Gentex (GNTX) to Repurchase 20,000,000 Shares

Gentex (NASDAQ:GNTX) declared that its Board of Directors has approved a stock buyback program, which allows the company to buyback 20,000,000 shares on Friday, March 9th. This buyback authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback programs are usually a sign that the company’s management believes its shares are undervalued.

GNTX has been the topic of several recent research reports. B. Riley reaffirmed a “buy” rating and issued a $29.00 price target (up from $25.00) on shares of Gentex in a research note on Wednesday, January 24th. Robert W. Baird cut Gentex from an “outperform” rating to a “neutral” rating in a research note on Tuesday, January 23rd. Susquehanna Bancshares set a $24.00 target price on Gentex and gave the stock a “hold” rating in a research note on Wednesday, March 14th. Craig Hallum increased their target price on Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a research note on Monday, January 29th. Finally, Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $26.00 price objective on the stock in a research report on Wednesday, January 31st. Four equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $25.33.

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GNTX stock traded down $0.29 during trading on Monday, reaching $22.73. The stock had a trading volume of 2,179,707 shares, compared to its average volume of 2,438,905. Gentex has a 52 week low of $16.59 and a 52 week high of $24.07. The company has a market cap of $6,317.17, a price-to-earnings ratio of 17.76, a P/E/G ratio of 1.47 and a beta of 1.26.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, January 26th. The auto parts company reported $0.33 EPS for the quarter, topping the consensus estimate of $0.32 by $0.01. The firm had revenue of $459.57 million for the quarter, compared to the consensus estimate of $449.43 million. Gentex had a return on equity of 18.35% and a net margin of 22.66%. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.31 earnings per share. sell-side analysts anticipate that Gentex will post 1.62 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be paid a dividend of $0.11 per share. This represents a $0.44 annualized dividend and a yield of 1.94%. The ex-dividend date is Thursday, April 5th. This is an increase from Gentex’s previous quarterly dividend of $0.10. Gentex’s dividend payout ratio (DPR) is 31.25%.

In other Gentex news, insider Kevin C. Nash sold 7,874 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total transaction of $184,251.60. Following the completion of the transaction, the insider now owns 34,062 shares in the company, valued at approximately $797,050.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director James H. Wallace sold 12,000 shares of Gentex stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total value of $280,800.00. Following the completion of the transaction, the director now owns 48,304 shares of the company’s stock, valued at approximately $1,130,313.60. The disclosure for this sale can be found here. Insiders have sold a total of 974,354 shares of company stock worth $22,734,583 in the last three months. 2.50% of the stock is owned by corporate insiders.

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Gentex Company Profile

Gentex Corporation provides automatic-dimming and non-dimming rearview mirrors, and electronics for the automotive industry; dimmable aircraft windows for the aviation industry; and commercial smoke alarms and signaling devices for the fire protection industry worldwide. It designs, develops, manufactures, and markets automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and interior and exterior non-automatic-dimming rearview mirrors with electronic features for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.

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