Insider Buying: Gentex Co. (NASDAQ:GNTX) Major Shareholder Acquires 3,152,500 Shares of Stock

Gentex Co. (NASDAQ:GNTX) major shareholder Corp Gentex purchased 3,152,500 shares of Gentex stock in a transaction dated Friday, August 23rd. The shares were purchased at an average cost 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 approximately $32,319,040. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Gentex Stock Down 1.2 %

NASDAQ:GNTX opened at $30.90 on Wednesday. The company has a fifty day simple moving average of $32.01 and a two-hundred day simple moving average of $34.05. The company has a market cap of $7.14 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 0.91 and a beta of 0.93. Gentex Co. has a 52 week low of $27.86 and a 52 week high of $37.58.

Gentex (NASDAQ:GNTX) last posted its quarterly earnings results on Friday, July 26th. The auto parts company reported $0.37 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.15). The business had revenue of $572.93 million during the quarter, compared to analyst estimates of $623.28 million. Gentex had a return on equity of 17.78% and a net margin of 17.87%. On average, analysts expect that Gentex Co. will post 2.02 EPS for the current year.

Hedge Funds Weigh In On Gentex

Institutional investors and hedge funds have recently modified their holdings of the company. PNC Financial Services Group Inc. grew its stake in shares of Gentex by 129.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 111,827 shares of the auto parts company’s stock worth $3,652,000 after purchasing an additional 63,152 shares in the last quarter. TD Asset Management Inc grew its stake in shares of Gentex by 58.1% during the fourth quarter. TD Asset Management Inc now owns 3,313,757 shares of the auto parts company’s stock worth $108,227,000 after purchasing an additional 1,217,278 shares in the last quarter. Thematics Asset Management grew its stake in shares of Gentex by 51.2% during the fourth quarter. Thematics Asset Management now owns 523,207 shares of the auto parts company’s stock worth $17,088,000 after purchasing an additional 177,207 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Gentex by 0.7% during the fourth quarter. Vanguard Group Inc. now owns 22,280,716 shares of the auto parts company’s stock worth $727,688,000 after purchasing an additional 163,373 shares in the last quarter. Finally, Cetera Investment Advisers grew its stake in shares of Gentex by 91.0% during the first quarter. Cetera Investment Advisers now owns 127,876 shares of the auto parts company’s stock worth $4,619,000 after purchasing an additional 60,934 shares in the last quarter. Institutional investors and hedge funds own 86.76% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on GNTX shares. B. Riley reduced their price target on shares of Gentex from $44.00 to $41.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. JPMorgan Chase & Co. reduced their price target on shares of Gentex from $36.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, July 22nd. StockNews.com downgraded shares of Gentex from a “buy” rating to a “hold” rating in a report on Thursday, July 4th. BNP Paribas downgraded shares of Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 target price for the company. in a report on Tuesday, July 30th. Finally, Robert W. Baird dropped their target price on shares of Gentex from $40.00 to $38.00 and set an “outperform” rating for the company in a report on Monday, July 29th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Gentex presently has a consensus rating of “Hold” and a consensus target price of $37.33.

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.