Cornercap Investment Counsel Inc. Lowers Stock Holdings in Gentex Co. (NASDAQ:GNTX)

Cornercap Investment Counsel Inc. reduced its holdings in Gentex Co. (NASDAQ:GNTX) by 52.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,623 shares of the auto parts company’s stock after selling 18,532 shares during the quarter. Cornercap Investment Counsel Inc.’s holdings in Gentex were worth $494,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Quest Partners LLC acquired a new stake in shares of Gentex in the 2nd quarter valued at approximately $31,000. Gladius Capital Management LP acquired a new position in Gentex during the second quarter worth $34,000. EverSource Wealth Advisors LLC increased its position in Gentex by 173.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the auto parts company’s stock worth $42,000 after buying an additional 850 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in Gentex by 227.8% during the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,826 shares of the auto parts company’s stock worth $54,000 after buying an additional 1,269 shares in the last quarter. Finally, HHM Wealth Advisors LLC purchased a new position in Gentex during the second quarter worth $67,000. 86.76% of the stock is owned by institutional investors and hedge funds.

Insider Activity

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

Gentex Trading Down 0.8 %

NASDAQ:GNTX opened at $30.15 on Friday. Gentex Co. has a 52 week low of $28.30 and a 52 week high of $37.58. The firm has a market capitalization of $6.86 billion, a PE ratio of 16.12, a price-to-earnings-growth ratio of 0.98 and a beta of 0.91. The stock has a 50 day moving average of $29.87 and a 200-day moving average of $31.79.

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders of record on Wednesday, October 9th were paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a yield of 1.59%. The ex-dividend date was Wednesday, October 9th. Gentex’s payout ratio is currently 25.67%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GNTX. B. Riley dropped their price target on Gentex from $44.00 to $41.00 and set a “buy” rating for the company in a research report on Monday, July 29th. UBS Group started coverage on Gentex in a research report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 price objective for the company. Bank of America lowered their price target on Gentex from $39.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, October 14th. JPMorgan Chase & Co. lowered their price target on Gentex from $36.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Finally, Robert W. Baird boosted their price target on Gentex from $35.00 to $37.00 and gave the company an “outperform” rating in a research report on Monday, October 28th. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $36.00.

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.