Gentex (NASDAQ:GNTX) Price Target Lowered to $34.00 at Guggenheim

Gentex (NASDAQ:GNTX) had its target price cut by Guggenheim from $35.00 to $34.00 in a research report sent to investors on Thursday morning,Benzinga reports. They currently have a buy rating on the auto parts company’s stock.

Several other equities research analysts have also commented on the stock. The Goldman Sachs Group cut their price target on shares of Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Bank of America cut their price target on shares of Gentex from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, October 14th. BNP Paribas lowered shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price target for the company. in a report on Tuesday, July 30th. UBS Group began coverage on shares of Gentex in a report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 price target for the company. Finally, Robert W. Baird boosted their price target on shares of Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Six investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Gentex currently has an average rating of “Hold” and a consensus price target of $35.13.

Gentex Price Performance

GNTX opened at $29.88 on Thursday. The firm has a fifty day moving average price of $29.89 and a 200 day moving average price of $31.68. Gentex has a 1 year low of $28.30 and a 1 year high of $37.58. The stock has a market cap of $6.80 billion, a P/E ratio of 15.98, a P/E/G ratio of 0.94 and a beta of 0.91.

Gentex Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Wednesday, October 9th. Gentex’s dividend payout ratio is currently 25.67%.

Institutional Investors Weigh In On Gentex

A number of hedge funds have recently modified their holdings of the company. EdgePoint Investment Group Inc. grew its holdings in shares of Gentex by 1.5% in the third quarter. EdgePoint Investment Group Inc. now owns 7,699,919 shares of the auto parts company’s stock valued at $228,611,000 after purchasing an additional 111,500 shares during the period. Boston Partners lifted its position in Gentex by 4.2% in the first quarter. Boston Partners now owns 5,706,411 shares of the auto parts company’s stock valued at $206,095,000 after buying an additional 230,873 shares during the last quarter. Geode Capital Management LLC lifted its position in Gentex by 5.6% in the third quarter. Geode Capital Management LLC now owns 5,368,004 shares of the auto parts company’s stock valued at $159,406,000 after buying an additional 285,802 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its position in Gentex by 5.5% in the third quarter. Disciplined Growth Investors Inc. MN now owns 4,493,914 shares of the auto parts company’s stock valued at $133,424,000 after buying an additional 234,083 shares during the last quarter. Finally, Burgundy Asset Management Ltd. lifted its position in Gentex by 3.0% in the second quarter. Burgundy Asset Management Ltd. now owns 4,343,880 shares of the auto parts company’s stock valued at $146,432,000 after buying an additional 126,416 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

About Gentex

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.