Gentex Corporation (GNTX) Short Interest Update
Gentex Corporation (NASDAQ:GNTX) was the recipient of a significant decline in short interest in August. As of August 31st, there was short interest totalling 17,732,986 shares, a decline of 10.3% from the August 15th total of 19,777,149 shares. Currently, 6.3% of the shares of the stock are sold short. Based on an average daily trading volume, of 2,280,255 shares, the short-interest ratio is currently 7.8 days.
Several brokerages have issued reports on GNTX. ValuEngine downgraded shares of Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Zacks Investment Research raised shares of Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub raised shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Robert W. Baird raised shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and upped their price target for the company from $17.36 to $22.00 in a report on Thursday, August 24th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $22.00 price target (down previously from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. Gentex Corporation has a consensus rating of “Hold” and an average price target of $21.79.
In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the sale, the chairman now owns 5,771,128 shares of the company’s stock, valued at $100,013,648.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.50% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the business. Northwestern Mutual Wealth Management Co. boosted its holdings in shares of Gentex Corporation by 7.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock worth $100,000 after buying an additional 368 shares during the period. Asset Management One Co. Ltd. boosted its holdings in shares of Gentex Corporation by 11.4% in the first quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock worth $181,000 after buying an additional 870 shares during the period. LVM Capital Management Ltd. MI acquired a new position in shares of Gentex Corporation in the second quarter worth about $194,000. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Gentex Corporation in the second quarter worth about $194,000. Finally, Verition Fund Management LLC acquired a new position in shares of Gentex Corporation in the second quarter worth about $195,000. Institutional investors own 80.84% of the company’s stock.
Gentex Corporation (NASDAQ:GNTX) opened at 19.03 on Friday. The company’s 50 day moving average is $17.70 and its 200 day moving average is $19.24. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12. The stock has a market cap of $5.44 billion, a P/E ratio of 15.11 and a beta of 1.15.
Gentex Corporation (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by ($0.01). Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The business had revenue of $443.10 million during the quarter, compared to analyst estimates of $446.36 million. During the same period in the prior year, the firm earned $0.30 EPS. The business’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities analysts predict that Gentex Corporation will post $1.27 earnings per share for the current year.
Gentex Corporation declared that its Board of Directors has approved a stock repurchase program on Wednesday, August 23rd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.10%. The ex-dividend date of this dividend is Thursday, October 5th. Gentex Corporation’s payout ratio is 31.50%.
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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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