Gentex (NASDAQ:GNTX) had its target price reduced by stock analysts at JPMorgan Chase from $26.00 to $25.00 in a research note issued to investors on Tuesday. The brokerage presently has a “neutral” rating on the auto parts company’s stock. JPMorgan Chase’s price objective points to a potential upside of 12.66% from the stock’s current price.
Several other research analysts have also recently weighed in on GNTX. Susquehanna Bancshares set a $25.00 price target on shares of Gentex and gave the company a “hold” rating in a report on Sunday. Zacks Investment Research raised shares of Gentex from a “hold” rating to a “buy” rating and set a $25.00 price target on the stock in a report on Monday. BidaskClub cut shares of Gentex from a “strong-buy” rating to a “buy” rating in a report on Saturday. B. Riley increased their price target on shares of Gentex from $25.00 to $29.00 and gave the company a “buy” rating in a report on Monday, January 29th. Finally, Longbow Research set a $28.00 price target on shares of Gentex and gave the company a “buy” rating in a report on Monday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Gentex presently has a consensus rating of “Buy” and an average target price of $25.60.
Shares of GNTX stock opened at $22.19 on Tuesday. The stock has a market capitalization of $6,016.66, a PE ratio of 17.34, a PEG ratio of 1.38 and a beta of 1.26. Gentex has a 52-week low of $16.59 and a 52-week high of $24.60.
Gentex declared that its Board of Directors has approved a stock buyback program on Friday, March 9th that allows the company to buyback 20,000,000 outstanding shares. This buyback authorization allows the auto parts company to purchase shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
In other news, Director James H. Wallace sold 12,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $23.40, for a total transaction of $280,800.00. Following the transaction, the director now directly owns 48,304 shares of the company’s stock, valued at $1,130,313.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Chairman Fred Bauer sold 946,200 shares of the firm’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $23.33, for a total transaction of $22,074,846.00. The disclosure for this sale can be found here. Insiders have sold 974,354 shares of company stock worth $22,734,583 over the last ninety days. Insiders own 0.60% of the company’s stock.
Several institutional investors and hedge funds have recently made changes to their positions in GNTX. Millennium Management LLC increased its holdings in shares of Gentex by 260.2% during the fourth quarter. Millennium Management LLC now owns 1,814,790 shares of the auto parts company’s stock worth $38,020,000 after purchasing an additional 1,310,956 shares during the period. Renaissance Technologies LLC boosted its position in shares of Gentex by 111.1% during the 4th quarter. Renaissance Technologies LLC now owns 900,200 shares of the auto parts company’s stock worth $18,859,000 after acquiring an additional 473,700 shares in the last quarter. Sterling Capital Management LLC boosted its position in shares of Gentex by 7.7% during the 4th quarter. Sterling Capital Management LLC now owns 5,076,685 shares of the auto parts company’s stock worth $106,357,000 after acquiring an additional 363,114 shares in the last quarter. WINTON GROUP Ltd boosted its position in shares of Gentex by 252.8% during the 4th quarter. WINTON GROUP Ltd now owns 308,426 shares of the auto parts company’s stock worth $6,462,000 after acquiring an additional 220,996 shares in the last quarter. Finally, MetLife Investment Advisors LLC acquired a new stake in shares of Gentex during the 4th quarter worth approximately $3,763,000. 84.18% of the stock is currently owned by institutional investors.
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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