Gentex (GNTX) Lifted to Buy at ValuEngine
Gentex (NASDAQ:GNTX) was upgraded by equities researchers at ValuEngine from a “hold” rating to a “buy” rating in a note issued to investors on Thursday.
A number of other research firms have also recently weighed in on GNTX. Robert W. Baird restated a “hold” rating and issued a $23.00 price target on shares of Gentex in a report on Friday, January 26th. Zacks Investment Research cut Gentex from a “buy” rating to a “hold” rating in a report on Thursday, January 25th. Susquehanna Bancshares set a $24.00 price target on Gentex and gave the stock a “hold” rating in a report on Wednesday, March 14th. BidaskClub cut Gentex from a “strong-buy” rating to a “buy” rating in a report on Saturday, April 21st. Finally, Longbow Research restated a “buy” rating and issued a $28.00 price target on shares of Gentex in a report on Monday, April 23rd. Four equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $25.60.
NASDAQ GNTX opened at $23.83 on Thursday. The company has a market capitalization of $6.35 billion, a price-to-earnings ratio of 18.62, a P/E/G ratio of 1.05 and a beta of 1.25. Gentex has a fifty-two week low of $23.24 and a fifty-two week high of $23.38.
Gentex declared that its Board of Directors has initiated a share buyback plan on Friday, March 9th that allows the company to repurchase 20,000,000 outstanding shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other Gentex news, Chairman Fred Bauer sold 946,200 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $23.33, for a total value of $22,074,846.00. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Frederick A. Sotok sold 4,000 shares of the company’s 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 completion of the transaction, the director now directly owns 31,696 shares in the company, valued at $726,472.32. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 951,260 shares of company stock worth $22,190,387. 0.60% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. acquired a new stake in shares of Gentex during the 1st quarter valued at approximately $110,000. Essex Financial Services Inc. acquired a new stake in shares of Gentex during the 4th quarter valued at approximately $205,000. Weatherly Asset Management L. P. acquired a new stake in shares of Gentex during the 4th quarter valued at approximately $236,000. Uncommon Cents Investing LLC acquired a new stake in shares of Gentex during the 4th quarter valued at approximately $243,000. Finally, Columbia Asset Management acquired a new stake in shares of Gentex during the 1st quarter valued at approximately $253,000. 83.66% of the stock is currently owned by institutional investors.
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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