ValuEngine lowered shares of Gentex (NASDAQ:GNTX) from a buy rating to a hold rating in a research note released on Monday morning.
Several other equities research analysts have also recently issued reports on GNTX. Susquehanna Bancshares set a $24.00 target price on shares of Gentex and gave the stock a hold rating in a report on Wednesday, March 14th. Zacks Investment Research cut shares of Gentex from a buy rating to a hold rating in a report on Monday, April 2nd. BidaskClub cut shares of Gentex from a strong-buy rating to a buy rating in a report on Saturday, April 21st. Longbow Research restated a buy rating and issued a $28.00 target price on shares of Gentex in a report on Monday, April 23rd. Finally, JPMorgan Chase & Co. dropped their target price on shares of Gentex from $26.00 to $25.00 and set a neutral rating on the stock in a report on Tuesday, April 24th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $25.60.
NASDAQ:GNTX opened at $22.80 on Monday. Gentex has a 52 week low of $16.59 and a 52 week high of $25.41. The company has a market cap of $6.24 billion, a PE ratio of 17.81, a PEG ratio of 1.04 and a beta of 1.28.
Gentex (NASDAQ:GNTX) last issued its earnings results on Friday, April 20th. The auto parts company reported $0.40 earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. Gentex had a net margin of 23.27% and a return on equity of 19.05%. The company had revenue of $465.42 million for the quarter, compared to analysts’ expectations of $478.06 million. During the same quarter last year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was up 2.6% on a year-over-year basis. sell-side analysts forecast that Gentex will post 1.69 EPS for the current year.
Gentex declared that its board has authorized a stock buyback program on Friday, March 9th that allows the company to repurchase 20,000,000 outstanding shares. This repurchase authorization allows the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 18th. Shareholders of record on Friday, July 6th will be given a $0.11 dividend. The ex-dividend date of this dividend is Thursday, July 5th. This represents a $0.44 annualized dividend and a yield of 1.93%. Gentex’s payout ratio is presently 34.38%.
In other Gentex news, Director Frederick A. Sotok sold 4,000 shares of the stock in a transaction that occurred on Wednesday, May 2nd. The shares were sold at an average price of $22.92, for a total value of $91,680.00. Following the transaction, the director now directly owns 31,696 shares in the company, valued at $726,472.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Mulder sold 5,000 shares of the stock in a transaction that occurred on Tuesday, June 19th. The stock was sold at an average price of $25.00, for a total transaction of $125,000.00. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates raised its position in Gentex by 6.7% in the fourth quarter. Raymond James & Associates now owns 127,639 shares of the auto parts company’s stock worth $2,674,000 after acquiring an additional 7,982 shares during the period. Renaissance Technologies LLC raised its position in shares of Gentex by 111.1% during the 4th quarter. Renaissance Technologies LLC now owns 900,200 shares of the auto parts company’s stock valued at $18,859,000 after purchasing an additional 473,700 shares during the period. Franklin Resources Inc. raised its position in shares of Gentex by 2.0% during the 4th quarter. Franklin Resources Inc. now owns 146,210 shares of the auto parts company’s stock valued at $3,063,000 after purchasing an additional 2,898 shares during the period. Teachers Advisors LLC raised its position in shares of Gentex by 3.0% during the 4th quarter. Teachers Advisors LLC now owns 490,816 shares of the auto parts company’s stock valued at $10,283,000 after purchasing an additional 14,221 shares during the period. Finally, Koch Industries Inc. bought a new stake in shares of Gentex during the 4th quarter valued at $526,000. Institutional investors and hedge funds own 82.45% of the company’s stock.
Gentex Company Profile
Gentex Corporation provides automatic-dimming and non-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 worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and interior and exterior non-automatic-dimming rearview mirrors with electronic features for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.
To view ValuEngine’s full report, visit ValuEngine’s official website.
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