Gentex Corporation (GNTX) Rating Increased to Hold at Zacks Investment Research
Zacks Investment Research upgraded shares of Gentex Corporation (NASDAQ:GNTX) from a sell rating to a hold rating in a research note published on Tuesday.
According to Zacks, “Gentex Corporation is an international company that provides high-quality products to the worldwide automotive industry and North American fire protection market. The Company develops, manufactures and markets proprietary electro-optic products, including interior and exterior electrochromic, automatic-dimming Night Vision Safety automotive rearview mirrors that dim in proportion to the amount of headlight glare from trailing vehicle headlamps, and an extensive line of fire protection products for commercial applications. “
Several other research analysts have also weighed in on GNTX. Craig Hallum lowered Gentex Corporation from a buy rating to a hold rating and set a $18.00 price objective for the company. in a research report on Monday, July 24th. BMO Capital Markets reissued an outperform rating and issued a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. Robert W. Baird raised Gentex Corporation from a neutral rating to an outperform rating and lifted their price objective for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. FBR & Co reissued an outperform rating and issued a $25.00 price objective on shares of Gentex Corporation in a research report on Monday, July 24th. Finally, BidaskClub lowered Gentex Corporation from a sell rating to a strong sell rating in a research report on Thursday, July 27th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average target price of $21.79.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 18.47 on Tuesday. The company has a 50-day moving average price of $17.58 and a 200-day moving average price of $19.36. The company has a market cap of $5.27 billion, a P/E ratio of 14.66 and a beta of 1.18. Gentex Corporation has a 12-month low of $16.06 and a 12-month high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last announced its earnings results on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. The company had revenue of $443.10 million for the quarter, compared to analyst estimates of $446.36 million. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The firm’s quarterly revenue was up 4.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share. On average, analysts predict that Gentex Corporation will post $1.27 earnings per share for the current year.
Gentex Corporation declared that its board has authorized a stock buyback program on Wednesday, August 23rd that allows the company to repurchase 15,000,000 shares. This repurchase authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s dividend payout ratio (DPR) is presently 31.50%.
In related news, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $17.33, for a total value of $4,148,802.00. Following the completion of the sale, the chairman now directly owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.50% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Eqis Capital Management Inc. raised its stake in shares of Gentex Corporation by 29.6% in the first quarter. Eqis Capital Management Inc. now owns 27,820 shares of the auto parts company’s stock worth $593,000 after buying an additional 6,354 shares during the last quarter. Hussman Strategic Advisors Inc. raised its stake in shares of Gentex Corporation by 3,076.9% in the first quarter. Hussman Strategic Advisors Inc. now owns 206,500 shares of the auto parts company’s stock worth $4,405,000 after buying an additional 200,000 shares during the last quarter. Great West Life Assurance Co. Can raised its stake in shares of Gentex Corporation by 3.4% in the first quarter. Great West Life Assurance Co. Can now owns 236,983 shares of the auto parts company’s stock worth $5,051,000 after buying an additional 7,790 shares during the last quarter. Advisory Services Network LLC purchased a new stake in shares of Gentex Corporation during the first quarter worth approximately $432,000. Finally, Thomas Story & Son LLC raised its stake in shares of Gentex Corporation by 1.7% in the first quarter. Thomas Story & Son LLC now owns 298,385 shares of the auto parts company’s stock worth $6,365,000 after buying an additional 4,925 shares during the last quarter. 80.86% of the stock is owned by institutional investors and hedge funds.
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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