Zacks Investment Research upgraded shares of Gentex (NASDAQ:GNTX) from a hold rating to a strong-buy rating in a research report report published on Wednesday morning, Zacks.com reports. They currently have $33.00 price target on the auto parts company’s stock.
According to Zacks, “Gentex aims at generating long-term growth driven by product launches, improved product mix and unique technology platforms. Amid the gradual recovery of production and sales of vehicles, Gentex upwardly revised the guidance for 2H’20. The company now envisions net sales in the band of $940-$960 million, higher than the prior forecast of $865-$915 million. The firm’s full display mirrors (FDM) is a key growth engine and is likely to maintain top-line growth trajectory. Gentex’s Integrated Tool Module and HomeLink have significant growth opportunities, going forward. The company has a strong dividend payout history, thus preserving shareholder value. Also, Gentex’s low leverage increases its financial flexibility to tap onto growth opportunities. As such, the stock warrants a bullish stance right now.”
A number of other equities analysts have also recently commented on the stock. BidaskClub raised shares of Gentex from a hold rating to a buy rating in a research report on Tuesday. KeyCorp boosted their target price on shares of Gentex from $33.00 to $36.00 and gave the company an overweight rating in a research report on Monday. B. Riley boosted their target price on shares of Gentex from $33.00 to $38.75 in a research report on Monday. Jefferies Financial Group boosted their target price on shares of Gentex from $32.00 to $33.00 and gave the company a buy rating in a research report on Friday, October 9th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Gentex from $29.00 to $30.00 and gave the company a neutral rating in a research report on Thursday, October 22nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Gentex has a consensus rating of Buy and an average price target of $31.47.
Gentex (NASDAQ:GNTX) last released its earnings results on Friday, October 23rd. The auto parts company reported $0.48 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.07. Gentex had a net margin of 18.60% and a return on equity of 16.26%. The company had revenue of $474.60 million during the quarter, compared to the consensus estimate of $459.79 million. During the same quarter in the previous year, the firm earned $0.44 EPS. The company’s revenue was down .7% on a year-over-year basis. As a group, sell-side analysts expect that Gentex will post 1.19 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, October 21st. Shareholders of record on Friday, October 9th were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 1.75%. The ex-dividend date of this dividend was Thursday, October 8th. Gentex’s payout ratio is 28.92%.
In other Gentex news, CFO Kevin C. Nash sold 3,000 shares of the business’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $25.81, for a total transaction of $77,430.00. Following the completion of the transaction, the chief financial officer now owns 30,040 shares of the company’s stock, valued at $775,332.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steven R. Downing sold 6,000 shares of the business’s stock in a transaction dated Wednesday, September 30th. The stock was sold at an average price of $25.81, for a total value of $154,860.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,700 shares of company stock valued at $897,075. Insiders own 0.37% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GNTX. Advisors Capital Management LLC increased its stake in shares of Gentex by 2.6% in the second quarter. Advisors Capital Management LLC now owns 14,490 shares of the auto parts company’s stock valued at $373,000 after buying an additional 370 shares during the period. State of Michigan Retirement System increased its stake in shares of Gentex by 0.4% in the third quarter. State of Michigan Retirement System now owns 89,496 shares of the auto parts company’s stock valued at $2,305,000 after buying an additional 400 shares during the period. Captrust Financial Advisors increased its stake in shares of Gentex by 4.0% in the second quarter. Captrust Financial Advisors now owns 12,115 shares of the auto parts company’s stock valued at $309,000 after buying an additional 470 shares during the period. Private Advisor Group LLC increased its stake in shares of Gentex by 5.9% in the second quarter. Private Advisor Group LLC now owns 9,868 shares of the auto parts company’s stock valued at $254,000 after buying an additional 551 shares during the period. Finally, 180 Wealth Advisors LLC increased its stake in shares of Gentex by 1.5% in the second quarter. 180 Wealth Advisors LLC now owns 42,691 shares of the auto parts company’s stock valued at $1,102,000 after buying an additional 622 shares during the period. 81.95% of the stock is owned by hedge funds and other institutional investors.
Gentex Company Profile
Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It operates through Automotive Products and Other segments. The company designs, develops, manufactures, and markets 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: What is intrinsic value?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Gentex Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Gentex and related companies with MarketBeat.com's FREE daily email newsletter.