Gentex Corp. (GNTX) Reaches New 52-Week High After Dividend Announcement
Shares of Gentex Corp. (NASDAQ:GNTX) hit a new 52-week high on Wednesday following a dividend announcement from the company. The company traded as high as $18.57 and last traded at $18.57, with a volume of 703,736 shares trading hands. The stock had previously closed at $18.29.
The newly announced dividend which will be paid on Wednesday, January 18th. Stockholders of record on Friday, January 6th will be paid a $0.09 dividend. This represents a $0.36 annualized dividend and a dividend yield of 1.97%. Gentex Corp.’s payout ratio is 30.00%.
GNTX has been the topic of several research analyst reports. Zacks Investment Research upgraded shares of Gentex Corp. from a “hold” rating to a “buy” rating and set a $20.00 price objective on the stock in a research note on Wednesday, November 16th. Wells Fargo & Co. reaffirmed an “outperform” rating and issued a $19.00 target price on shares of Gentex Corp. in a research report on Tuesday, September 13th. Finally, FBR & Co reaffirmed an “outperform” rating on shares of Gentex Corp. in a research report on Thursday, November 10th.
The company has a 50-day moving average of $17.32 and a 200 day moving average of $16.98. The stock has a market capitalization of $5.32 billion, a PE ratio of 15.45 and a beta of 0.84.
Gentex Corp. (NASDAQ:GNTX) last announced its quarterly earnings data on Thursday, October 20th. The company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.30 by $0.02. Gentex Corp. had a return on equity of 19.53% and a net margin of 20.86%. The company had revenue of $429.60 million for the quarter, compared to analysts’ expectations of $428.43 million. During the same quarter in the prior year, the business posted $0.27 EPS. The business’s revenue was up 10.2% compared to the same quarter last year. Equities analysts predict that Gentex Corp. will post $1.21 EPS for the current year.
In other news, VP Joseph E. Iv Matthews sold 2,244 shares of the company’s stock in a transaction that occurred on Friday, November 18th. The stock was sold at an average price of $18.00, for a total transaction of $40,392.00. Following the sale, the vice president now owns 17,614 shares in the company, valued at approximately $317,052. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Kevin C. Nash sold 6,210 shares of the company’s stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $16.68, for a total value of $103,582.80. Following the sale, the insider now owns 31,830 shares in the company, valued at approximately $530,924.40. The disclosure for this sale can be found here. Insiders own 2.90% of the company’s stock.
Several large investors have recently made changes to their positions in GNTX. American Capital Management Inc. acquired a new position in Gentex Corp. during the third quarter worth $41,181,000. Morgan Stanley raised its position in Gentex Corp. by 123.3% in the third quarter. Morgan Stanley now owns 1,555,829 shares of the company’s stock worth $27,321,000 after buying an additional 859,003 shares during the last quarter. Neuberger Berman Group LLC raised its position in Gentex Corp. by 21.9% in the second quarter. Neuberger Berman Group LLC now owns 3,959,098 shares of the company’s stock worth $61,168,000 after buying an additional 710,950 shares during the last quarter. First Quadrant L P CA raised its position in Gentex Corp. by 71.2% in the third quarter. First Quadrant L P CA now owns 1,322,432 shares of the company’s stock worth $23,222,000 after buying an additional 550,132 shares during the last quarter. Finally, Front Street Capital Management Inc. acquired a new position in Gentex Corp. during the second quarter worth $8,377,000. Institutional investors own 85.25% of the company’s stock.
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About Gentex Corp.
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 segments include Automotive Products and Other, which includes Fire Protection Products and Dimmable Aircraft Windows.
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