Gentex (NASDAQ:GNTX) Sets New 52-Week Low - Here's Why

Key Points

• Gentex shares hit a new 52-week low of $19.72, below the prior close of $19.88.
• The company’s latest quarter missed expectations: earnings were $0.47 per share versus $0.50 forecast, and revenue was $647.71 million versus $669.69 million expected. Revenue fell 1.1% year over year.
• Analysts have an overall Hold rating and a $23.08 consensus price target; recent firms lowered targets, including UBS to $21 and BNP Paribas Exane to $22.50.

Gentex Corporation (NASDAQ:GNTX - Get Free Report)'s share price reached a new 52-week low during trading on Monday. The stock traded as low as $19.72 and last traded at $19.77, with a volume of 234,372 shares. The stock had previously closed at $19.88.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on GNTX shares. BNP Paribas Exane cut their price target on shares of Gentex from $23.00 to $22.50 and set a "hold" rating on the stock in a report on Monday, October 26th. UBS Group restated a "neutral" rating and issued a $21.00 price objective (down from $24.00) on shares of Gentex in a report on Monday, October 26th. Freedom Capital cut Gentex from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 29th. Wall Street Zen downgraded Gentex from a "buy" rating to a "hold" rating in a research note on Sunday, July 12th. Finally, Weiss Ratings downgraded Gentex from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, October 8th. One analyst has rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Gentex currently has an average rating of "Hold" and a consensus price target of $23.08.

Gentex Stock Performance

The stock has a market cap of $4.20 billion, a PE ratio of 10.59 and a beta of 0.85. The company's 50-day moving average price is $21.59 and its 200 day moving average price is $23.01.

Gentex (NASDAQ:GNTX - Get Free Report) last posted its quarterly earnings data on Friday, October 23rd. The auto parts company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). The company had revenue of $647.71 million during the quarter, compared to analysts' expectations of $669.69 million. Gentex had a return on equity of 16.67% and a net margin of 15.15%. The company's revenue for the quarter was down 1.1% on a year-over-year basis. During the same quarter last year, the company earned $0.46 earnings per share. On average, sell-side analysts anticipate that Gentex Corporation will post 2.02 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 21st. Stockholders of record on Wednesday, October 7th were issued a $0.12 dividend. The ex-dividend date was Wednesday, October 7th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 2.4%. Gentex's payout ratio is 25.81%.

Hedge Funds Weigh In On Gentex

Large investors have recently modified their holdings of the stock. Crumly & Associates Inc. boosted its position in Gentex by 3.7% in the 2nd quarter. Crumly & Associates Inc. now owns 13,291 shares of the auto parts company's stock valued at $336,000 after buying an additional 478 shares during the period. First Citizens Bank & Trust Co. boosted its position in Gentex by 1.6% during the first quarter. First Citizens Bank & Trust Co. now owns 30,294 shares of the auto parts company's stock valued at $662,000 after purchasing an additional 487 shares in the last quarter. Allworth Financial LP grew its position in shares of Gentex by 7.7% in the 3rd quarter. Allworth Financial LP now owns 7,040 shares of the auto parts company's stock worth $153,000 after buying an additional 506 shares during the last quarter. Sei Investments Co. grew its holdings in Gentex by 0.3% in the first quarter. Sei Investments Co. now owns 196,776 shares of the auto parts company's stock worth $4,300,000 after purchasing an additional 521 shares during the last quarter. Finally, Central Pacific Bank Trust Division increased its position in Gentex by 5.2% during the 2nd quarter. Central Pacific Bank Trust Division now owns 11,175 shares of the auto parts company's stock valued at $282,000 after buying an additional 550 shares in the last quarter. Institutional investors own 86.76% of the company's stock.

About Gentex

Gentex Corporation is a technology company headquartered in Zeeland, Michigan. It develops and manufactures products primarily for the global automotive industry, including automatic-dimming rearview and exterior mirrors, camera-based visibility systems, and other electronic features for vehicles.

Its automotive offerings also include HomeLink, a vehicle-based wireless control system for compatible garage doors, gates, and home devices. Gentex supplies automakers around the world and works with customers to integrate its products into new vehicles.

Beyond automotive products, Gentex makes electronically dimmable windows for aircraft and fire-protection products such as smoke detectors and alarms.

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