Susquehanna Bancshares set a $24.00 target price on Gentex (NASDAQ:GNTX) in a research note released on Wednesday, March 14th. The firm currently has a hold rating on the auto parts company’s stock.
Other analysts have also issued research reports about the company. Longbow Research initiated coverage on Gentex in a report on Friday, January 5th. They set a buy rating and a $25.00 target price for the company. ValuEngine upgraded Gentex from a hold rating to a buy rating in a report on Wednesday, December 27th. Zacks Investment Research upgraded Gentex from a hold rating to a buy rating and set a $23.00 target price for the company in a report on Tuesday, December 26th. B. Riley restated a buy rating and set a $29.00 target price (up previously from $25.00) on shares of Gentex in a report on Wednesday, January 24th. Finally, Robert W. Baird restated a hold rating and set a $23.00 target price on shares of Gentex in a report on Friday, January 26th. Five investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $25.33.
Shares of NASDAQ GNTX opened at $23.68 on Wednesday. The company has a market capitalization of $6,550.20, a P/E ratio of 18.70, a PEG ratio of 1.53 and a beta of 1.27. Gentex has a 52-week low of $16.59 and a 52-week high of $24.08.
Gentex (NASDAQ:GNTX) last posted its earnings results on Friday, January 26th. The auto parts company reported $0.33 earnings per share for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. The company had revenue of $459.57 million during the quarter, compared to analyst estimates of $449.43 million. Gentex had a return on equity of 18.35% and a net margin of 22.66%. Gentex’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.31 earnings per share. research analysts expect that Gentex will post 1.62 EPS for the current fiscal year.
Gentex declared that its board has initiated a stock repurchase plan on Friday, March 9th that permits the company to repurchase 20,000,000 outstanding shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be given a $0.11 dividend. This represents a $0.44 annualized dividend and a dividend yield of 1.86%. This is an increase from Gentex’s previous quarterly dividend of $0.10. The ex-dividend date is Thursday, April 5th. Gentex’s dividend payout ratio is presently 34.38%.
In other Gentex news, Chairman Fred Bauer sold 946,200 shares of the stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $23.33, for a total transaction of $22,074,846.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, General Counsel Scott P. Ryan sold 7,220 shares of the stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total value of $170,825.20. Following the sale, the general counsel now directly owns 21,329 shares in the company, valued at $504,644.14. The disclosure for this sale can be found here. Over the last three months, insiders sold 974,354 shares of company stock worth $22,734,583. 2.50% of the stock is owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Sprucegrove Investment Management Ltd. grew its position in Gentex by 34.5% during the 3rd quarter. Sprucegrove Investment Management Ltd. now owns 1,207,300 shares of the auto parts company’s stock worth $23,905,000 after purchasing an additional 309,800 shares during the period. Claar Advisors LLC acquired a new stake in Gentex during the 3rd quarter worth about $9,900,000. Uncommon Cents Investing LLC acquired a new stake in Gentex during the 4th quarter worth about $243,000. Engineers Gate Manager LP grew its position in Gentex by 269.5% during the 3rd quarter. Engineers Gate Manager LP now owns 88,318 shares of the auto parts company’s stock worth $1,749,000 after purchasing an additional 64,414 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its position in Gentex by 24.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 269,311 shares of the auto parts company’s stock worth $5,332,000 after purchasing an additional 52,101 shares during the period. 84.16% of the stock is currently owned by institutional investors.
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Gentex Company Profile
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.
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