Gentex (NASDAQ:GNTX) Price Target Raised to $32.00

Gentex (NASDAQ:GNTX) had its price target increased by JPMorgan Chase & Co. from $30.00 to $32.00 in a research report released on Monday,Benzinga reports. They currently have a neutral rating on the auto parts company’s stock.

Several other equities analysts have also recently issued reports on the company. B. Riley boosted their target price on Gentex from $28.00 to $32.00 and gave the stock a “buy” rating in a research report on Monday, July 28th. UBS Group reaffirmed a “neutral” rating and set a $29.00 price target (up previously from $28.00) on shares of Gentex in a research note on Monday, October 6th. Industrial Alliance Securities set a $25.00 target price on shares of Gentex in a research report on Friday, July 11th. The Goldman Sachs Group set a $32.00 price target on shares of Gentex in a research report on Monday, September 29th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Gentex in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $29.14.

Gentex Trading Down 2.7%

Shares of GNTX opened at $26.21 on Monday. The firm has a market cap of $5.75 billion, a PE ratio of 14.81 and a beta of 0.84. Gentex has a 12-month low of $20.28 and a 12-month high of $31.48. The company’s 50 day simple moving average is $27.67 and its 200-day simple moving average is $24.47.

Gentex (NASDAQ:GNTX) last announced its earnings results on Friday, July 25th. The auto parts company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.08. Gentex had a net margin of 16.82% and a return on equity of 16.86%. The business had revenue of $657.86 million during the quarter, compared to the consensus estimate of $591.94 million. During the same quarter in the prior year, the firm earned $0.37 earnings per share. The business’s quarterly revenue was up 14.8% compared to the same quarter last year. Gentex has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Gentex will post 2.04 EPS for the current fiscal year.

Gentex declared that its Board of Directors has authorized a stock buyback plan on Wednesday, July 16th that allows the company to repurchase 40,000,000 shares. This repurchase authorization allows the auto parts company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 22nd. Shareholders of record on Wednesday, October 8th were paid a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, October 8th. Gentex’s payout ratio is presently 27.12%.

Hedge Funds Weigh In On Gentex

Several institutional investors have recently added to or reduced their stakes in the business. Larson Financial Group LLC boosted its stake in Gentex by 1,471.0% in the 1st quarter. Larson Financial Group LLC now owns 1,084 shares of the auto parts company’s stock worth $25,000 after buying an additional 1,015 shares during the last quarter. Addison Advisors LLC acquired a new stake in shares of Gentex during the 2nd quarter worth $25,000. Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Gentex by 85.4% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 1,222 shares of the auto parts company’s stock worth $28,000 after buying an additional 563 shares during the last quarter. Brooklyn Investment Group grew its position in Gentex by 305.7% during the first quarter. Brooklyn Investment Group now owns 1,217 shares of the auto parts company’s stock valued at $28,000 after acquiring an additional 917 shares during the period. Finally, State of Wyoming acquired a new stake in Gentex during the first quarter worth about $45,000. 86.76% of the stock is currently owned by institutional investors and hedge funds.

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.