Gentex (NASDAQ:GNTX) Shares Gap Up Following Earnings Beat

Gentex Co. (NASDAQ:GNTX)’s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $29.66, but opened at $31.00. Gentex shares last traded at $31.10, with a volume of 343,200 shares.

The auto parts company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.03. The business had revenue of $608.53 million during the quarter, compared to analyst estimates of $611.33 million. Gentex had a return on equity of 17.78% and a net margin of 17.87%.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, October 9th. This represents a $0.48 annualized dividend and a yield of 1.54%. Gentex’s payout ratio is presently 26.82%.

Analyst Upgrades and Downgrades

GNTX has been the subject of several recent analyst reports. BNP Paribas cut shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 target price for the company. in a report on Tuesday, July 30th. B. Riley decreased their price objective 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. StockNews.com downgraded shares of Gentex from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th. JPMorgan Chase & Co. lowered their price target on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, The Goldman Sachs Group dropped their price target on Gentex from $33.00 to $31.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 1st. Six investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $36.13.

Insider Activity

In other news, major shareholder Corp Gentex acquired 3,152,500 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average cost 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 in the company, valued at approximately $32,319,040. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.41% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Gentex

Several large investors have recently made changes to their positions in the company. Financial Advocates Investment Management grew its position in Gentex by 6.1% in the third quarter. Financial Advocates Investment Management now owns 11,684 shares of the auto parts company’s stock worth $347,000 after acquiring an additional 676 shares in the last quarter. S.A. Mason LLC lifted its stake in shares of Gentex by 3.2% in the 3rd quarter. S.A. Mason LLC now owns 26,037 shares of the auto parts company’s stock valued at $773,000 after purchasing an additional 801 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in Gentex by 2.1% in the third quarter. Pinnacle Associates Ltd. now owns 72,585 shares of the auto parts company’s stock worth $2,371,000 after purchasing an additional 1,525 shares in the last quarter. State of Alaska Department of Revenue increased its position in Gentex by 1.4% during the third quarter. State of Alaska Department of Revenue now owns 104,287 shares of the auto parts company’s stock worth $3,096,000 after buying an additional 1,440 shares during the last quarter. Finally, Outlook Wealth Advisors LLC raised its holdings in Gentex by 12.6% during the third quarter. Outlook Wealth Advisors LLC now owns 10,309 shares of the auto parts company’s stock valued at $306,000 after buying an additional 1,157 shares in the last quarter. Institutional investors own 86.76% of the company’s stock.

Gentex Stock Up 5.4 %

The company has a market cap of $7.19 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 0.91 and a beta of 0.92. The business has a 50-day simple moving average of $29.93 and a two-hundred day simple moving average of $32.22.

About Gentex

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.