Gentex Corporation (NASDAQ:GNTX) Receives $28.28 Consensus Price Target from Brokerages

Key Points

• Gentex Corporation (NASDAQ:GNTX) has received an average stock recommendation of "Hold" from nine research firms, with a consensus price target of $28.28.
• The company recently declared a quarterly dividend of $0.12, representing a 1.75% dividend yield, and initiated a stock repurchase plan for up to 40 million shares.
• In its latest earnings report, Gentex reported $0.47 EPS for the quarter, exceeding estimates, with revenue of $657.86 million, a 14.8% increase year-over-year.

Shares of Gentex Corporation (NASDAQ:GNTX - Get Free Report) have been assigned an average recommendation of "Hold" from the nine research firms that are currently covering the company, Marketbeat Ratings reports. Seven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among analysts that have covered the stock in the last year is $28.28.

GNTX has been the topic of several research analyst reports. Industrial Alliance Securities set a $25.00 target price on Gentex in a research report on Friday, July 11th. Baird R W downgraded Gentex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. Robert W. Baird upped their price target on Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Friday, July 11th. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research note on Friday, July 11th. Finally, UBS Group reaffirmed a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Gentex in a research note on Monday, July 14th.

Insider Activity

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $22.87, for a total value of $86,082.68. Following the completion of the transaction, the director directly owned 5,939 shares of the company's stock, valued at $135,824.93. This represents a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Gentex

Several institutional investors have recently modified their holdings of the business. Envestnet Portfolio Solutions Inc. grew its holdings in shares of Gentex by 184.6% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 32,078 shares of the auto parts company's stock valued at $705,000 after acquiring an additional 20,807 shares in the last quarter. Sequoia Financial Advisors LLC grew its holdings in Gentex by 39.5% during the second quarter. Sequoia Financial Advisors LLC now owns 70,950 shares of the auto parts company's stock valued at $1,560,000 after purchasing an additional 20,083 shares during the period. Vanguard Personalized Indexing Management LLC grew its holdings in Gentex by 17.9% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 42,880 shares of the auto parts company's stock valued at $943,000 after purchasing an additional 6,524 shares during the period. Inspire Investing LLC boosted its holdings in shares of Gentex by 9.4% in the second quarter. Inspire Investing LLC now owns 30,651 shares of the auto parts company's stock worth $674,000 after acquiring an additional 2,626 shares during the period. Finally, Blue Trust Inc. boosted its holdings in shares of Gentex by 11.2% in the second quarter. Blue Trust Inc. now owns 14,209 shares of the auto parts company's stock worth $312,000 after acquiring an additional 1,426 shares during the period. 86.76% of the stock is owned by institutional investors.

Gentex Price Performance

GNTX stock traded up $3.82 during midday trading on Friday, reaching $27.42. 6,812,382 shares of the stock were exchanged, compared to its average volume of 2,467,679. The company has a fifty day moving average price of $22.37 and a 200 day moving average price of $23.51. Gentex has a 52 week low of $20.28 and a 52 week high of $31.75. The stock has a market capitalization of $6.16 billion, a PE ratio of 16.04 and a beta of 0.81.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its earnings results on Friday, July 25th. The auto parts company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.39 by $0.08. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The company had revenue of $657.86 million for the quarter, compared to analyst estimates of $591.94 million. During the same quarter in the prior year, the company earned $0.37 EPS. The firm's revenue for the quarter was up 14.8% compared to the same quarter last year. As a group, analysts anticipate that Gentex will post 2.04 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.75%. The ex-dividend date was Wednesday, July 9th. Gentex's dividend payout ratio is presently 28.07%.

Gentex declared that its board has initiated a stock repurchase plan on Wednesday, July 16th that allows the company to repurchase 40,000,000 shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.