Gentex Co. (NASDAQ:GNTX) Sees Large Growth in Short Interest

Gentex Co. (NASDAQ:GNTX) was the target of a large 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. Currently, 2.6% of the company’s stock are sold short. Based on an average daily trading volume, of 1,600,000 shares, the days-to-cover ratio is presently 3.8 days.

Gentex Stock Down 1.8 %

Shares of GNTX stock traded down $0.54 during mid-day trading on Monday, hitting $29.61. 983,721 shares of the stock were exchanged, compared to its average volume of 1,463,562. Gentex has a 52-week low of $28.30 and a 52-week high of $37.58. The firm has a fifty 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 Dividend Announcement

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

Analysts Set New Price Targets

A number of research firms have weighed in on GNTX. The Goldman Sachs Group lowered their target price on Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Robert W. Baird upped 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. UBS Group assumed coverage on Gentex in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 target price on the stock. JPMorgan Chase & Co. lowered their price target on shares of Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Finally, BNP Paribas lowered shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price objective for the company. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $36.00.

Insider Transactions at Gentex

In other Gentex news, major shareholder Corp Gentex purchased 3,152,500 shares of the stock in a transaction dated Friday, August 23rd. The stock was purchased at an average price of $5.00 per share, with a total value of $15,762,500.00. Following the transaction, the insider now 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Gentex

Institutional investors and hedge funds have recently made changes to their positions in the business. EdgePoint Investment Group Inc. grew its stake in Gentex by 1.5% in the 3rd quarter. EdgePoint Investment Group Inc. now owns 7,699,919 shares of the auto parts company’s stock valued at $228,611,000 after acquiring an additional 111,500 shares during the period. Boston Partners increased its stake in shares of Gentex by 4.2% during the first quarter. Boston Partners now owns 5,706,411 shares of the auto parts company’s stock worth $206,095,000 after purchasing an additional 230,873 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Gentex by 5.6% during the 3rd quarter. Geode Capital Management LLC now owns 5,368,004 shares of the auto parts company’s stock worth $159,406,000 after purchasing an additional 285,802 shares during the last quarter. Disciplined Growth Investors Inc. MN lifted its stake in Gentex by 5.5% in the 3rd quarter. Disciplined Growth Investors Inc. MN now owns 4,493,914 shares of the auto parts company’s stock valued at $133,424,000 after buying an additional 234,083 shares in the last quarter. Finally, Burgundy Asset Management Ltd. lifted its stake in Gentex by 3.0% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 4,343,880 shares of the auto parts company’s stock valued at $146,432,000 after buying an additional 126,416 shares in the last quarter. 86.76% of the stock is currently 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.