Zacks Investment Research Lowers Gentex Corporation (GNTX) to Sell
Zacks Investment Research lowered shares of Gentex Corporation (NASDAQ:GNTX) from a hold rating to a sell rating in a research report released on Monday, June 26th.
According to Zacks, “Gentex Corporation is an international company that provides high-quality products to the worldwide automotive industry and North American fire protection market. The Company develops, manufactures and markets proprietary electro-optic products, including interior and exterior electrochromic, automatic-dimming Night Vision Safety automotive rearview mirrors that dim in proportion to the amount of headlight glare from trailing vehicle headlamps, and an extensive line of fire protection products for commercial applications. “
Several other analysts also recently commented on GNTX. Wellington Shields downgraded shares of Gentex Corporation from a gradually accumulate rating to a hold rating in a research report on Thursday, May 4th. BMO Capital Markets reaffirmed a positive rating and set a $25.00 price target on shares of Gentex Corporation in a report on Friday, March 24th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the stock. Gentex Corporation has a consensus rating of Hold and a consensus target price of $23.10.
Gentex Corporation (GNTX) traded up 2.65% during midday trading on Monday, reaching $18.59. The company’s stock had a trading volume of 4,083,749 shares. Gentex Corporation has a 52 week low of $15.79 and a 52 week high of $22.12. The firm has a 50 day moving average price of $18.90 and a 200-day moving average price of $20.22. The firm has a market cap of $5.34 billion, a P/E ratio of 14.99 and a beta of 1.19.
Gentex Corporation (NASDAQ:GNTX) last announced its quarterly earnings data on Friday, April 21st. The auto parts company reported $0.33 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.02. Gentex Corporation had a net margin of 21.13% and a return on equity of 19.39%. The company had revenue of $453.54 million for the quarter, compared to the consensus estimate of $444.92 million. During the same period in the prior year, the firm posted $0.28 EPS. Gentex Corporation’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, analysts forecast that Gentex Corporation will post $1.30 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 19th. Stockholders of record on Thursday, July 6th will be paid a dividend of $0.10 per share. This is a positive change from Gentex Corporation’s previous quarterly dividend of $0.09. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend is Monday, July 3rd. Gentex Corporation’s payout ratio is currently 31.75%.
In other news, Director Frederick A. Sotok sold 19,000 shares of the company’s stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $20.84, for a total transaction of $395,960.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Kevin C. Nash sold 1,694 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The shares were sold at an average price of $20.65, for a total value of $34,981.10. Following the completion of the sale, the insider now owns 36,746 shares in the company, valued at approximately $758,804.90. The disclosure for this sale can be found here. Insiders sold 45,610 shares of company stock valued at $926,429 over the last 90 days. 2.50% of the stock is currently owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Quadrant Capital Group LLC raised its position in shares of Gentex Corporation by 9.1% in the first quarter. Quadrant Capital Group LLC now owns 5,660 shares of the auto parts company’s stock worth $117,000 after buying an additional 471 shares during the period. Asset Management One Co. Ltd. purchased a new position in Gentex Corporation during the fourth quarter valued at approximately $150,000. LVM Capital Management Ltd. MI purchased a new position in Gentex Corporation during the second quarter valued at approximately $194,000. BB&T Corp purchased a new position in Gentex Corporation during the first quarter valued at approximately $200,000. Finally, Reynders McVeigh Capital Management LLC purchased a new position in Gentex Corporation during the first quarter valued at approximately $204,000. Institutional investors and hedge funds own 82.75% of the company’s stock.
Gentex Corporation Company Profile
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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