Gentex Corporation (NASDAQ:GNTX)‘s stock had its “buy” rating reaffirmed by investment analysts at FBR & Co in a note issued to investors on Wednesday, October 18th. They presently have a $25.00 price objective on the auto parts company’s stock. FBR & Co’s price target points to a potential upside of 31.44% from the stock’s current price.
Several other equities analysts have also recently weighed in on the company. ValuEngine cut Gentex Corporation from a “buy” rating to a “hold” rating in a research note on Friday, September 1st. Robert W. Baird raised Gentex Corporation from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $17.36 to $22.00 in a research note on Thursday, August 24th. Craig Hallum cut Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price target for the company. in a research note on Monday, July 24th. Zacks Investment Research raised Gentex Corporation from a “hold” rating to a “buy” rating and set a $23.00 price target for the company in a research note on Tuesday, October 17th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. Gentex Corporation currently has a consensus rating of “Hold” and a consensus price target of $22.06.
Shares of Gentex Corporation (NASDAQ:GNTX) traded down 1.14% on Wednesday, hitting $19.02. 1,757,847 shares of the stock traded hands. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The company’s 50 day moving average is $19.64 and its 200 day moving average is $18.93. The stock has a market cap of $5.43 billion, a price-to-earnings ratio of 15.10 and a beta of 1.18.
Gentex Corporation (NASDAQ:GNTX) last released its earnings results 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. Gentex Corporation had a return on equity of 18.45% and a net margin of 20.80%. The company had revenue of $438.63 million for the quarter, compared to analysts’ expectations of $452.42 million. During the same quarter in the previous year, the business posted $0.32 EPS. The business’s revenue for the quarter was up 2.1% on a year-over-year basis. On average, equities analysts forecast that Gentex Corporation will post $1.27 EPS for the current year.
Gentex Corporation announced that its board has authorized a stock buyback program on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its shares are undervalued.
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In related news, CFO Steven R. Downing sold 8,000 shares of the business’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 value of $157,600.00. Following the completion of the sale, the chief financial officer now directly owns 47,362 shares in the company, valued at approximately $933,031.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Kevin C. Nash sold 4,320 shares of the business’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 value of $85,104.00. Following the completion of the sale, the insider now owns 30,732 shares of the company’s stock, valued at $605,420.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 251,720 shares of company stock valued at $4,391,506. Corporate insiders own 2.50% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of GNTX. BlackRock Inc. lifted its holdings in Gentex Corporation by 13,551.0% in the 1st quarter. BlackRock Inc. now owns 23,213,469 shares of the auto parts company’s stock worth $495,146,000 after purchasing an additional 23,043,420 shares during the last quarter. Schroder Investment Management Group lifted its holdings in Gentex Corporation by 164.3% in the 2nd quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock worth $124,467,000 after purchasing an additional 4,144,300 shares during the last quarter. Nomura Asset Management Co. Ltd. lifted its holdings in Gentex Corporation by 115,526.9% in the 1st quarter. Nomura Asset Management Co. Ltd. now owns 1,503,150 shares of the auto parts company’s stock worth $32,062,000 after purchasing an additional 1,501,850 shares during the last quarter. Provident Investment Management Inc. acquired a new position in shares of Gentex Corporation during the first quarter worth approximately $24,307,000. Finally, Morgan Stanley lifted its holdings in shares of Gentex Corporation by 84.4% during the first quarter. Morgan Stanley now owns 2,065,368 shares of the auto parts company’s stock worth $44,055,000 after buying an additional 945,281 shares during the last quarter. Hedge funds and other institutional investors own 80.86% of the company’s stock.
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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