Bank of America Trims Gentex (NASDAQ:GNTX) Target Price to $35.00

Gentex (NASDAQ:GNTXFree Report) had its price objective cut by Bank of America from $39.00 to $35.00 in a report published on Monday, Benzinga reports. They currently have a neutral rating on the auto parts company’s stock.

A number of other equities research analysts also recently weighed in on GNTX. UBS Group initiated coverage on shares of Gentex in a research note on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price target for the company. Robert W. Baird lowered their target price on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. B. Riley lowered their target price on shares of Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, July 29th. JPMorgan Chase & Co. lowered their target price on shares of Gentex from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Finally, The Goldman Sachs Group lowered their target price on shares of Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $36.13.

Get Our Latest Report on GNTX

Gentex Price Performance

GNTX opened at $29.69 on Monday. The company has a market cap of $6.86 billion, a price-to-earnings ratio of 15.71, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92. The firm has a 50 day simple moving average of $29.83 and a 200 day simple moving average of $32.48. Gentex has a fifty-two week low of $27.86 and a fifty-two week high of $37.58.

Gentex (NASDAQ:GNTXGet Free Report) last posted its quarterly earnings results on Friday, July 26th. The auto parts company reported $0.37 earnings per share for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.15). The business had revenue of $572.93 million for the quarter, compared to the consensus estimate of $623.28 million. Gentex had a return on equity of 17.78% and a net margin of 17.87%. As a group, analysts expect that Gentex will post 1.96 EPS for the current year.

Gentex Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be issued a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 1.62%. The ex-dividend date of this dividend is Wednesday, October 9th. Gentex’s dividend payout ratio (DPR) is presently 25.40%.

Insider Activity

In other Gentex news, major shareholder Corp Gentex bought 3,152,500 shares of Gentex stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $5.00 per share, for a total transaction of $15,762,500.00. Following the completion of the acquisition, the insider now owns 6,463,808 shares of the company’s stock, valued at $32,319,040. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. PNC Financial Services Group Inc. boosted its holdings in Gentex by 129.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 111,827 shares of the auto parts company’s stock worth $3,652,000 after purchasing an additional 63,152 shares during the last quarter. TD Asset Management Inc boosted its holdings in Gentex by 41.2% during the first quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock worth $168,957,000 after purchasing an additional 1,363,898 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Gentex by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 22,280,716 shares of the auto parts company’s stock worth $727,688,000 after purchasing an additional 163,373 shares during the last quarter. Cetera Investment Advisers raised its position in Gentex by 91.0% during the first quarter. Cetera Investment Advisers now owns 127,876 shares of the auto parts company’s stock worth $4,619,000 after acquiring an additional 60,934 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its position in Gentex by 15.7% during the first quarter. Janney Montgomery Scott LLC now owns 411,535 shares of the auto parts company’s stock worth $14,865,000 after acquiring an additional 55,748 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

About Gentex

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Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.

Further Reading

Analyst Recommendations for Gentex (NASDAQ:GNTX)

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