Gentex Corporation (GNTX) Stock Rating Upgraded by BidaskClub
Gentex Corporation (NASDAQ:GNTX) was upgraded by BidaskClub from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday.
GNTX has been the topic of a number of other research reports. Wellington Shields lowered shares of Gentex Corporation from a “gradually accumulate” rating to a “hold” rating in a research note on Thursday, May 4th. Zacks Investment Research lowered shares of Gentex Corporation from a “hold” rating to a “sell” rating in a research note on Monday, June 26th. FBR & Co reiterated an “outperform” rating and set a $25.00 price objective on shares of Gentex Corporation in a research note on Monday, July 24th. Robert W. Baird upgraded shares of Gentex Corporation from a “neutral” rating to an “outperform” rating and raised their price objective for the company from $17.36 to $22.00 in a research note on Thursday. Finally, Craig Hallum lowered shares of Gentex Corporation from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research note on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $21.79.
Shares of Gentex Corporation (NASDAQ GNTX) traded up 0.22% during trading on Friday, reaching $17.94. The company’s stock had a trading volume of 3,013,565 shares. The firm has a market capitalization of $5.12 billion, a P/E ratio of 14.24 and a beta of 1.18. Gentex Corporation has a 52 week low of $16.06 and a 52 week high of $22.12. The company has a 50 day moving average price of $17.65 and a 200 day moving average price of $19.44.
Gentex Corporation (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, July 21st. The auto parts company reported $0.31 EPS for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.01. Gentex Corporation had a net margin of 21.01% and a return on equity of 18.95%. The company had revenue of $443.10 million for the quarter, compared to analyst estimates of $446.36 million. During the same quarter in the prior year, the business earned $0.30 EPS. Gentex Corporation’s revenue was up 4.6% compared to the same quarter last year. On average, equities research analysts expect that Gentex Corporation will post $1.27 EPS for the current fiscal year.
Gentex Corporation declared that its board has initiated a stock buyback program on Wednesday, August 23rd that allows the company to repurchase 15,000,000 outstanding shares. This repurchase authorization allows the auto parts company to reacquire shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.
In other Gentex Corporation news, Chairman Fred Bauer sold 239,400 shares of Gentex Corporation stock in a transaction that occurred on 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 transaction, the chairman now owns 5,771,128 shares in the company, valued at $100,013,648.24. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director John A. Mulder sold 10,000 shares of Gentex Corporation stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $19.22, for a total transaction of $192,200.00. The disclosure for this sale can be found here. Insiders own 2.50% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in Gentex Corporation by 13,551.0% in the first quarter. BlackRock Inc. now owns 23,213,469 shares of the auto parts company’s stock valued at $495,146,000 after buying an additional 23,043,420 shares during the period. Schroder Investment Management Group raised its position in Gentex Corporation by 164.3% in the second quarter. Schroder Investment Management Group now owns 6,666,657 shares of the auto parts company’s stock valued at $124,467,000 after buying an additional 4,144,300 shares during the period. Pictet Asset Management Ltd. acquired a new position in Gentex Corporation during the first quarter valued at about $33,360,000. Nomura Asset Management Co. Ltd. raised its position in Gentex Corporation by 115,526.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 1,503,150 shares of the auto parts company’s stock valued at $32,062,000 after buying an additional 1,501,850 shares during the period. Finally, Provident Investment Management Inc. acquired a new position in Gentex Corporation during the first quarter valued at about $24,307,000. Hedge funds and other institutional investors own 81.46% of the company’s stock.
About Gentex Corporation
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.
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