CIBC Asset Management Inc grew its holdings in Gentex Co. (NASDAQ:GNTX) by 10.9% in the first quarter, Holdings Channel reports. The institutional investor owned 13,975 shares of the auto parts company’s stock after buying an additional 1,374 shares during the quarter. CIBC Asset Management Inc’s holdings in Gentex were worth $289,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Bremer Trust National Association purchased a new stake in shares of Gentex in the fourth quarter valued at about $25,000. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Gentex in the fourth quarter valued at about $27,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Gentex in the first quarter valued at about $27,000. Lindbrook Capital LLC purchased a new stake in shares of Gentex in the fourth quarter valued at about $32,000. Finally, Dubuque Bank & Trust Co. purchased a new stake in shares of Gentex in the first quarter valued at about $33,000. Institutional investors and hedge funds own 83.58% of the company’s stock.
Shares of GNTX stock opened at $21.97 on Friday. The stock has a market cap of $5.62 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 2.27 and a beta of 1.14. Gentex Co. has a 1-year low of $17.80 and a 1-year high of $25.41.
A number of equities research analysts recently issued reports on the stock. Zacks Investment Research lowered shares of Gentex from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Wells Fargo & Co reissued a “buy” rating on shares of Gentex in a report on Wednesday, January 30th. BidaskClub raised shares of Gentex from a “hold” rating to a “buy” rating in a report on Tuesday, April 23rd. BMO Capital Markets lowered their target price on shares of Gentex from $26.00 to $25.00 and set an “outperform” rating for the company in a research note on Tuesday, April 2nd. Finally, Jefferies Financial Group reaffirmed a “hold” rating and set a $23.00 target price on shares of Gentex in a research note on Monday, February 4th. Seven research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $22.28.
In other Gentex news, VP Matthew Chiodo sold 3,000 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $20.82, for a total transaction of $62,460.00. Following the sale, the vice president now owns 34,454 shares of the company’s stock, valued at $717,332.28. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Gary F. Goode sold 5,045 shares of the firm’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $23.20, for a total transaction of $117,044.00. Following the sale, the director now directly owns 21,045 shares in the company, valued at approximately $488,244. The disclosure for this sale can be found here. In the last three months, insiders have bought 2,009 shares of company stock worth $35,318 and have sold 10,731 shares worth $235,427. 0.37% of the stock is currently owned by corporate insiders.
Gentex Corporation provides digital vision, connected car, dimmable glass, and fire protection products worldwide. It designs, develops, manufactures, and markets 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, tier one automotive mirror manufacturers, and various aftermarket and accessory customers.
Further Reading: Buy-Side Analysts
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