iA Global Asset Management Inc. Buys 15,581 Shares of Gentex Co. (NASDAQ:GNTX)

iA Global Asset Management Inc. boosted its stake in Gentex Co. (NASDAQ:GNTX) by 84.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 34,081 shares of the auto parts company’s stock after purchasing an additional 15,581 shares during the quarter. iA Global Asset Management Inc.’s holdings in Gentex were worth $1,149,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in GNTX. GAMMA Investing LLC bought a new stake in shares of Gentex in the 4th quarter valued at about $46,000. Russell Investments Group Ltd. lifted its holdings in Gentex by 37.0% during the fourth quarter. Russell Investments Group Ltd. now owns 92,897 shares of the auto parts company’s stock worth $3,034,000 after acquiring an additional 25,067 shares in the last quarter. Van ECK Associates Corp grew its stake in Gentex by 20.2% in the fourth quarter. Van ECK Associates Corp now owns 162,104 shares of the auto parts company’s stock valued at $5,294,000 after acquiring an additional 27,244 shares during the period. Kestra Private Wealth Services LLC increased its holdings in shares of Gentex by 8.5% in the fourth quarter. Kestra Private Wealth Services LLC now owns 11,585 shares of the auto parts company’s stock worth $378,000 after acquiring an additional 907 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Gentex by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 50,193 shares of the auto parts company’s stock worth $1,639,000 after purchasing an additional 7,649 shares during the period. Institutional investors and hedge funds own 86.76% of the company’s stock.

Insiders Place Their Bets

In other Gentex news, major shareholder Corp Gentex acquired 3,152,500 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was bought at an average cost of $5.00 per share, with a total value of $15,762,500.00. Following the completion of the transaction, the insider now directly owns 6,463,808 shares in the company, valued at approximately $32,319,040. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Gentex Stock Performance

Shares of NASDAQ GNTX opened at $31.33 on Friday. The stock has a 50 day moving average price of $31.85 and a 200 day moving average price of $33.97. The stock has a market capitalization of $7.24 billion, a PE ratio of 16.58, 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 released its quarterly earnings data 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). Gentex had a net margin of 17.87% and a return on equity of 17.78%. The company had revenue of $572.93 million during the quarter, compared to analyst estimates of $623.28 million. As a group, research analysts forecast that Gentex Co. will post 2.02 EPS for the current year.

Gentex Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th will be issued a $0.12 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.53%. Gentex’s payout ratio is 25.40%.

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.