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

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

Gentex Stock Down 1.8 %

Shares of NASDAQ GNTX traded down $0.54 during mid-day trading on Monday, reaching $29.61. 983,721 shares of the company were exchanged, compared to its average volume of 1,463,562. The company’s 50-day simple moving average is $29.87 and its 200-day simple moving average is $31.78. The stock has a market capitalization of $6.73 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.97 and a beta of 0.91. Gentex has a twelve month low of $28.30 and a twelve month high of $37.58.

Gentex Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors 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 annualized dividend and a yield of 1.62%. Gentex’s dividend payout ratio (DPR) is presently 25.67%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on GNTX shares. Robert W. Baird boosted their price target on Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a research report on Monday, October 28th. UBS Group assumed 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. The Goldman Sachs Group lowered 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. Bank of America cut their price target on shares of Gentex from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Monday, October 14th. Finally, JPMorgan Chase & Co. lowered their target price on Gentex from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Gentex has an average rating of “Hold” and a consensus price target of $36.00.

Insiders Place Their Bets

In other news, major shareholder Corp Gentex purchased 3,152,500 shares of Gentex stock in a transaction that occurred on Friday, August 23rd. The stock was acquired at an average price of $5.00 per share, for a total transaction of $15,762,500.00. Following the transaction, the insider now owns 6,463,808 shares in the company, valued at $32,319,040. The trade was a 95.20 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Gentex

A number of hedge funds and other institutional investors have recently modified their holdings of GNTX. Scharf Investments LLC raised its position in shares of Gentex by 36,001.4% in the second quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock valued at $76,803,000 after buying an additional 2,272,046 shares in the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Gentex by 32.6% during the 1st quarter. Epoch Investment Partners Inc. now owns 2,963,250 shares of the auto parts company’s stock worth $107,033,000 after purchasing an additional 727,913 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Gentex by 14.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,989,248 shares of the auto parts company’s stock worth $134,475,000 after purchasing an additional 489,689 shares during the period. Allspring Global Investments Holdings LLC raised its stake in Gentex by 344.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 589,916 shares of the auto parts company’s stock valued at $19,886,000 after purchasing an additional 457,054 shares in the last quarter. Finally, Bridgewater Associates LP lifted its position in Gentex by 249.1% during the third quarter. Bridgewater Associates LP now owns 617,657 shares of the auto parts company’s stock worth $18,338,000 after purchasing an additional 440,725 shares during the period. Institutional investors and hedge funds own 86.76% of the company’s stock.

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.