Gentex Co. (NASDAQ:GNTX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

According to Zacks, “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. It’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. Within this business segment, the Company also designs, develops and manufactures various electronics that are features to the interior and exterior automotive rearview mirrors, as well as interior visors, overhead consoles, and other locations in the vehicle. The Company ships its products to all of the automotive producing regions across the world, which it supports with various sales, engineering and distribution locations across the world. Gentex is headquartered in Zeeland, MI. “

GNTX has been the topic of several other research reports. KeyCorp reissued a “buy” rating and issued a $25.00 price objective on shares of Gentex in a research report on Sunday, October 15th. Robert W. Baird raised Gentex from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $17.36 to $22.00 in a research report on Thursday, August 24th. BidaskClub cut Gentex from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 27th. FBR & Co reissued an “outperform” rating and issued a $25.00 price objective on shares of Gentex in a research report on Monday, July 24th. Finally, Craig Hallum cut Gentex from a “buy” rating to a “hold” rating and set a $18.00 price objective on the stock. in a research report on Monday, July 24th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $22.06.

Shares of Gentex (NASDAQ GNTX) traded down 2.43% during midday trading on Monday, reaching $18.91. The company’s stock had a trading volume of 2,714,354 shares. The stock has a market cap of $5.40 billion, a PE ratio of 15.01 and a beta of 1.18. The firm has a 50-day moving average of $19.58 and a 200-day moving average of $18.94. Gentex has a one year low of $16.06 and a one year high of $22.12.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings data on Friday, October 20th. The auto parts company reported $0.31 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.31. Gentex had a return on equity of 17.96% and a net margin of 20.57%. The business had revenue of $438.63 million for the quarter, compared to analysts’ expectations of $452.42 million. During the same quarter in the previous year, the firm earned $0.32 earnings per share. The business’s revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Gentex will post $1.28 EPS for the current year.

Gentex declared that its Board of Directors has approved a share repurchase plan on Wednesday, August 23rd that permits the company to buyback 15,000,000 outstanding shares. This buyback authorization permits the auto parts company to reacquire shares of its stock through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its shares are undervalued.

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In other news, Chairman Fred Bauer sold 239,400 shares of the company’s stock in a transaction on Monday, August 7th. The stock was sold at an average price of $17.33, for a total transaction of $4,148,802.00. Following the transaction, the chairman now owns 5,771,128 shares of the company’s stock, valued at approximately $100,013,648.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Kevin C. Nash sold 4,320 shares of the company’s stock in a transaction on Wednesday, September 27th. The shares were sold at an average price of $19.70, for a total value of $85,104.00. Following the transaction, the insider now directly owns 30,732 shares in the company, valued at approximately $605,420.40. The disclosure for this sale can be found here. Insiders have sold a total of 251,720 shares of company stock worth $4,391,506 in the last ninety days. Insiders own 2.50% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its position in shares of Gentex by 7.5% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 5,293 shares of the auto parts company’s stock valued at $100,000 after buying an additional 368 shares during the last quarter. LVM Capital Management Ltd. MI purchased a new position in shares of Gentex during the 2nd quarter valued at $194,000. Sheaff Brock Investment Advisors LLC purchased a new position in shares of Gentex during the 2nd quarter valued at $194,000. Verition Fund Management LLC purchased a new position in shares of Gentex during the 2nd quarter valued at $195,000. Finally, HL Financial Services LLC purchased a new position in shares of Gentex during the 2nd quarter valued at $202,000. 80.78% of the stock is currently owned by hedge funds and other institutional investors.

About Gentex

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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Analyst Recommendations for Gentex (NASDAQ:GNTX)

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