Gentex (NASDAQ:GNTX) Sets New 52-Week Low Following Weak Earnings

Gentex Corporation (NASDAQ:GNTX) hit a new 52-week low during trading on Friday after the company announced weaker than expected quarterly earnings. The stock traded as low as $19.95 and last traded at $20.3380, with a volume of 19,649 shares changing hands. The stock had previously closed at $21.74.

The auto parts company reported $0.47 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.03). Gentex had a net margin of 15.50% and a return on equity of 16.78%. The company had revenue of $647.71 million during the quarter, compared to analyst estimates of $669.69 million. During the same quarter in the prior year, the business earned $0.46 EPS. The business’s quarterly revenue was down 1.1% on a year-over-year basis.

Gentex Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 21st. Investors of record on Wednesday, October 7th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, October 7th. This represents a $0.48 annualized dividend and a dividend yield of 2.3%. Gentex’s payout ratio is currently 25.40%.

Wall Street Analyst Weigh In

GNTX has been the topic of a number of analyst reports. The Goldman Sachs Group lowered Gentex from a “neutral” rating to a “sell” rating and reduced their price target for the company from $23.00 to $20.00 in a research report on Tuesday, October 6th. JPMorgan Chase & Co. decreased their target price on shares of Gentex from $28.00 to $27.00 and set a “neutral” rating for the company in a research report on Monday, August 10th. UBS Group lowered their target price on shares of Gentex from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Wednesday, October 7th. Freedom Capital cut shares of Gentex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Finally, Wall Street Zen lowered Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. One investment analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $25.20.

Hedge Funds Weigh In On Gentex

A number of institutional investors have recently modified their holdings of GNTX. XXEC Inc. bought a new position in shares of Gentex in the second quarter valued at $7,705,220,000. BlackRock Inc. acquired a new stake in shares of Gentex in the 2nd quarter worth about $550,287,000. Dimensional Fund Advisors LP lifted its position in Gentex by 12.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 7,463,299 shares of the auto parts company’s stock valued at $163,067,000 after acquiring an additional 833,919 shares in the last quarter. Caisse de depot et placement du Quebec bought a new position in Gentex in the 2nd quarter valued at about $79,924,000. Finally, Arrowstreet Capital Limited Partnership boosted its stake in Gentex by 21.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 2,995,044 shares of the auto parts company’s stock valued at $65,442,000 after purchasing an additional 534,905 shares during the last quarter. 86.76% of the stock is owned by institutional investors and hedge funds.

Gentex Stock Down 4.7%

The stock has a market capitalization of $4.41 billion, a PE ratio of 10.76 and a beta of 0.86. The firm has a 50 day moving average price of $22.32 and a 200 day moving average price of $23.30.

Gentex Company Profile

Gentex Corporation (NASDAQ:GNTX) is a technology manufacturer headquartered in Zeeland, Michigan. Founded in 1974, the company develops products primarily for the automotive industry, along with selected applications in the aerospace and fire-protection markets.

Gentex is best known for its automatic-dimming rearview and side-view mirrors, which use electrochromic technology to reduce glare. Its automotive product portfolio also includes camera-based driver-assistance systems, digital vision and sensing technologies, connected-car products, overhead console systems, and HomeLink universal garage-door and home-control systems.