Gentex (NASDAQ:GNTX) to Repurchase 40,000,000 Outstanding Shares

Gentex (NASDAQ:GNTX - Get Free Report) declared that its board has initiated a stock repurchase plan on Wednesday, July 16th, RTT News reports. The company plans to repurchase 40,000,000 outstanding shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analysts Set New Price Targets

GNTX has been the topic of several analyst reports. Robert W. Baird upped their price objective on Gentex from $25.00 to $26.00 and gave the company a "neutral" rating in a research report on Friday, July 11th. Guggenheim lowered their price objective on Gentex from $30.00 to $24.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. The Goldman Sachs Group reaffirmed a "neutral" rating on shares of Gentex in a research report on Friday, July 11th. UBS Group reissued a "neutral" rating and set a $23.00 price target (up from $21.00) on shares of Gentex in a report on Monday. Finally, Industrial Alliance Securities set a $25.00 price target on Gentex in a report on Friday, July 11th. Seven equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, Gentex currently has an average rating of "Hold" and an average price target of $28.28.

Gentex Trading Up 2.4%

GNTX stock traded up $0.55 during mid-day trading on Wednesday, reaching $23.21. The company's stock had a trading volume of 3,852,268 shares, compared to its average volume of 1,913,652. The company's 50 day moving average is $22.21 and its two-hundred day moving average is $23.72. The stock has a market cap of $5.22 billion, a PE ratio of 13.57, a P/E/G ratio of 1.14 and a beta of 0.81. Gentex has a fifty-two week low of $20.28 and a fifty-two week high of $35.23.

Gentex (NASDAQ:GNTX - Get Free Report) last released its quarterly earnings data on Friday, April 25th. The auto parts company reported $0.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.43. The business had revenue of $576.77 million during the quarter, compared to analysts' expectations of $578.68 million. Gentex had a net margin of 17.01% and a return on equity of 16.11%. The company's revenue for the quarter was down 2.3% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. On average, analysts forecast that Gentex will post 2.04 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 23rd. Shareholders of record on Wednesday, July 9th will be given a dividend of $0.12 per share. The ex-dividend date is Wednesday, July 9th. This represents a $0.48 annualized dividend and a yield of 2.07%. Gentex's payout ratio is currently 28.07%.

Insiders Place Their Bets

In other Gentex news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the company's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $22.87, for a total value of $86,082.68. Following the sale, the director 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.45% 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.