Gentex (NASDAQ:GNTX) Lowered to Hold Rating by Wall Street Zen

Key Points

• Gentex was downgraded by Wall Street Zen from a “buy” to a “hold,” adding to a broader analyst view that is now mostly neutral. MarketBeat says the stock’s average rating is “Hold” with an average target price of $27.00.
• The company recently beat earnings expectations, reporting EPS of $0.48 versus $0.44 expected and revenue of $675.44 million versus $649.42 million forecast. Revenue rose 17.1% year over year, and analysts expect full-year EPS of 1.97.
• Gentex shares traded at $24.20 on Friday, below the average analyst target, with a market cap of $5.15 billion and a P/E ratio of 13.6. The article also notes recent insider selling and that institutional investors own 86.76% of the stock.

Gentex (NASDAQ:GNTX - Get Free Report) was downgraded by analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

A number of other equities research analysts have also issued reports on GNTX. Weiss Ratings upgraded shares of Gentex from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, June 23rd. JPMorgan Chase & Co. upped their target price on shares of Gentex from $27.00 to $28.00 and gave the stock a "neutral" rating in a research report on Thursday, May 14th. UBS Group reaffirmed a "neutral" rating and set a $25.00 target price (down from $26.00) on shares of Gentex in a research note on Thursday. B. Riley Financial reiterated a "buy" rating and issued a $29.00 price target (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Finally, Robert W. Baird boosted their price target on shares of Gentex from $25.00 to $26.00 and gave the stock a "neutral" rating in a research note on Monday, April 27th. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $27.00.

Gentex Stock Performance

Shares of Gentex stock traded up $0.34 during trading hours on Friday, hitting $24.20. The company's stock had a trading volume of 1,917,330 shares, compared to its average volume of 2,738,910. The company has a market cap of $5.15 billion, a PE ratio of 13.60 and a beta of 0.78. The business has a 50 day moving average price of $24.33 and a two-hundred day moving average price of $23.49. Gentex has a 12-month low of $20.48 and a 12-month high of $29.38.

Gentex (NASDAQ:GNTX - Get Free Report) last released its earnings results on Friday, April 24th. The auto parts company reported $0.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.44 by $0.04. The firm had revenue of $675.44 million during the quarter, compared to analysts' expectations of $649.42 million. Gentex had a return on equity of 16.27% and a net margin of 14.75%.The firm's revenue was up 17.1% on a year-over-year basis. During the same quarter last year, the business posted $0.42 earnings per share. As a group, research analysts anticipate that Gentex will post 1.97 earnings per share for the current year.

Insider Transactions at Gentex

In related news, Director Richard O. Schaum sold 4,815 shares of the firm's stock in a transaction on Thursday, April 30th. The shares were sold at an average price of $23.31, for a total value of $112,237.65. Following the completion of the transaction, the director directly owned 81,443 shares of the company's stock, valued at approximately $1,898,436.33. This trade represents a 5.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the business's stock in a transaction on Friday, May 15th. The stock was sold at an average price of $22.98, for a total transaction of $136,478.22. The disclosure for this sale is available in the SEC filing. Insiders have sold 16,693 shares of company stock valued at $385,194 in the last ninety days. Corporate insiders own 0.55% of the company's stock.

Hedge Funds Weigh In On Gentex

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada raised its position in shares of Gentex by 33.1% during the 1st quarter. Royal Bank of Canada now owns 189,561 shares of the auto parts company's stock valued at $4,418,000 after buying an additional 47,150 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in Gentex by 1.8% during the first quarter. Goldman Sachs Group Inc. now owns 1,321,634 shares of the auto parts company's stock worth $30,794,000 after acquiring an additional 23,454 shares during the last quarter. Empowered Funds LLC increased its stake in Gentex by 255.6% during the first quarter. Empowered Funds LLC now owns 81,142 shares of the auto parts company's stock worth $1,891,000 after acquiring an additional 58,323 shares during the last quarter. Invesco Ltd. raised its position in Gentex by 8.0% during the second quarter. Invesco Ltd. now owns 813,163 shares of the auto parts company's stock valued at $17,881,000 after purchasing an additional 60,127 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in Gentex by 2,038.4% during the second quarter. EverSource Wealth Advisors LLC now owns 4,512 shares of the auto parts company's stock valued at $99,000 after purchasing an additional 4,301 shares during the period. Institutional investors own 86.76% of the company's stock.

About Gentex

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.