Cumberland Partners Ltd Reduces Position in Gentex Co. (NASDAQ:GNTX)

Cumberland Partners Ltd cut its holdings in Gentex Co. (NASDAQ:GNTX - Free Report) by 64.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 64,820 shares of the auto parts company's stock after selling 116,795 shares during the period. Cumberland Partners Ltd's holdings in Gentex were worth $1,925,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. Phoenix Wealth Advisors boosted its holdings in shares of Gentex by 3.1% during the 2nd quarter. Phoenix Wealth Advisors now owns 10,196 shares of the auto parts company's stock valued at $344,000 after purchasing an additional 306 shares during the last quarter. Toronto Dominion Bank increased its holdings in shares of Gentex by 0.9% in the first quarter. Toronto Dominion Bank now owns 42,346 shares of the auto parts company's stock valued at $1,530,000 after purchasing an additional 370 shares during the period. United Services Automobile Association lifted its stake in Gentex by 2.5% in the 2nd quarter. United Services Automobile Association now owns 17,447 shares of the auto parts company's stock valued at $588,000 after buying an additional 427 shares in the last quarter. Harfst & Associates Inc. boosted its position in Gentex by 0.7% during the 2nd quarter. Harfst & Associates Inc. now owns 66,692 shares of the auto parts company's stock worth $2,248,000 after purchasing an additional 450 shares during the period. Finally, Blue Trust Inc. increased its stake in Gentex by 4.0% during the second quarter. Blue Trust Inc. now owns 12,434 shares of the auto parts company's stock valued at $449,000 after purchasing an additional 475 shares during the last quarter. Hedge funds and other institutional investors own 86.76% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the company. UBS Group began coverage on Gentex in a research report on Wednesday, September 4th. They issued a "neutral" rating and a $34.00 price target on the stock. The Goldman Sachs Group lowered their price objective on Gentex from $33.00 to $31.00 and set a "neutral" rating for the company in a research report on Tuesday, October 1st. B. Riley cut their target price on Gentex from $44.00 to $41.00 and set a "buy" rating for the company in a research note on Monday, July 29th. JPMorgan Chase & Co. decreased their price objective on Gentex from $36.00 to $35.00 and set a "neutral" rating for the company in a report on Monday, July 22nd. Finally, BNP Paribas lowered 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $36.00.

Gentex Trading Up 0.6 %

Shares of GNTX traded up $0.17 during midday trading on Tuesday, reaching $30.36. 1,657,792 shares of the company were exchanged, compared to its average volume of 1,469,716. Gentex Co. has a 1-year low of $28.30 and a 1-year high of $37.58. The stock has a 50-day moving average price of $29.88 and a 200-day moving average price of $31.89. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 16.14, a P/E/G ratio of 0.97 and a beta of 0.91.

Gentex Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 23rd. Stockholders of record on Wednesday, October 9th were issued a dividend of $0.12 per share. The ex-dividend date of this dividend was Wednesday, October 9th. This represents a $0.48 annualized dividend and a dividend yield of 1.58%. Gentex's payout ratio is 25.67%.

Insiders Place Their Bets

In other Gentex news, major shareholder Corp Gentex bought 3,152,500 shares of Gentex stock in a transaction dated Friday, August 23rd. The stock was bought at an average price of $5.00 per share, with a total value of $15,762,500.00. Following the completion of the transaction, the insider now owns 6,463,808 shares in the company, valued at $32,319,040. The trade was a 0.00 % increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.41% 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.