Gentex (NASDAQ:GNTX) issued its quarterly earnings results on Friday. The auto parts company reported $0.40 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.40, Bloomberg Earnings reports. Gentex had a return on equity of 18.35% and a net margin of 22.66%. The company had revenue of $465.42 million for the quarter, compared to analysts’ expectations of $478.06 million. During the same quarter last year, the business earned $0.33 earnings per share. Gentex’s revenue was up 2.6% on a year-over-year basis.
Shares of GNTX stock traded down $1.67 during mid-day trading on Friday, reaching $21.99. 4,506,452 shares of the stock traded hands, compared to its average volume of 1,789,792. Gentex has a 1-year low of $16.59 and a 1-year high of $24.60. The firm has a market capitalization of $6,016.66, a price-to-earnings ratio of 17.18, a PEG ratio of 1.38 and a beta of 1.27.
The company also recently declared a quarterly dividend, which was paid on Wednesday, April 18th. Stockholders of record on Friday, April 6th were paid a dividend of $0.11 per share. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.00%. This is a positive change from Gentex’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, April 5th. Gentex’s dividend payout ratio (DPR) is presently 34.38%.
Gentex announced that its Board of Directors has approved a share buyback plan on Friday, March 9th that permits the company to buyback 20,000,000 outstanding shares. This buyback authorization permits the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.
In other news, General Counsel Scott P. Ryan sold 7,220 shares of Gentex stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total transaction of $170,825.20. Following the sale, the general counsel now directly owns 21,329 shares of the company’s stock, valued at $504,644.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Fred Bauer sold 946,200 shares of Gentex stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $23.33, for a total value of $22,074,846.00. The disclosure for this sale can be found here. Insiders have sold 974,354 shares of company stock worth $22,734,583 over the last three months. Insiders own 0.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in GNTX. Hikari Power Ltd bought a new position in shares of Gentex during the fourth quarter worth about $203,000. Essex Financial Services Inc. bought a new position in shares of Gentex during the fourth quarter worth about $205,000. Uncommon Cents Investing LLC bought a new position in shares of Gentex during the fourth quarter worth about $243,000. Weatherly Asset Management L. P. bought a new position in shares of Gentex during the fourth quarter worth about $236,000. Finally, BB&T Corp bought a new position in shares of Gentex during the fourth quarter worth about $277,000. 84.40% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts recently commented on the company. BidaskClub cut Gentex from a “strong-buy” rating to a “buy” rating in a research report on Saturday. B. Riley raised their price objective on Gentex from $25.00 to $29.00 and gave the company a “buy” rating in a research note on Monday, January 29th. Susquehanna Bancshares set a $24.00 price objective on Gentex and gave the company a “hold” rating in a research note on Wednesday, March 14th. Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a research note on Wednesday, January 10th. Finally, Robert W. Baird reaffirmed a “hold” rating and issued a $23.00 price objective on shares of Gentex in a research note on Friday, January 26th. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $25.33.
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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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