Gentex Corporation (NASDAQ:GNTX) Posts Quarterly Earnings Results, Misses Expectations By $0.01 EPS
Gentex Corporation (NASDAQ:GNTX) announced its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.01, Bloomberg Earnings reports. The firm had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a return on equity of 18.95% and a net margin of 21.01%. The firm’s revenue was up 4.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.30 EPS.
Shares of Gentex Corporation (NASDAQ GNTX) opened at 17.55 on Thursday. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12. The stock has a market capitalization of $5.03 billion, a P/E ratio of 13.93 and a beta of 1.18. The firm has a 50-day moving average price of $18.05 and a 200-day moving average price of $19.74.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 19th. Investors of record on Thursday, July 6th were given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.28%. This is an increase from Gentex Corporation’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Monday, July 3rd. Gentex Corporation’s dividend payout ratio (DPR) is presently 31.50%.
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In other Gentex Corporation news, Director John A. Mulder sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 1st. The shares were sold at an average price of $19.22, for a total value of $192,200.00. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Chairman Fred Bauer sold 239,400 shares of the stock in a transaction that occurred on Monday, August 7th. The shares were sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the completion of the sale, the chairman now directly owns 5,771,128 shares in the company, valued at $100,013,648.24. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Quadrant Capital Group LLC boosted 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 valued at $117,000 after buying an additional 471 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Gentex Corporation by 11.4% in the first quarter. Asset Management One Co. Ltd. now owns 8,500 shares of the auto parts company’s stock valued at $181,000 after buying an additional 870 shares during the last quarter. BB&T Corp bought a new position in shares of Gentex Corporation during the first quarter valued at about $200,000. Reynders McVeigh Capital Management LLC bought a new position in shares of Gentex Corporation during the first quarter valued at about $204,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Gentex Corporation during the second quarter worth $194,000. Institutional investors and hedge funds own 82.40% of the company’s stock.
GNTX has been the topic of several recent research reports. Zacks Investment Research lowered Gentex Corporation from a “hold” rating to a “sell” rating in a report on Monday, June 26th. Wellington Shields downgraded Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a research note on Thursday, May 4th. BMO Capital Markets reissued an “outperform” rating and issued a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a research note on Monday, July 24th. Craig Hallum downgraded Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective for the company. in a research note on Monday, July 24th. Finally, FBR & Co reissued an “outperform” rating and issued a $25.00 price objective on shares of Gentex Corporation in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $21.75.
About Gentex Corporation
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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