XXEC Inc. Takes Position in Gentex Corporation $GNTX

XXEC Inc. purchased a new stake in shares of Gentex Corporation (NASDAQ:GNTX) in the second quarter, Holdings Channel reports. The firm purchased 2,107,299 shares of the auto parts company’s stock, valued at approximately $51,261,000. Gentex comprises about 0.1% of XXEC Inc.’s portfolio, making the stock its 8th largest position.

Other hedge funds have also bought and sold shares of the company. Anchor Investment Management LLC bought a new position in Gentex in the 1st quarter valued at $26,000. CIBC Private Wealth Group LLC raised its stake in shares of Gentex by 2,420.7% during the 3rd quarter. CIBC Private Wealth Group LLC now owns 2,067 shares of the auto parts company’s stock worth $58,000 after purchasing an additional 1,985 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Gentex in the 2nd quarter worth about $54,000. Arax Advisory Partners bought a new position in Gentex during the fourth quarter valued at about $52,000. Finally, AdvisorNet Financial Inc grew its position in Gentex by 2,299.0% during the first quarter. AdvisorNet Financial Inc now owns 2,399 shares of the auto parts company’s stock valued at $52,000 after buying an additional 2,299 shares during the period. 86.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

GNTX has been the topic of several research reports. Freedom Capital lowered shares of Gentex from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 29th. Wall Street Zen cut Gentex from a “buy” rating to a “hold” rating in a report on Sunday, July 12th. UBS Group reaffirmed a “neutral” rating and set a $25.00 target price (down from $26.00) on shares of Gentex in a report on Thursday, July 9th. Weiss Ratings upgraded shares of Gentex from a “hold (c-)” rating to a “hold (c)” rating in a research report on Tuesday, June 23rd. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Gentex from $28.00 to $27.00 and set a “neutral” rating for the company in a research note on Monday, August 10th. One research analyst has rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $26.80.

Gentex Stock Performance

NASDAQ:GNTX opened at $23.06 on Friday. Gentex Corporation has a 52-week low of $20.48 and a 52-week high of $29.38. The stock has a fifty day moving average of $24.10 and a 200 day moving average of $23.48. The firm has a market capitalization of $4.91 billion, a price-to-earnings ratio of 12.20 and a beta of 0.79.

Gentex (NASDAQ:GNTX) last announced its earnings results on Friday, July 24th. The auto parts company reported $0.58 earnings per share 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 for the quarter, compared to analyst estimates of $669.65 million. During the same period in the prior year, the company earned $0.43 EPS. The company’s quarterly revenue was down 1.0% compared to the same quarter last year. Equities analysts forecast that Gentex Corporation will post 2.04 earnings per share for the current fiscal year.

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).