Gentex Corporation (GNTX) Announces Quarterly Earnings Results, Meets Estimates
Gentex Corporation (NASDAQ:GNTX) announced its quarterly earnings data on Friday. The auto parts company reported $0.31 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.31, MarketWatch Earnings reports. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The business had revenue of $438.63 million for the quarter, compared to analyst estimates of $452.42 million. During the same period in the prior year, the business posted $0.32 earnings per share. Gentex Corporation’s revenue was up 2.1% compared to the same quarter last year.
Shares of Gentex Corporation (NASDAQ:GNTX) traded down 6.20% during midday trading on Friday, reaching $19.38. 6,079,725 shares of the company’s stock traded hands. The stock has a market cap of $5.53 billion, a P/E ratio of 15.38 and a beta of 1.18. Gentex Corporation has a 52-week low of $16.06 and a 52-week high of $22.12. The stock has a 50-day moving average price of $19.57 and a 200-day moving average price of $18.97.
The company also recently announced a quarterly dividend, which was paid on Wednesday, October 18th. Shareholders of record on Friday, October 6th were paid a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.06%. The ex-dividend date of this dividend was Thursday, October 5th. Gentex Corporation’s payout ratio is presently 31.75%.
GNTX has been the topic of several analyst reports. ValuEngine lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating in a report on Friday, September 1st. Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $17.36 to $22.00 in a report on Thursday, August 24th. Craig Hallum lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a report on Monday, July 24th. BMO Capital Markets restated an “outperform” rating and issued a $22.00 price objective (down from $25.00) on shares of Gentex Corporation in a report on Monday, July 24th. Finally, BidaskClub lowered shares of Gentex Corporation from a “sell” rating to a “strong sell” rating in a report on Thursday, July 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $22.19.
Gentex Corporation announced that its Board of Directors has approved a stock buyback plan on Wednesday, August 23rd that permits the company to repurchase 15,000,000 shares. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.
In related news, CFO Steven R. Downing sold 8,000 shares of the business’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total transaction of $157,600.00. Following the transaction, the chief financial officer now owns 47,362 shares in the company, valued at approximately $933,031.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Chairman Fred Bauer sold 239,400 shares of the business’s stock in a transaction 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 transaction, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The disclosure for this sale can be found here. Insiders sold a total of 251,720 shares of company stock worth $4,391,506 in the last 90 days. Corporate insiders own 2.50% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Alps Advisors Inc. lifted its position in shares of Gentex Corporation by 0.3% during the 2nd quarter. Alps Advisors Inc. now owns 21,945 shares of the auto parts company’s stock valued at $416,000 after acquiring an additional 56 shares during the period. Trust Co. of Toledo NA OH lifted its position in shares of Gentex Corporation by 1.6% during the 2nd quarter. Trust Co. of Toledo NA OH now owns 13,942 shares of the auto parts company’s stock valued at $264,000 after acquiring an additional 213 shares during the period. Synovus Financial Corp lifted its position in shares of Gentex Corporation by 2.8% during the 2nd quarter. Synovus Financial Corp now owns 12,413 shares of the auto parts company’s stock valued at $236,000 after acquiring an additional 336 shares during the period. Northwestern Mutual Investment Management Company LLC lifted its position in shares of Gentex Corporation by 0.7% during the 2nd quarter. Northwestern Mutual Investment Management Company LLC now owns 49,864 shares of the auto parts company’s stock valued at $770,000 after acquiring an additional 353 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its position in shares of Gentex Corporation by 7.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after acquiring an additional 368 shares during the period. Institutional investors own 80.78% 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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