Share Buyback Plan Authorized by Gentex (NASDAQ:GNTX)

Gentex (NASDAQ:GNTX) announced that its board has approved a share repurchase plan on Wednesday, July 16th, RTT News reports. The company plans to repurchase 40,000,000 shares. This repurchase authorization authorizes the auto parts company to repurchase shares of its stock through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its stock is undervalued.

Gentex Price Performance

GNTX stock opened at $23.21 on Thursday. Gentex has a 1-year low of $20.28 and a 1-year high of $35.23. The business has a fifty day moving average price of $22.21 and a 200-day moving average price of $23.72. The stock has a market capitalization of $5.22 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.14 and a beta of 0.81.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, April 25th. The auto parts company reported $0.43 earnings per share for the quarter, hitting the consensus estimate of $0.43. Gentex had a return on equity of 16.11% and a net margin of 17.01%. The firm had revenue of $576.77 million during the quarter, compared to analysts’ expectations of $578.68 million. During the same quarter in the previous year, the business earned $0.47 earnings per share. The company’s revenue was down 2.3% on a year-over-year basis. As a group, analysts anticipate that Gentex will post 2.04 earnings per share for the current year.

Gentex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 23rd. Stockholders of record on Wednesday, July 9th will be paid a $0.12 dividend. This represents a $0.48 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Wednesday, July 9th. Gentex’s dividend payout ratio is currently 28.07%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GNTX. UBS Group reaffirmed a “neutral” rating and set a $23.00 target price (up from $21.00) on shares of Gentex in a research report on Monday. Guggenheim cut their price target on Gentex from $30.00 to $24.00 and set a “buy” rating for the company in a research note on Tuesday, April 22nd. Robert W. Baird increased their price target on Gentex from $25.00 to $26.00 and gave the stock a “neutral” rating in a research note on Friday, July 11th. The Goldman Sachs Group restated a “neutral” rating on shares of Gentex in a research note on Friday, July 11th. Finally, Industrial Alliance Securities set a $25.00 target price on Gentex in a research note on Friday, July 11th. Seven research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, Gentex presently has an average rating of “Hold” and a consensus target price of $28.28.

Insider Buying and Selling at Gentex

In other news, Director Joseph B. Anderson, Jr. sold 3,764 shares of the business’s stock in a transaction on Friday, May 16th. The stock was sold at an average price of $22.87, for a total value of $86,082.68. Following the completion of the transaction, the director owned 5,939 shares in the company, valued at $135,824.93. The trade was a 38.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.45% of the stock is owned by corporate insiders.

Gentex Company Profile

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.