Amalgamated Bank grew its stake in shares of Gentex Co. (NASDAQ:GNTX) by 5.7% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 58,649 shares of the auto parts company’s stock after acquiring an additional 3,156 shares during the period. Amalgamated Bank’s holdings in Gentex were worth $1,229,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. DekaBank Deutsche Girozentrale purchased a new position in shares of Gentex during the 3rd quarter valued at $105,000. Ffcm LLC purchased a new position in shares of Gentex during the 3rd quarter valued at $174,000. Hikari Power Ltd purchased a new position in shares of Gentex during the 4th quarter valued at $203,000. Essex Financial Services Inc. purchased a new position in shares of Gentex during the 4th quarter valued at $205,000. Finally, Columbia Asset Management purchased a new position in shares of Gentex during the 3rd quarter valued at $208,000. Institutional investors and hedge funds own 84.11% of the company’s stock.
Shares of Gentex Co. (NASDAQ GNTX) opened at $23.36 on Tuesday. The stock has a market cap of $6,630.00, a price-to-earnings ratio of 15.17, a P/E/G ratio of 1.49 and a beta of 1.31. Gentex Co. has a fifty-two week low of $16.59 and a fifty-two week high of $24.07.
Gentex announced that its board has initiated a share buyback plan on Friday, March 9th that permits the company to buyback 20,000,000 shares. This buyback authorization permits the auto parts company to purchase shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 18th. Investors of record on Friday, April 6th will be issued a $0.11 dividend. The ex-dividend date is Thursday, April 5th. This is a boost from Gentex’s previous quarterly dividend of $0.10. This represents a $0.44 dividend on an annualized basis and a yield of 1.88%. Gentex’s dividend payout ratio is currently 25.97%.
In other Gentex news, insider Kevin C. Nash sold 7,874 shares of the company’s stock in a transaction dated Tuesday, January 30th. The shares were sold at an average price of $23.40, for a total transaction of $184,251.60. Following the completion of the sale, the insider now directly owns 34,062 shares in the company, valued at $797,050.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel Scott P. Ryan sold 7,220 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $23.66, for a total transaction of $170,825.20. Following the sale, the general counsel now owns 21,329 shares of the company’s stock, valued at $504,644.14. The disclosure for this sale can be found here. Insiders sold 28,154 shares of company stock valued at $659,737 over the last quarter. 2.50% of the stock is currently owned by corporate insiders.
Several research firms have recently commented on GNTX. B. Riley boosted their price target on shares of Gentex from $25.00 to $29.00 and gave the company a “buy” rating in a report on Monday, January 29th. ValuEngine upgraded shares of Gentex from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. Zacks Investment Research upgraded shares of Gentex from a “hold” rating to a “buy” rating and set a $24.00 price target on the stock in a report on Wednesday, January 10th. Robert W. Baird reiterated a “hold” rating and issued a $23.00 price objective on shares of Gentex in a report on Friday, January 26th. Finally, Craig Hallum upped their price objective on shares of Gentex from $18.00 to $23.00 and gave the stock a “hold” rating in a report on Monday, January 29th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $25.50.
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Gentex Corporation designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, dimmable aircraft windows for the aviation industry, and commercial smoke alarms and signaling devices for the fire protection industry. The Company’s business segment involves designing, developing, manufacturing and marketing interior and exterior automatic-dimming automotive rearview mirrors that utilize electrochromic technology to dim in proportion to the amount of headlight glare from trailing vehicle headlamps.
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