New Mexico Educational Retirement Board Expands Position in Gentex Co. as Analysts Issue Mixed Reports on Stock Performance
Date: July 30, 2023
Analysts’ Reports and Ratings on GNTX:
Despite the New Mexico Educational Retirement Board’s confidence in Gentex Co., several research analysts have released varying reports on the performance of the company’s stock (GNTX). Bank of America notably upgraded its rating from “underperform” to “neutral,” increasing the price target from $26.00 to $33.00 in their research report on July 6th.
StockNews.com initiated coverage on Gentex in a report dated May 18th and assigned a favorable “buy” rating to the company. On July 20th, JPMorgan Chase & Co. raised their price target for shares of Gentex from $28.00 to $30.00 while maintaining a “neutral” rating.
Currently, three analysts have given a “hold” rating on GNTX stock, while two have assigned it a “buy” rating. Bloomberg data reveals that Gentex Co. has an average rating of “Hold,” with an average target price estimated at $29.50.
Financial Snapshot and Stock Performance:
On Friday’s trading session, GNTX traded up $1.03 and reached $32.78 per share—a notable increase compared to its previous closing price. The stock had a trading volume of 125,315 shares, surpassing the average daily volume of 1,170,329. Gentex Co. has a market capitalization of $7.66 billion, with a price-to-earnings ratio of 22.52 and a beta of 0.93.
The company’s one-year low stands at $23.28, while its one-year high is recorded at $33.00. As per recent data, the stock’s 50-day moving average is $28.80 and its two-hundred-day moving average is noted at $28.23.
Conclusion:
As the New Mexico Educational Retirement Board expands its position in Gentex Co., market analysts have provided mixed reports on the company’s stock performance and assigned varying ratings to it. While Bank of America upgraded GNTX to “neutral” from “underperform” in July, others have maintained a “hold” rating with moderate optimism for its future outlook.
Investors will closely monitor Gentex Co.’s upcoming financial reports to gain further insights into the company’s potential growth trajectory and stability within the ever-changing automotive parts industry marketplace.
Institutional Investors Reshape Stakes in Gentex Amidst Industry Developments
Institutional investors have been making moves in the auto parts company Gentex, with some increasing their stakes while others reducing their positions. Allworth Financial LP significantly raised its position by 3,112.9% in the fourth quarter, acquiring an additional 965 shares valued at $27,000. Additionally, Eagle Bay Advisors LLC entered the scene by purchasing a new position worth $50,000 in the first quarter. Covestor Ltd also increased its holdings by 79.2% during the same period, now owning 1,887 shares valued at $55,000. Ameritas Advisory Services LLC entered the picture as well and bought a new stake worth approximately $53,000. Lastly, Lindbrook Capital LLC lifted its stake by 51.3% during the fourth quarter and now holds 2,454 shares valued at $67,000.
It is important to note that institutional investors and hedge funds currently own 84.96% of Gentex’s company stock.
In other news surrounding Gentex, Director James A. Hollars made a significant stock sale transaction on May 19th which involved selling 4,416 shares for an average price of $28.27 each, resulting in a total value of $124,840.32. Following this sale completion, Hollars now directly owns approximately 36,149 shares of Gentex’s stock valued at roughly $1,021,932.23.
Director Richard O. Schaum also made a notable transaction on May 1st which involved selling 5,424 shares of the company’s stock for an average price of $27.89 per share totaling to about $151,275.36 The director now has direct ownership of about 49 ,861 shares valued at roughly $1 ,390 ,623 .29 .
When it comes to research analyst ratings on GNTX (Gentex), Bank of America recently upgraded it from an “underperform” rating to a “neutral” rating. Following this upgrade, Bank of America significantly increased their price target for the stock from $26.00 to $33.00.
StockNews.com has also released coverage on Gentex, giving the company a “buy” rating, while JPMorgan Chase & Co. raised their target price on shares from $28.00 to $30.00 and labeled Gentex as “neutral”.
According to Bloomberg data, three analysts have given Gentex a hold rating, while two have bestowed a buy rating upon the stock. The average target price for GNTX is estimated to be around $29.50.
Gentex recently announced its quarterly earnings results on April 28th, which reported an EPS (earnings per share) of $0.42 for the quarter, surpassing analysts’ expectations by $0.04 per share. The company’s net margin was calculated at 16.43%, and it demonstrated a return on equity of 16.02%. Additionally, revenue for the quarter was recorded at $550.76 million, exceeding analyst estimates of $529.59 million. Furthermore, Gentex’s revenue experienced a notable increase of 17-6% compared to the same quarter last year.
On Wednesday, July 19th, Gentex disclosed its quarterly dividend payment and issued it to investors who were officially listed on record by Friday, July 7th.The dividend amounted to $0 .12 per share , with July 6th being marked as the ex-dividend date . On an annualized basis , this represented a dividend yield of 1 .46% based on a payout ratio of approximately 34 .04%.
Overall, institutional investors’ activity in Gentex remains intriguing as they continue reshaping stakes in the company amidst various market dynamics and recent developments within the auto parts industry.
The post New Mexico Educational Retirement Board Increases Stake in Gentex Co. as Analysts Provide Divergent Stock Reports appeared first on Best Stocks.
