Gentex (NASDAQ:GNTX) Price Target Cut to $35.00 by Analysts at Bank of America

Gentex (NASDAQ:GNTX) had its price target lowered by Bank of America from $39.00 to $35.00 in a research note released on Monday, Benzinga reports. The firm currently has a neutral rating on the auto parts company’s stock.

Several other brokerages also recently commented on GNTX. B. Riley cut their price objective on Gentex from $44.00 to $41.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. BNP Paribas downgraded Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price objective on the stock. in a research report on Tuesday, July 30th. JPMorgan Chase & Co. cut their price objective on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. Robert W. Baird cut their price objective on Gentex from $40.00 to $38.00 and set an “outperform” rating on the stock in a research report on Monday, July 29th. Finally, StockNews.com downgraded Gentex from a “buy” rating to a “hold” rating in a research report on Thursday, July 4th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $36.13.

Gentex Stock Performance

NASDAQ:GNTX opened at $29.24 on Monday. The stock’s fifty day moving average is $29.81 and its 200 day moving average is $32.50. Gentex has a fifty-two week low of $27.86 and a fifty-two week high of $37.58. The firm has a market capitalization of $6.76 billion, a PE ratio of 15.47, a PEG ratio of 0.95 and a beta of 0.92.

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

Gentex Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be paid a dividend of $0.12 per share. The ex-dividend date is Wednesday, October 9th. This represents a $0.48 annualized dividend and a dividend yield of 1.64%. Gentex’s dividend payout ratio is currently 25.40%.

Insider Activity

In other news, major shareholder Corp Gentex purchased 3,152,500 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were purchased at an average price of $5.00 per share, for a total transaction of $15,762,500.00. Following the completion of the purchase, the insider now owns 6,463,808 shares in the company, valued at approximately $32,319,040. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.41% of the company’s stock.

Hedge Funds Weigh In On Gentex

Several institutional investors and hedge funds have recently added to or reduced their stakes in GNTX. Wellington Management Group LLP grew its stake in Gentex by 27.9% in the fourth quarter. Wellington Management Group LLP now owns 8,728,378 shares of the auto parts company’s stock valued at $285,069,000 after purchasing an additional 1,905,356 shares during the last quarter. ICA Group Wealth Management LLC purchased a new position in Gentex in the fourth quarter valued at about $127,000. Vanguard Group Inc. grew its stake in Gentex by 0.7% in the fourth quarter. Vanguard Group Inc. now owns 22,280,716 shares of the auto parts company’s stock valued at $727,688,000 after purchasing an additional 163,373 shares during the last quarter. PNC Financial Services Group Inc. grew its stake in Gentex by 129.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 111,827 shares of the auto parts company’s stock valued at $3,652,000 after purchasing an additional 63,152 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in Gentex by 26.3% in the first quarter. GAMMA Investing LLC now owns 1,742 shares of the auto parts company’s stock valued at $63,000 after purchasing an additional 363 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

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.