Gentex (NASDAQ:GNTX) Downgraded by Freedom Capital to Hold

Gentex (NASDAQ:GNTX) was downgraded by investment analysts at Freedom Capital from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other research analysts also recently issued reports about the company. JPMorgan Chase & Co. boosted their price objective on Gentex from $27.00 to $28.00 and gave the company a “neutral” rating in a research note on Thursday, May 14th. Robert W. Baird raised their target price 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. B. Riley Financial reaffirmed a “buy” rating and set a $29.00 price target (up from $28.00) on shares of Gentex in a report on Monday, April 27th. Wall Street Zen lowered shares of Gentex from a “buy” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, UBS Group reissued a “neutral” rating and issued a $25.00 price objective (down from $26.00) on shares of Gentex in a research note on Thursday, July 9th. One investment analyst has rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat, Gentex has a consensus rating of “Hold” and an average price target of $27.00.

Gentex Stock Performance

NASDAQ GNTX opened at $23.64 on Wednesday. The business’s fifty day moving average is $24.55 and its 200 day moving average is $23.50. Gentex has a fifty-two week low of $20.48 and a fifty-two week high of $29.38. The company has a market capitalization of $5.03 billion, a PE ratio of 12.51 and a beta of 0.78.

Gentex (NASDAQ:GNTX) last issued its quarterly earnings results on Friday, July 24th. The auto parts company reported $0.58 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.08. Gentex had a return on equity of 16.78% and a net margin of 15.50%.The business had revenue of $651.30 million during the quarter, compared to analysts’ expectations of $669.65 million. During the same quarter in the prior year, the business posted $0.43 earnings per share. The business’s quarterly revenue was down 1.0% on a year-over-year basis. On average, sell-side analysts forecast that Gentex will post 1.99 EPS for the current year.

Insider Activity at Gentex

In other Gentex news, Director Brian C. Walker sold 5,939 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $22.98, for a total value of $136,478.22. Following the completion of the transaction, the director directly owned 24,205 shares in the company, valued at $556,230.90. This represents a 19.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Joseph B. Anderson, Jr. sold 5,939 shares of the stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $22.98, for a total transaction of $136,478.22. Additional details regarding this sale are available in the official SEC disclosure. 0.55% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Gentex

Hedge funds have recently modified their holdings of the stock. Anchor Investment Management LLC purchased a new position in Gentex during the first quarter valued at $26,000. AdvisorNet Financial Inc increased its holdings in Gentex by 2,299.0% in the 1st quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company’s stock valued at $52,000 after acquiring an additional 2,299 shares during the last quarter. Arax Advisory Partners purchased a new stake in Gentex in the 4th quarter worth $52,000. Employees Retirement System of Texas purchased a new stake in Gentex in the 4th quarter worth $56,000. Finally, Clearstead Advisors LLC lifted its stake in Gentex by 21.4% in the 4th quarter. Clearstead Advisors LLC now owns 2,479 shares of the auto parts company’s stock worth $58,000 after purchasing an additional 437 shares in the last quarter. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Gentex Company 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).