management Co. grew its stake in Gentex Corporation by 7.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after purchasing an additional 368 shares in the last quarter. Asset Management One Co. Ltd. grew its stake in Gentex Corporation by 11.4% during the 1st quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock worth $181,000 after purchasing an additional 870 shares in the last quarter. LVM Capital Management Ltd. MI acquired a new position in Gentex Corporation during the 2nd quarter worth $194,000. Sheaff Brock Investment Advisors LLC acquired a new position in Gentex Corporation during the 2nd quarter worth $194,000. Finally, Verition Fund Management LLC acquired a new position in Gentex Corporation during the 2nd quarter worth $195,000. 80.78% of the stock is owned by hedge funds and other institutional investors.
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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