Guggenheim Issues Pessimistic Forecast for Gentex (NASDAQ:GNTX) Stock Price

Gentex (NASDAQ:GNTX) had its price target cut by equities researchers at Guggenheim from $35.00 to $34.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the auto parts company’s stock. Guggenheim’s price objective would suggest a potential upside of 15.02% from the company’s previous close.

Other research analysts have also issued reports about the company. B. Riley cut their target price on Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research note on Monday, July 29th. The Goldman Sachs Group cut their price objective on shares of Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a research report on Tuesday, October 1st. BNP Paribas lowered shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price target on the stock. in a research report on Tuesday, July 30th. UBS Group assumed coverage on Gentex in a report on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price target on the stock. Finally, Robert W. Baird lifted their target price on Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $35.13.

Gentex Stock Performance

Shares of NASDAQ:GNTX traded up $0.06 during trading on Thursday, hitting $29.56. The company’s stock had a trading volume of 271,358 shares, compared to its average volume of 1,455,234. The company has a market capitalization of $6.72 billion, a PE ratio of 15.78, a PEG ratio of 0.94 and a beta of 0.91. Gentex has a fifty-two week low of $28.30 and a fifty-two week high of $37.58. The stock’s 50-day moving average price is $29.87 and its two-hundred day moving average price is $31.70.

Insider Activity at Gentex

In other news, major shareholder Corp Gentex acquired 3,152,500 shares of Gentex stock in a transaction dated Friday, August 23rd. The shares were acquired at an average cost of $5.00 per share, for a total transaction of $15,762,500.00. Following the acquisition, the insider now owns 6,463,808 shares of the company’s stock, valued at $32,319,040. This trade represents a 95.20 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.41% of the company’s stock.

Institutional Investors Weigh In On Gentex

Several hedge funds and other institutional investors have recently bought and sold shares of GNTX. Cetera Investment Advisers boosted its holdings in Gentex by 91.0% during the first quarter. Cetera Investment Advisers now owns 127,876 shares of the auto parts company’s stock worth $4,619,000 after buying an additional 60,934 shares in the last quarter. Disciplined Growth Investors Inc. MN increased its position in Gentex by 1.0% during the second quarter. Disciplined Growth Investors Inc. MN now owns 4,259,831 shares of the auto parts company’s stock worth $143,599,000 after purchasing an additional 43,457 shares during the last quarter. Ensign Peak Advisors Inc grew its stake in Gentex by 56.4% during the second quarter. Ensign Peak Advisors Inc now owns 109,451 shares of the auto parts company’s stock worth $3,690,000 after buying an additional 39,470 shares during the period. Intech Investment Management LLC purchased a new position in shares of Gentex in the second quarter valued at $1,037,000. Finally, Comerica Bank boosted its stake in shares of Gentex by 96.4% in the first quarter. Comerica Bank now owns 247,013 shares of the auto parts company’s stock valued at $8,922,000 after purchasing an additional 121,269 shares during the period. 86.76% of the stock is currently owned by institutional investors and hedge funds.

Gentex Company Profile

Gentex Corporation designs, develops, manufactures, markets, and supplies digital vision, connected car, dimmable glass, and fire protection products in the United States, Germany, Japan, Mexico, Republic of Korea, and internationally. It operates through Automotive Products and Other segments. The company offers automotive products, including interior and exterior electrochromic automatic-dimming rearview mirrors, automotive electronics, and non-automatic-dimming rearview mirrors for automotive passenger cars, light trucks, pick-up trucks, sport utility vehicles, and vans for original equipment manufacturers, automotive suppliers, and various aftermarket and accessory customers.