Bank of America Trims Gentex (NASDAQ:GNTX) Target Price to $35.00

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

A number of other equities research analysts also recently issued reports on the company. BNP Paribas downgraded Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price target for the company. in a research note on Tuesday, July 30th. StockNews.com downgraded Gentex from a “buy” rating to a “hold” rating in a research note on Thursday, July 4th. Robert W. Baird cut their price objective on Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a research note on Monday, July 29th. B. Riley cut their price objective on Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Finally, UBS Group initiated coverage on Gentex in a research note on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price objective for the company. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $36.13.

Gentex Stock Down 0.2 %

Gentex stock opened at $29.24 on Monday. The business has a 50-day simple moving average of $29.81 and a two-hundred day simple moving average of $32.50. The company has a market cap of $6.76 billion, a P/E ratio of 15.47, a P/E/G ratio of 0.95 and a beta of 0.92. Gentex has a 52-week low of $27.86 and a 52-week high of $37.58.

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

Gentex Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th will be issued a $0.12 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $0.48 dividend on an annualized basis and a yield of 1.64%. Gentex’s dividend payout ratio is presently 25.40%.

Insider Buying and Selling

In other Gentex news, major shareholder Corp Gentex purchased 3,152,500 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were bought at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the acquisition, the insider now owns 6,463,808 shares in the company, valued at approximately $32,319,040. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.41% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in GNTX. Scharf Investments LLC lifted its holdings in Gentex by 36,001.4% in the 2nd quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock worth $76,803,000 after purchasing an additional 2,272,046 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Gentex by 27.9% during 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 acquiring an additional 1,905,356 shares in the last quarter. TD Asset Management Inc raised its holdings in shares of Gentex by 41.2% during the 1st quarter. TD Asset Management Inc now owns 4,677,655 shares of the auto parts company’s stock worth $168,957,000 after acquiring an additional 1,363,898 shares in the last quarter. Motley Fool Asset Management LLC raised its holdings in shares of Gentex by 287.7% during the 1st quarter. Motley Fool Asset Management LLC now owns 1,204,152 shares of the auto parts company’s stock worth $43,494,000 after acquiring an additional 893,552 shares in the last quarter. Finally, Leeward Investments LLC MA purchased a new stake in shares of Gentex during the 1st quarter worth approximately $28,289,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

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.