Short Interest in Gentex Co. (NASDAQ:GNTX) Increases By 11.9%

Gentex Co. (NASDAQ:GNTX) saw a significant growth in short interest in October. As of October 31st, there was short interest totalling 6,000,000 shares, a growth of 11.9% from the October 15th total of 5,360,000 shares. Approximately 2.6% of the shares of the company are sold short. Based on an average daily trading volume, of 1,600,000 shares, the days-to-cover ratio is currently 3.8 days.

Gentex Stock Performance

Shares of Gentex stock traded down $0.54 during midday trading on Monday, reaching $29.61. 983,721 shares of the company’s stock traded hands, compared to its average volume of 1,463,562. The stock has a 50 day moving average of $29.87 and a 200-day moving average of $31.75. The company has a market cap of $6.73 billion, a PE ratio of 15.83, a price-to-earnings-growth ratio of 0.97 and a beta of 0.91. Gentex has a 12 month low of $28.30 and a 12 month high of $37.58.

Gentex Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were paid a $0.12 dividend. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.62%. Gentex’s dividend payout ratio is currently 25.67%.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. B. Riley decreased their target price on Gentex from $44.00 to $41.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Bank of America decreased their target price on Gentex from $39.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, October 14th. The Goldman Sachs Group reduced their price target on Gentex from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. Robert W. Baird boosted their price target on Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Finally, BNP Paribas lowered Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price objective on the stock. in a research note 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $36.00.

Insider Transactions at Gentex

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

Institutional Investors Weigh In On Gentex

Institutional investors have recently modified their holdings of the business. Quest Partners LLC purchased a new stake in shares of Gentex during the 2nd quarter valued at about $31,000. Gladius Capital Management LP bought a new position in shares of Gentex during the 2nd quarter valued at approximately $34,000. EverSource Wealth Advisors LLC raised its holdings in Gentex by 173.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the auto parts company’s stock valued at $42,000 after buying an additional 850 shares during the period. Thurston Springer Miller Herd & Titak Inc. raised its holdings in Gentex by 227.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,826 shares of the auto parts company’s stock valued at $54,000 after buying an additional 1,269 shares during the period. Finally, HHM Wealth Advisors LLC purchased a new stake in Gentex in the second quarter worth $67,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Company Profile

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.