Gentex (NASDAQ:GNTX) Given New $35.00 Price Target at Bank of America

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

Several other equities analysts have also commented on the stock. Robert W. Baird decreased their target price on shares of Gentex from $40.00 to $38.00 and set an outperform rating on the stock in a report on Monday, July 29th. JPMorgan Chase & Co. decreased their target price on shares of Gentex from $36.00 to $35.00 and set a neutral rating on the stock in a report on Monday, July 22nd. StockNews.com lowered shares of Gentex from a buy rating to a hold rating in a report on Thursday, July 4th. UBS Group initiated coverage on shares of Gentex in a report on Wednesday, September 4th. They issued a neutral rating and a $34.00 target price on the stock. Finally, B. Riley decreased their price target on shares of Gentex from $44.00 to $41.00 and set a buy rating on the stock in a report on Monday, July 29th. Six equities research analysts have rated the stock with a hold rating and three have issued 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.

Gentex Stock Up 0.8 %

Shares of Gentex stock opened at $29.55 on Monday. Gentex has a twelve month low of $27.86 and a twelve month high of $37.58. The company has a 50-day simple moving average of $29.79 and a two-hundred day simple moving average of $32.57. The stock has a market capitalization of $6.83 billion, a price-to-earnings ratio of 15.63, a price-to-earnings-growth ratio of 0.95 and a beta of 0.92.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings data 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 return on equity of 17.78% and a net margin of 17.87%. The business had revenue of $572.93 million during the quarter, compared to analyst estimates of $623.28 million. On average, sell-side analysts anticipate that Gentex will post 1.96 earnings per share for the current fiscal year.

Gentex Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th will be issued a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.62%. The ex-dividend date is Wednesday, October 9th. Gentex’s payout ratio is 25.40%.

Insiders Place Their Bets

In other Gentex news, major shareholder Corp Gentex bought 3,152,500 shares of Gentex stock in a transaction on Friday, August 23rd. The shares were purchased at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the acquisition, the insider now directly owns 6,463,808 shares of the company’s stock, valued at $32,319,040. The trade was a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GNTX. Wellington Management Group LLP lifted its position in shares of Gentex by 27.9% in the 4th quarter. Wellington Management Group LLP now owns 8,728,378 shares of the auto parts company’s stock worth $285,069,000 after purchasing an additional 1,905,356 shares during the period. ICA Group Wealth Management LLC acquired a new position in shares of Gentex in the 4th quarter worth approximately $127,000. Vanguard Group Inc. lifted its position in shares of Gentex by 0.7% in the 4th 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 period. PNC Financial Services Group Inc. lifted its position in shares of Gentex by 129.7% in the 4th 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 period. Finally, GAMMA Investing LLC lifted its position in shares of Gentex by 26.3% in the 1st quarter. GAMMA Investing LLC now owns 1,742 shares of the auto parts company’s stock worth $63,000 after purchasing an additional 363 shares during the period. Institutional investors and hedge funds 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.