Pinnacle Associates Ltd. Buys 1,525 Shares of Gentex Co. (NASDAQ:GNTX)

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

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. State of Alaska Department of Revenue grew its holdings in shares of Gentex by 1.4% during the 3rd quarter. State of Alaska Department of Revenue now owns 104,287 shares of the auto parts company’s stock worth $3,096,000 after acquiring an additional 1,440 shares during the period. Outlook Wealth Advisors LLC increased its holdings in shares of Gentex by 12.6% in the 3rd quarter. Outlook Wealth Advisors LLC now owns 10,309 shares of the auto parts company’s stock worth $306,000 after purchasing an additional 1,157 shares in the last quarter. BayBridge Capital Group LLC boosted its stake in shares of Gentex by 11.8% in the 3rd quarter. BayBridge Capital Group LLC now owns 13,833 shares of the auto parts company’s stock worth $411,000 after buying an additional 1,456 shares during the last quarter. Assenagon Asset Management S.A. boosted its stake in shares of Gentex by 24.9% in the 3rd quarter. Assenagon Asset Management S.A. now owns 76,016 shares of the auto parts company’s stock worth $2,257,000 after buying an additional 15,145 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in shares of Gentex by 4.3% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 58,442 shares of the auto parts company’s stock worth $1,735,000 after buying an additional 2,388 shares during the last quarter. Institutional investors own 86.76% of the company’s stock.

Gentex Stock Up 0.7 %

Gentex stock opened at $30.53 on Friday. The business has a fifty day moving average of $29.97 and a two-hundred day moving average of $32.08. The firm has a market cap 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 twelve month low of $28.30 and a twelve month high of $37.58.

Gentex Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Shareholders 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 yield of 1.57%. Gentex’s dividend payout ratio is currently 25.67%.

Insider Transactions at Gentex

In other news, major shareholder Corp Gentex bought 3,152,500 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The shares were purchased at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the transaction, the insider now directly owns 6,463,808 shares in the company, valued at approximately $32,319,040. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on GNTX. JPMorgan Chase & Co. lowered their target price on Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. UBS Group began coverage on Gentex in a report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 target price on the stock. Robert W. Baird boosted their price objective on Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. The Goldman Sachs Group reduced their price objective on Gentex from $33.00 to $31.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 1st. Finally, BNP Paribas lowered Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 target price for the company. in a research report on Tuesday, July 30th. Six equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Gentex has a consensus rating of “Hold” and an average price target 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.