Cornercap Investment Counsel Inc. Has $494,000 Stake in Gentex Co. (NASDAQ:GNTX)

Cornercap Investment Counsel Inc. trimmed its holdings in shares of Gentex Co. (NASDAQ:GNTX) by 52.7% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 16,623 shares of the auto parts company’s stock after selling 18,532 shares during the period. Cornercap Investment Counsel Inc.’s holdings in Gentex were worth $494,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Quest Partners LLC acquired a new position in Gentex during the second quarter worth $31,000. Gladius Capital Management LP acquired a new stake in shares of Gentex in the second quarter valued at about $34,000. EverSource Wealth Advisors LLC grew its position in shares of Gentex by 173.1% in the second quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the auto parts company’s stock valued at $42,000 after purchasing an additional 850 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in shares of Gentex by 227.8% in the third quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,826 shares of the auto parts company’s stock valued at $54,000 after purchasing an additional 1,269 shares during the last quarter. Finally, HHM Wealth Advisors LLC acquired a new stake in shares of Gentex in the second quarter valued at about $67,000. 86.76% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

GNTX has been the topic of several research analyst reports. BNP Paribas downgraded Gentex from an “outperform” rating to a “neutral” rating and set a $34.00 price target on the stock. in a research report on Tuesday, July 30th. B. Riley reduced their target price 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. The Goldman Sachs Group reduced their target price on shares of Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a research note on Tuesday, October 1st. UBS Group started coverage on shares of Gentex in a research note on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 target price for the company. Finally, JPMorgan Chase & Co. cut their price target on shares of Gentex from $36.00 to $35.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Six investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $36.00.

Insider Activity at Gentex

In other Gentex news, major shareholder Corp Gentex bought 3,152,500 shares of the stock in a transaction on 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 acquisition, the insider now owns 6,463,808 shares of the company’s stock, valued at approximately $32,319,040. The trade was a 95.20 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.41% of the stock is currently owned by company insiders.

Gentex Price Performance

Shares of Gentex stock opened at $30.15 on Friday. The firm has a market cap of $6.86 billion, a P/E ratio of 16.12, a P/E/G ratio of 0.98 and a beta of 0.91. The firm has a 50 day simple moving average of $29.87 and a 200 day simple moving average of $31.79. Gentex Co. has a fifty-two week low of $28.30 and a fifty-two week high of $37.58.

Gentex Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 23rd. Investors of record on Wednesday, October 9th were issued a $0.12 dividend. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend was Wednesday, October 9th. Gentex’s dividend payout ratio is currently 25.67%.

About Gentex

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.