87,130 Shares in Gentex Corporation $GNTX Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC acquired 87,130 Gentex shares during the second quarter, valued at approximately $2.2 million. Institutional investors and hedge funds collectively own 86.76% of the company.
• Analyst sentiment is largely neutral: one analyst rates Gentex a Buy and seven rate it Hold, producing an average rating of Hold and an average price target of $26.80.
• Gentex beat quarterly earnings expectations with $0.58 EPS versus the $0.50 consensus, although revenue of $651.3 million fell short of estimates and declined 1% year over year. Shares opened at $22.67, within a 52-week range of $20.48 to $29.38.

Hsbc Holdings PLC acquired a new position in Gentex Corporation (NASDAQ:GNTX - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 87,130 shares of the auto parts company's stock, valued at approximately $2,203,000.

A number of other hedge funds have also made changes to their positions in the company. XXEC Inc. purchased a new stake in shares of Gentex during the second quarter worth approximately $7,705,220,000. BlackRock Inc. purchased a new stake in shares of Gentex during the second quarter worth $550,287,000. Bank of Montreal Can raised its position in shares of Gentex by 14,398.7% in the fourth quarter. Bank of Montreal Can now owns 7,726,057 shares of the auto parts company's stock valued at $179,785,000 after buying an additional 7,672,769 shares during the last quarter. Caisse de depot et placement du Quebec lifted its stake in shares of Gentex by 297.0% in the fourth quarter. Caisse de depot et placement du Quebec now owns 3,144,881 shares of the auto parts company's stock worth $73,181,000 after buying an additional 2,352,668 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Gentex in the fourth quarter worth about $52,767,000. Institutional investors and hedge funds own 86.76% of the company's stock.

Analyst Ratings Changes

GNTX has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, June 23rd. Wall Street Zen cut Gentex from a "buy" rating to a "hold" rating in a report on Sunday, July 12th. JPMorgan Chase & Co. lowered their price objective on Gentex from $28.00 to $27.00 and set a "neutral" rating on the stock in a research note on Monday, August 10th. UBS Group reaffirmed a "neutral" rating and issued a $25.00 target price (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. Finally, Freedom Capital lowered Gentex from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 29th. One investment analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $26.80.

Gentex Stock Performance

Shares of Gentex stock opened at $22.67 on Monday. The stock has a 50 day moving average of $24.04 and a 200 day moving average of $23.47. The firm has a market capitalization of $4.83 billion, a price-to-earnings ratio of 11.99 and a beta of 0.79. Gentex Corporation has a fifty-two week low of $20.48 and a fifty-two week high of $29.38.

Gentex (NASDAQ:GNTX - Get Free Report) last announced its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.50 by $0.08. The business had revenue of $651.30 million for the quarter, compared to analyst estimates of $669.65 million. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The company's quarterly revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.43 EPS. Analysts forecast that Gentex Corporation will post 2.04 EPS for the current year.

Gentex Profile

Gentex Corporation NASDAQ: GNTX is a global technology company specializing in the design and manufacture of automotive and aerospace products. The company's primary business centers on automatic-dimming rearview mirrors, advanced driver-assistance systems (ADAS), and camera-based driver monitoring technologies. In the automotive sector, Gentex supplies exterior and interior mirrors with integrated electronics, connectivity features, and safety capabilities to many of the world's leading original equipment manufacturers (OEMs).

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