Gentex Corporation (GNTX) to Repurchase 15,000,000 Shares
Gentex Corporation (NASDAQ:GNTX) declared that its Board of Directors has approved a stock repurchase plan, which permits the company to repurchase 15,000,000 shares on Wednesday, August 23rd, EventVestor reports. This repurchase authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
Several equities analysts have recently commented on the stock. BidaskClub upgraded shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a research report on Saturday. Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and boosted their target price for the company from $17.36 to $22.00 in a research report on Thursday. BMO Capital Markets restated an “outperform” rating and issued a $22.00 target price (down from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. FBR & Co restated an “outperform” rating and issued a $25.00 target price on shares of Gentex Corporation in a research report on Monday, July 24th. Finally, Craig Hallum cut shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 target price for the company. in a research report on Monday, July 24th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $21.79.
Gentex Corporation (NASDAQ GNTX) opened at 17.94 on Friday. The firm has a market capitalization of $5.12 billion, a PE ratio of 14.24 and a beta of 1.18. The company’s 50-day moving average is $17.65 and its 200-day moving average is $19.44. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12.
Gentex Corporation (NASDAQ:GNTX) last released its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.32 by $0.01. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company had revenue of $443.10 million for the quarter, compared to analysts’ expectations of $446.36 million. During the same quarter in the previous year, the company posted $0.30 EPS. The business’s quarterly revenue was up 4.6% on a year-over-year basis. Analysts forecast that Gentex Corporation will post $1.27 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 18th. Investors of record on Friday, October 6th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, October 5th. This represents a $0.40 annualized dividend and a yield of 2.23%. Gentex Corporation’s payout ratio is presently 31.50%.
In related news, Chairman Fred Bauer sold 239,400 shares of the stock in a transaction on Monday, August 7th. The stock was sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the sale, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director John A. Mulder sold 10,000 shares of the stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $19.22, for a total value of $192,200.00. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
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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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