Pinnacle Associates Ltd. Boosts Stake in Gentex Co. (NASDAQ:GNTX)

Pinnacle Associates Ltd. lifted its position in shares of Gentex Co. (NASDAQ:GNTX) by 2.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 72,585 shares of the auto parts company’s stock after acquiring an additional 1,525 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Gentex were worth $2,371,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Phoenix Wealth Advisors boosted its stake in shares of Gentex by 3.1% during the 2nd quarter. Phoenix Wealth Advisors now owns 10,196 shares of the auto parts company’s stock worth $344,000 after acquiring an additional 306 shares in the last quarter. Toronto Dominion Bank lifted its stake in Gentex by 0.9% in the 1st quarter. Toronto Dominion Bank now owns 42,346 shares of the auto parts company’s stock valued at $1,530,000 after buying an additional 370 shares in the last quarter. United Services Automobile Association lifted its stake in Gentex by 2.5% in the 2nd quarter. United Services Automobile Association now owns 17,447 shares of the auto parts company’s stock valued at $588,000 after buying an additional 427 shares in the last quarter. Harfst & Associates Inc. lifted its stake in Gentex by 0.7% in the 2nd quarter. Harfst & Associates Inc. now owns 66,692 shares of the auto parts company’s stock valued at $2,248,000 after buying an additional 450 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Gentex by 4.0% in the 2nd quarter. Blue Trust Inc. now owns 12,434 shares of the auto parts company’s stock valued at $449,000 after buying an additional 475 shares in the last quarter. 86.76% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

GNTX has been the topic of a number of research reports. UBS Group initiated coverage on shares of Gentex in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 price target on the stock. 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 note on Tuesday, July 30th. Bank of America cut their price objective on shares of Gentex from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, October 14th. 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 report on Tuesday, October 1st. Finally, Robert W. Baird increased their price objective on shares of Gentex from $35.00 to $37.00 and gave the company an “outperform” rating in a report on Monday, October 28th. Six equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $36.00.

Gentex Price Performance

Shares of NASDAQ GNTX opened at $30.53 on Friday. The company has a 50 day simple moving average of $29.97 and a 200-day simple moving average of $32.08. The company has a market capitalization of $7.03 billion, a P/E ratio of 16.33, a P/E/G ratio of 1.01 and a beta of 0.92. Gentex Co. has a 1 year low of $28.30 and a 1 year high of $37.58.

Gentex Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were issued a dividend of $0.12 per share. The ex-dividend date was Wednesday, October 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.57%. Gentex’s dividend payout ratio is currently 25.67%.

Insider Transactions at Gentex

In other news, major shareholder Corp Gentex purchased 3,152,500 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was acquired at an average price of $5.00 per share, for a total transaction of $15,762,500.00. Following the acquisition, the insider now directly owns 6,463,808 shares of the company’s stock, valued at approximately $32,319,040. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.41% of the company’s stock.

About Gentex

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.