Gentex (NASDAQ:GNTX) Raised to “Hold” at Zacks Investment Research
Zacks Investment Research upgraded shares of Gentex (NASDAQ:GNTX) from a sell rating to a hold rating in a research note published on Wednesday, Zacks.com reports. Zacks Investment Research currently has $27.00 target price on the auto parts company’s stock.
According to Zacks, “Gentex aims to attain long-term growth, driven by robust product launches, better mix and unique technology platforms. Further, Gentex's sales improved backed by rising auto-dimming mirror shipments in the North American market. It remains steadfast in its efforts to provide unique, value-added solutions for its customers. The company pursues an aggressive capital-deployment strategy. Moreover, the company is focused on developing dimmable devices that are enabled with new technologies to cater to the increasing demand for technically-advanced auto parts. However, decline in global light-vehicle production and adverse impacts of tariff on gross margin is pressurizing Gentex. Further, high operating expenses and pricing pressure from automotive customers and competitors are concerns for Gentex. Hence, the stock warrants a cautious stance.”
GNTX has been the subject of a number of other reports. ValuEngine cut shares of Gentex from a hold rating to a sell rating in a report on Wednesday. B. Riley set a $29.00 target price on shares of Gentex and gave the company a buy rating in a report on Friday, July 19th. Longbow Research reaffirmed a hold rating on shares of Gentex in a report on Sunday, July 7th. Finally, BidaskClub raised shares of Gentex from a sell rating to a hold rating in a report on Tuesday, July 30th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company. Gentex has a consensus rating of Hold and an average target price of $23.52.
Gentex (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, July 19th. The auto parts company reported $0.42 EPS for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.02. Gentex had a net margin of 23.28% and a return on equity of 23.08%. The firm had revenue of $468.71 million during the quarter, compared to the consensus estimate of $462.65 million. During the same quarter last year, the firm earned $0.40 earnings per share. The firm’s revenue was up 3.0% compared to the same quarter last year. On average, equities research analysts forecast that Gentex will post 1.68 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th will be issued a $0.115 dividend. The ex-dividend date is Tuesday, October 8th. This represents a $0.46 dividend on an annualized basis and a yield of 1.74%. Gentex’s dividend payout ratio (DPR) is presently 28.40%.
In other news, CTO Neil Boehm sold 8,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $27.49, for a total transaction of $219,920.00. Following the completion of the transaction, the chief technology officer now directly owns 25,894 shares of the company’s stock, valued at approximately $711,826.06. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James A. Hollars sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $25.32, for a total transaction of $354,480.00. Following the transaction, the director now directly owns 51,707 shares of the company’s stock, valued at $1,309,221.24. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 64,043 shares of company stock valued at $1,775,639. 0.37% of the stock is currently owned by corporate insiders.
Several institutional investors and hedge funds have recently modified their holdings of GNTX. Carroll Financial Associates Inc. increased its stake in shares of Gentex by 159.1% during the 2nd quarter. Carroll Financial Associates Inc. now owns 1,285 shares of the auto parts company’s stock worth $31,000 after purchasing an additional 789 shares in the last quarter. Capital Bank & Trust Co purchased a new position in shares of Gentex during the 2nd quarter worth approximately $49,000. Hikari Tsushin Inc. purchased a new position in shares of Gentex during the 2nd quarter worth approximately $50,000. Advisory Alpha LLC purchased a new position in shares of Gentex during the 1st quarter worth approximately $85,000. Finally, Parallel Advisors LLC increased its stake in shares of Gentex by 64.3% during the 2nd quarter. Parallel Advisors LLC now owns 4,695 shares of the auto parts company’s stock worth $116,000 after purchasing an additional 1,838 shares in the last quarter. 80.90% of the stock is owned by institutional investors and hedge funds.
Gentex Company Profile
Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors 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.
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