Zacks Investment Research upgraded shares of Gentex (NASDAQ:GNTX) from a hold rating to a buy rating in a research report sent to investors on Monday morning. Zacks Investment Research currently has $25.00 price objective on the auto parts company’s stock.
According to Zacks, “Gentex Corporation (GNTX) is a supplier of automatic-dimming rearview mirrors and electronics to the automotive industry, dimmable aircraft windows for aviation markets, and fire protection products to the fire protection market. Gentex pioneered the electrochromic automatic-dimming mirror, which detects and eliminates dangerous rearview mirror glare, making nighttime safer for drivers around the world. Gentex mirrors are the optimal space in the vehicle for the placement of a broad array of electronic technology, and are lower in cost than designing electronics into the vehicle interior. Gentex has expanded its product line and business by creating interactive windows for use in commercial and business aircraft. The Company ships its products to all of the automotive producing regions across the world, which it supports with various sales, engineering and distribution locations across the world. Gentex is headquartered in Zeeland, MI. “
A number of other research analysts have also issued reports on the stock. Susquehanna Bancshares set a $25.00 target price on shares of Gentex and gave the company a hold rating in a research note on Sunday. Longbow Research reiterated a buy rating and issued a $28.00 target price on shares of Gentex in a report on Monday. BidaskClub downgraded shares of Gentex from a strong-buy rating to a buy rating in a report on Saturday, April 21st. ValuEngine upgraded shares of Gentex from a hold rating to a buy rating in a report on Thursday, March 1st. Finally, B. Riley boosted their price target on shares of Gentex from $25.00 to $29.00 and gave the company a buy rating in a report on Monday, January 29th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The stock currently has an average rating of Buy and a consensus price target of $25.60.
Shares of GNTX stock opened at $22.99 on Monday. Gentex has a 52 week low of $16.59 and a 52 week high of $24.60. The firm has a market capitalization of $6,112.42, a PE ratio of 16.55, a price-to-earnings-growth ratio of 1.36 and a beta of 1.27.
Gentex (NASDAQ:GNTX) last released its earnings results on Friday, April 20th. The auto parts company reported $0.40 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.40. The company had revenue of $465.42 million during the quarter, compared to the consensus estimate of $478.06 million. Gentex had a net margin of 23.27% and a return on equity of 19.05%. The company’s revenue was up 2.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.33 EPS. sell-side analysts forecast that Gentex will post 1.7 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, April 18th. Investors of record on Friday, April 6th were paid a dividend of $0.11 per share. This is a boost from Gentex’s previous quarterly dividend of $0.10. This represents a $0.44 annualized dividend and a yield of 1.91%. The ex-dividend date was Thursday, April 5th. Gentex’s dividend payout ratio is presently 34.38%.
Gentex declared that its board has approved a stock buyback plan on Friday, March 9th that authorizes the company to buyback 20,000,000 shares. This buyback authorization authorizes the auto parts company to purchase shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, General Counsel Scott P. Ryan sold 7,220 shares of the company’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $23.66, for a total transaction of $170,825.20. Following the completion of the transaction, the general counsel now directly owns 21,329 shares in the company, valued at approximately $504,644.14. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Chairman Fred Bauer sold 946,200 shares of the company’s stock in a transaction on Monday, March 12th. The shares were sold at an average price of $23.33, for a total transaction of $22,074,846.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 974,354 shares of company stock valued at $22,734,583. Corporate insiders own 0.60% of the company’s stock.
Several hedge funds have recently made changes to their positions in GNTX. Hikari Power Ltd acquired a new position in shares of Gentex in the 4th quarter valued at $203,000. Essex Financial Services Inc. acquired a new position in shares of Gentex in the 4th quarter valued at $205,000. Weatherly Asset Management L. P. acquired a new position in shares of Gentex in the 4th quarter valued at $236,000. Uncommon Cents Investing LLC acquired a new position in shares of Gentex in the 4th quarter valued at $243,000. Finally, BB&T Corp acquired a new position in shares of Gentex in the 4th quarter valued at $277,000. Institutional investors own 84.18% of the company’s stock.
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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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