Gentex (GNTX) to Repurchase 20,000,000 Outstanding Stock
Gentex (NASDAQ:GNTX) declared that its Board of Directors has authorized a share repurchase program, which allows the company to buyback 20,000,000 outstanding shares on Friday, March 9th, EventVestor reports. This buyback authorization allows the auto parts company to buy shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.
Shares of Gentex (NASDAQ:GNTX) opened at $23.31 on Thursday. The company has a market capitalization of $6,620.00, a price-to-earnings ratio of 15.14, a PEG ratio of 1.49 and a beta of 1.31. Gentex has a twelve month low of $16.59 and a twelve month high of $24.07.
Gentex (NASDAQ:GNTX) last released its quarterly earnings data on Friday, January 26th. The auto parts company reported $0.33 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.01. Gentex had a return on equity of 18.35% and a net margin of 22.66%. The business had revenue of $459.57 million during the quarter, compared to the consensus estimate of $449.43 million. During the same period in the prior year, the firm posted $0.31 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. research analysts forecast that Gentex will post 1.62 EPS for the current year.
GNTX has been the topic of a number of recent analyst reports. BidaskClub raised Gentex from a “buy” rating to a “strong-buy” rating in a research note on Friday, December 22nd. BMO Capital Markets increased their price target on Gentex to $28.00 and gave the stock an “outperform” rating in a research note on Monday, January 29th. Zacks Investment Research raised Gentex from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a research note on Tuesday, December 26th. Longbow Research initiated coverage on Gentex in a research note on Friday, January 5th. They set a “buy” rating and a $25.00 price target on the stock. Finally, ValuEngine raised Gentex from a “hold” rating to a “buy” rating in a research note on Wednesday, December 27th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $25.50.
In related news, Chairman Fred Bauer sold 946,200 shares of the stock in a transaction on Monday, March 12th. The stock was sold at an average price of $23.33, for a total value of $22,074,846.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Kevin C. Nash sold 7,874 shares of the stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $23.40, for a total value of $184,251.60. Following the completion of the sale, the insider now owns 34,062 shares of the company’s stock, valued at $797,050.80. The disclosure for this sale can be found here. Over the last quarter, insiders sold 974,354 shares of company stock valued at $22,734,583. 2.50% of the stock is owned by insiders.
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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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