Gentex Corporation (NASDAQ:GNTX) Rating Lowered to Hold at ValuEngine

Gentex Corporation (NASDAQ:GNTX) was downgraded by equities researchers at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Friday, September 1st.

A number of other equities analysts also recently commented on GNTX. FBR & Co reaffirmed an “outperform” rating and set a $25.00 price objective on shares of Gentex Corporation in a report on Monday, July 24th. Zacks Investment Research raised shares of Gentex Corporation from a “sell” rating to a “hold” rating in a report on Tuesday, August 29th. BidaskClub raised shares of Gentex Corporation from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. BMO Capital Markets reiterated an “outperform” rating and set a $22.00 target price (down previously from $25.00) on shares of Gentex Corporation in a research report on Monday, July 24th. Finally, Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and increased their target price for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $21.79.

Shares of Gentex Corporation (GNTX) traded up 1.00% during midday trading on Friday, hitting $19.22. 2,060,750 shares of the company were exchanged. The stock has a market cap of $5.49 billion, a PE ratio of 15.25 and a beta of 1.15. Gentex Corporation has a one year low of $16.06 and a one year high of $22.12. The stock’s 50-day moving average is $17.75 and its 200-day moving average is $19.22.

Gentex Corporation (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, July 21st. The auto parts company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.01). The company had revenue of $443.10 million during the quarter, compared to the consensus estimate of $446.36 million. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. Gentex Corporation’s revenue for the quarter was up 4.6% on a year-over-year basis. During the same period last year, the company earned $0.30 earnings per share. Equities research analysts anticipate that Gentex Corporation will post $1.27 EPS for the current year.

Gentex Corporation announced that its board has authorized a stock repurchase plan on Wednesday, August 23rd that authorizes the company to repurchase 15,000,000 shares. This repurchase authorization authorizes the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

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In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of the firm’s stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $17.33, for a total value of $4,148,802.00. Following the completion of the sale, the chairman now owns 5,771,128 shares in the company, valued at approximately $100,013,648.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.50% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. increased its position in Gentex Corporation by 4.4% in the 2nd quarter. BlackRock Inc. now owns 24,223,258 shares of the auto parts company’s stock valued at $459,513,000 after acquiring an additional 1,009,789 shares in the last quarter. Vanguard Group Inc. increased its position in Gentex Corporation by 1.6% in the 2nd quarter. Vanguard Group Inc. now owns 23,196,105 shares of the auto parts company’s stock valued at $440,030,000 after acquiring an additional 358,903 shares in the last quarter. State Street Corp increased its position in Gentex Corporation by 4.6% in the 1st quarter. State Street Corp now owns 7,765,951 shares of the auto parts company’s stock valued at $165,651,000 after acquiring an additional 339,317 shares in the last quarter. Schroder Investment Management Group increased its position in Gentex Corporation by 164.3% in the 2nd quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock valued at $124,467,000 after acquiring an additional 4,144,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Gentex Corporation by 22.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 4,357,501 shares of the auto parts company’s stock valued at $82,659,000 after acquiring an additional 813,219 shares in the last quarter. Hedge funds and other institutional investors own 80.84% of the company’s stock.

Gentex Corporation Company Profile

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for Gentex Corporation (NASDAQ:GNTX)

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