FY2017 Earnings Forecast for Gentex Corporation (GNTX) Issued By FBR & Co
Gentex Corporation (NASDAQ:GNTX) – FBR & Co cut their FY2017 earnings estimates for Gentex Corporation in a research report issued on Monday. FBR & Co analyst C. Horn now forecasts that the auto parts company will post earnings of $1.26 per share for the year, down from their prior forecast of $1.29. FBR & Co has a “Buy” rating and a $25.00 price objective on the stock. FBR & Co also issued estimates for Gentex Corporation’s Q4 2017 earnings at $0.32 EPS, Q2 2018 earnings at $0.34 EPS, Q3 2018 earnings at $0.35 EPS and FY2018 earnings at $1.42 EPS.
A number of other analysts have also commented on GNTX. Zacks Investment Research lowered Gentex Corporation from a “buy” rating to a “hold” rating in a report on Monday. Robert W. Baird dropped their price target on Gentex Corporation from $22.00 to $21.00 and set an “outperform” rating on the stock in a research note on Monday. KeyCorp reiterated a “buy” rating and set a $25.00 target price on shares of Gentex Corporation in a research report on Sunday, October 15th. BidaskClub upgraded Gentex Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. Finally, BMO Capital Markets reiterated an “outperform” rating and set a $22.00 target price (down from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have issued a buy rating to the company. Gentex Corporation presently has a consensus rating of “Hold” and an average target price of $22.06.
Gentex Corporation (NASDAQ GNTX) opened at 18.91 on Tuesday. 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 $5.40 billion, a PE ratio of 15.01 and a beta of 1.18. The firm has a 50-day moving average price of $19.58 and a 200 day moving average price of $18.94.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, hitting 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 business 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 firm earned $0.32 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis.
A number of institutional investors have recently bought and sold shares of GNTX. JPMorgan Chase & Co. lifted its holdings in Gentex Corporation by 4.5% during the first quarter. JPMorgan Chase & Co. now owns 303,002 shares of the auto parts company’s stock worth $6,463,000 after buying an additional 13,006 shares during the period. Prudential Financial Inc. lifted its holdings in Gentex Corporation by 7.6% during the first quarter. Prudential Financial Inc. now owns 178,020 shares of the auto parts company’s stock worth $3,797,000 after buying an additional 12,550 shares during the period. Alliancebernstein L.P. lifted its holdings in Gentex Corporation by 3.1% during the first quarter. Alliancebernstein L.P. now owns 181,747 shares of the auto parts company’s stock worth $3,877,000 after buying an additional 5,420 shares during the period. United Services Automobile Association lifted its holdings in Gentex Corporation by 43.0% during the first quarter. United Services Automobile Association now owns 38,120 shares of the auto parts company’s stock worth $813,000 after buying an additional 11,460 shares during the period. Finally, OppenheimerFunds Inc. lifted its holdings in Gentex Corporation by 10.2% during the first quarter. OppenheimerFunds Inc. now owns 18,953 shares of the auto parts company’s stock worth $404,000 after buying an additional 1,751 shares during the period. Institutional investors own 80.86% of the company’s stock.
In other Gentex Corporation news, CFO Steven R. Downing sold 8,000 shares of the company’s stock in a transaction on Wednesday, September 27th. The stock was sold at an average price of $19.70, for a total transaction of $157,600.00. Following the completion of the sale, the chief financial officer now owns 47,362 shares in the company, valued at $933,031.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction on Monday, August 7th. The stock was 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 approximately $100,013,648.24. The disclosure for this sale can be found here. Insiders sold 251,720 shares of company stock valued at $4,391,506 in the last quarter. 2.50% of the stock is owned by company insiders.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 18th. Investors of record on Friday, October 6th were issued a $0.10 dividend. The ex-dividend date of this dividend was Thursday, October 5th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.12%. Gentex Corporation’s payout ratio is 31.75%.
Gentex Corporation declared that its Board of Directors has initiated a share repurchase program on Wednesday, August 23rd that allows the company to buyback 15,000,000 outstanding shares. This buyback authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
About Gentex Corporation
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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