American International Group Inc. grew its stake in shares of Gentex Co. (NASDAQ:GNTX) by 0.4% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 648,041 shares of the auto parts company’s stock after buying an additional 2,470 shares during the period. American International Group Inc. owned 0.23% of Gentex worth $13,576,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in the business. Macquarie Group Ltd. acquired a new stake in shares of Gentex during the second quarter worth $1,097,000. Verition Fund Management LLC acquired a new stake in shares of Gentex during the second quarter worth $195,000. First Trust Advisors LP boosted its holdings in shares of Gentex by 34.6% during the third quarter. First Trust Advisors LP now owns 459,767 shares of the auto parts company’s stock worth $9,103,000 after purchasing an additional 118,291 shares during the last quarter. Cardinal Capital Management boosted its holdings in shares of Gentex by 12.4% during the third quarter. Cardinal Capital Management now owns 29,466 shares of the auto parts company’s stock worth $583,000 after purchasing an additional 3,257 shares during the last quarter. Finally, Parsec Financial Management Inc. acquired a new stake in shares of Gentex during the third quarter worth $678,000. 80.85% of the stock is owned by institutional investors.
Gentex Co. (NASDAQ:GNTX) opened at $23.21 on Friday. Gentex Co. has a fifty-two week low of $16.59 and a fifty-two week high of $24.07. The firm has a market capitalization of $6,590.00, a price-to-earnings ratio of 15.07, a P/E/G ratio of 1.47 and a beta of 1.32.
In related news, General Counsel Scott P. Ryan sold 7,220 shares of Gentex stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $23.66, for a total value of $170,825.20. Following the transaction, the general counsel now owns 21,329 shares in the company, valued at $504,644.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Kevin C. Nash sold 7,874 shares of Gentex stock in a transaction on Tuesday, January 30th. The shares were sold at an average price of $23.40, for a total value of $184,251.60. Following the completion of the transaction, the insider now owns 34,062 shares in the company, valued at approximately $797,050.80. The disclosure for this sale can be found here. Insiders sold 27,094 shares of company stock worth $635,877 in the last quarter. 2.50% of the stock is owned by insiders.
Several research firms have recently issued reports on GNTX. Zacks Investment Research upgraded Gentex from a “hold” rating to a “buy” rating and set a $24.00 price objective on the stock in a report on Wednesday, January 10th. BMO Capital Markets raised their price objective on Gentex to $28.00 and gave the stock an “outperform” rating in a report on Monday, January 29th. Craig Hallum raised their price objective on Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Monday, January 29th. B. Riley restated a “buy” rating and set a $29.00 price objective (up previously from $25.00) on shares of Gentex in a report on Wednesday, January 24th. Finally, Longbow Research began coverage on Gentex in a report on Friday, January 5th. They set a “buy” rating and a $25.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $25.50.
Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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