Shares of Gentex Co. (NASDAQ:GNTX) have been given a consensus recommendation of “Buy” by the eleven research firms that are covering the stock, Marketbeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $25.50.
A number of brokerages recently commented on GNTX. ValuEngine raised Gentex from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $24.00 price objective for the company in a research note on Wednesday, January 10th. BMO Capital Markets lifted their price objective on Gentex to $28.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Craig Hallum lifted their price objective on Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a research note on Monday, January 29th. Finally, B. Riley reaffirmed a “buy” rating and set a $29.00 price objective (up from $25.00) on shares of Gentex in a research note on Wednesday, January 24th.
Shares of Gentex (GNTX) opened at $23.47 on Wednesday. Gentex has a 52 week low of $16.59 and a 52 week high of $24.07. The company has a market capitalization of $6,410.48, a price-to-earnings ratio of 18.25, a P/E/G ratio of 1.49 and a beta of 1.31.
Gentex declared that its board has initiated a share repurchase plan on Friday, March 9th that allows the company to repurchase 20,000,000 shares. This repurchase authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 18th. Shareholders of record on Friday, April 6th will be paid a $0.11 dividend. This represents a $0.44 dividend on an annualized basis and a yield of 1.87%. This is a boost from Gentex’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, April 5th. Gentex’s payout ratio is presently 28.37%.
In other Gentex news, Chairman Fred Bauer sold 946,200 shares of the business’s stock in a transaction dated Monday, March 12th. The stock was sold at an average price of $23.33, for a total value of $22,074,846.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Scott P. Ryan sold 7,220 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $23.66, for a total value of $170,825.20. Following the completion of the transaction, the general counsel now directly owns 21,329 shares of the company’s stock, 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 valued at $22,734,583. Insiders own 2.50% of the company’s stock.
A number of large investors have recently bought and sold shares of the business. American International Group Inc. grew its stake in Gentex by 0.4% in the fourth quarter. American International Group Inc. now owns 648,041 shares of the auto parts company’s stock valued at $13,576,000 after acquiring an additional 2,470 shares during the period. Franklin Resources Inc. boosted its position in shares of Gentex by 2.0% during the fourth quarter. Franklin Resources Inc. now owns 146,210 shares of the auto parts company’s stock worth $3,063,000 after buying an additional 2,898 shares during the period. Alps Advisors Inc. boosted its position in shares of Gentex by 13.3% during the third quarter. Alps Advisors Inc. now owns 24,856 shares of the auto parts company’s stock worth $492,000 after buying an additional 2,911 shares during the period. Amalgamated Bank boosted its position in shares of Gentex by 5.7% during the fourth quarter. Amalgamated Bank now owns 58,649 shares of the auto parts company’s stock worth $1,229,000 after buying an additional 3,156 shares during the period. Finally, OLD National Bancorp IN boosted its position in shares of Gentex by 6.4% during the fourth quarter. OLD National Bancorp IN now owns 56,993 shares of the auto parts company’s stock worth $1,194,000 after buying an additional 3,411 shares during the period. 84.11% of the stock is owned by hedge funds and other institutional investors.
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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