Gentex (NASDAQ:GNTX) Price Target Raised to $28.00 at UBS Group

Key Points

• UBS Group raised its price target for Gentex (NASDAQ:GNTX) from $23.00 to $28.00, indicating a slight upside potential from the stock's current price, but maintains a "neutral" rating.
• In the latest quarter, Gentex reported earnings per share of $0.47, surpassing expectations, with revenue increasing 14.8% year-over-year to $657.86 million.
• The company has initiated a share buyback plan to reacquire 40 million shares, suggesting that its board feels the stock is undervalued.

Gentex (NASDAQ:GNTX - Get Free Report) had its price target boosted by equities researchers at UBS Group from $23.00 to $28.00 in a report issued on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the auto parts company's stock. UBS Group's price objective indicates a potential upside of 0.29% from the stock's current price.

A number of other research firms have also issued reports on GNTX. Baird R W lowered Gentex from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, April 15th. The Goldman Sachs Group reiterated a "neutral" rating on shares of Gentex in a research note on Friday, July 11th. Wall Street Zen upgraded Gentex from a "hold" rating to a "buy" rating in a research note on Saturday. Industrial Alliance Securities set a $25.00 target price on Gentex in a research note on Friday, July 11th. Finally, Robert W. Baird upped their target price on Gentex from $26.00 to $30.00 and gave the stock a "neutral" rating in a research note on Monday. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Gentex currently has a consensus rating of "Hold" and a consensus target price of $29.22.

Gentex Price Performance

Shares of NASDAQ GNTX traded up $0.50 during trading on Monday, reaching $27.92. 4,641,181 shares of the stock traded hands, compared to its average volume of 2,347,519. Gentex has a 52-week low of $20.28 and a 52-week high of $31.75. The company has a 50-day moving average of $22.37 and a 200-day moving average of $23.46. The stock has a market capitalization of $6.28 billion, a P/E ratio of 15.77 and a beta of 0.81.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The auto parts company reported $0.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.39 by $0.08. Gentex had a return on equity of 16.86% and a net margin of 16.82%. The company had revenue of $657.86 million for the quarter, compared to analyst estimates of $591.94 million. During the same period in the previous year, the company posted $0.37 EPS. The firm's revenue for the quarter was up 14.8% compared to the same quarter last year. Analysts expect that Gentex will post 2.04 earnings per share for the current fiscal year.

Gentex announced that its Board of Directors has initiated a share buyback plan on Wednesday, July 16th that allows the company to repurchase 40,000,000 shares. This repurchase authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

Insider Activity

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the company's stock in a transaction on Friday, May 16th. The shares were sold at an average price of $22.87, for a total value of $86,082.68. Following the completion of the sale, the director owned 5,939 shares of the company's stock, valued at approximately $135,824.93. This represents a 38.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On Gentex

Institutional investors have recently made changes to their positions in the business. Larson Financial Group LLC boosted its holdings in Gentex by 1,471.0% during the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company's stock valued at $25,000 after acquiring an additional 1,015 shares during the period. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of Gentex by 85.4% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company's stock valued at $28,000 after purchasing an additional 563 shares during the period. Brooklyn Investment Group boosted its stake in shares of Gentex by 305.7% during the first quarter. Brooklyn Investment Group now owns 1,217 shares of the auto parts company's stock valued at $28,000 after purchasing an additional 917 shares during the period. Harbor Investment Advisory LLC grew its holdings in shares of Gentex by 208.2% in the first quarter. Harbor Investment Advisory LLC now owns 1,618 shares of the auto parts company's stock worth $38,000 after purchasing an additional 1,093 shares during the last quarter. Finally, State of Wyoming purchased a new position in shares of Gentex in the first quarter worth $45,000. Hedge funds and other institutional investors own 86.76% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.