Gentex Corporation (GNTX) Short Interest Up 10.2% in October
Gentex Corporation (NASDAQ:GNTX) was the recipient of a significant growth in short interest in the month of October. As of October 31st, there was short interest totalling 16,841,656 shares, a growth of 10.2% from the October 13th total of 15,280,055 shares. Based on an average daily trading volume, of 2,139,160 shares, the short-interest ratio is presently 7.9 days. Approximately 6.0% of the company’s stock are short sold.
Shares of Gentex Corporation (GNTX) opened at $18.73 on Tuesday. The firm has a market capitalization of $5,300.46, a P/E ratio of 14.82, a PEG ratio of 1.52 and a beta of 1.20. Gentex Corporation has a fifty-two week low of $16.59 and a fifty-two week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31. The business had revenue of $438.63 million during the quarter, compared to the consensus estimate of $452.42 million. Gentex Corporation had a return on equity of 18.45% and a net margin of 20.80%. The company’s revenue was up 2.1% compared to the same quarter last year. During the same period in the prior year, the company earned $0.32 earnings per share. research analysts anticipate that Gentex Corporation will post 1.27 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 18th. Stockholders of record on Friday, October 6th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.14%. The ex-dividend date of this dividend was Thursday, October 5th. Gentex Corporation’s payout ratio is currently 31.75%.
Gentex Corporation announced that its board has authorized a stock buyback plan on Wednesday, August 23rd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
A number of equities analysts recently issued reports on the company. Zacks Investment Research raised Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. KeyCorp reaffirmed a “buy” rating and issued a $25.00 price target on shares of Gentex Corporation in a report on Sunday, October 15th. Robert W. Baird raised Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the company from $17.36 to $22.00 in a report on Thursday, August 24th. BidaskClub downgraded Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. Finally, FBR & Co reaffirmed an “outperform” rating and issued a $25.00 price target on shares of Gentex Corporation in a report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $22.06.
In related news, CFO Steven R. Downing sold 8,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $157,600.00. Following the sale, the chief financial officer now directly owns 47,362 shares in the company, valued at $933,031.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction that occurred on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $85,104.00. Following the sale, the insider now owns 30,732 shares in the company, valued at $605,420.40. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Gentex Corporation by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after acquiring an additional 368 shares during the period. DekaBank Deutsche Girozentrale acquired a new stake in shares of Gentex Corporation in the third quarter valued at approximately $105,000. Ffcm LLC acquired a new stake in shares of Gentex Corporation during the third quarter worth $174,000. LVM Capital Management Ltd. MI acquired a new stake in shares of Gentex Corporation during the second quarter worth $194,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Gentex Corporation during the second quarter worth $194,000. 80.83% of the stock is owned by institutional investors and hedge funds.
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About Gentex Corporation
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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