Gentex (NASDAQ:GNTX) declared that its Board of Directors has approved a share repurchase plan, which permits the company to repurchase 20,000,000 outstanding shares on Friday, March 9th, EventVestor reports. This repurchase authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Shares of Gentex (NASDAQ:GNTX) opened at $23.36 on Tuesday. The stock has a market capitalization of $6,630.00, a PE ratio of 15.17, a PEG ratio of 1.49 and a beta of 1.31. Gentex has a 52 week low of $16.59 and a 52 week high of $24.07.
Gentex (NASDAQ:GNTX) last released its quarterly earnings results on Friday, January 26th. The auto parts company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.01. The company had revenue of $459.57 million during 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 firm’s revenue was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.31 EPS. equities analysts expect that Gentex will post 1.62 earnings per share for the current year.
A number of brokerages have commented on GNTX. ValuEngine upgraded Gentex from a “hold” rating to a “buy” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $24.00 target price on the stock in a research note on Wednesday, January 10th. BMO Capital Markets boosted their target price on Gentex to $28.00 and gave the company an “outperform” rating in a research note on Monday, January 29th. Craig Hallum boosted their target price on Gentex from $18.00 to $23.00 and gave the company a “hold” rating in a research note on Monday, January 29th. Finally, B. Riley restated a “buy” rating and issued a $29.00 target price (up previously from $25.00) on shares of Gentex in a research note on Wednesday, January 24th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $25.50.
In other news, Director James H. Wallace sold 12,000 shares of the company’s stock in a transaction dated Tuesday, January 30th. The stock was sold at an average price of $23.40, for a total transaction of $280,800.00. Following the completion of the sale, the director now owns 48,304 shares in the company, valued at approximately $1,130,313.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Scott P. Ryan sold 7,220 shares of the company’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total value of $170,825.20. Following the sale, the general counsel now owns 21,329 shares of the company’s stock, valued at approximately $504,644.14. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,154 shares of company stock valued at $659,737. 2.50% of the stock is currently owned by corporate insiders.
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Gentex Company Profile
Gentex Corporation designs and manufactures automatic-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. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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