The Manufacturers Life Insurance Company Cuts Position in Gentex Co. (NASDAQ:GNTX)

The Manufacturers Life Insurance Company decreased its position in Gentex Co. (NASDAQ:GNTX) by 3.8% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 201,240 shares of the auto parts company’s stock after selling 7,979 shares during the quarter. The Manufacturers Life Insurance Company owned 0.09% of Gentex worth $5,975,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Quest Partners LLC bought a new stake in Gentex in the second quarter worth $31,000. Gladius Capital Management LP bought a new stake in shares of Gentex in the 2nd quarter worth about $34,000. EverSource Wealth Advisors LLC raised its position in shares of Gentex by 173.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,341 shares of the auto parts company’s stock valued at $42,000 after buying an additional 850 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. raised its position in shares of Gentex by 227.8% during the 3rd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 1,826 shares of the auto parts company’s stock valued at $54,000 after buying an additional 1,269 shares in the last quarter. Finally, HHM Wealth Advisors LLC bought a new position in shares of Gentex in the 2nd quarter valued at about $67,000. 86.76% of the stock is owned by hedge funds and other institutional investors.

Gentex Stock Down 1.1 %

GNTX stock opened at $29.75 on Friday. The firm has a market cap of $6.77 billion, a price-to-earnings ratio of 15.91, a PEG ratio of 1.06 and a beta of 0.91. Gentex Co. has a twelve month low of $28.30 and a twelve month high of $37.58. The business’s fifty day simple moving average is $30.01 and its two-hundred day simple moving average is $31.38.

Gentex Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 22nd. Investors of record on Wednesday, January 8th will be issued a dividend of $0.12 per share. The ex-dividend date of this dividend is Wednesday, January 8th. This represents a $0.48 dividend on an annualized basis and a yield of 1.61%. Gentex’s payout ratio is 25.67%.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on GNTX. Bank of America reduced their price objective on Gentex from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. The Goldman Sachs Group decreased their price target on Gentex from $33.00 to $31.00 and set a “neutral” rating on the stock in a report on Tuesday, October 1st. UBS Group began coverage on shares of Gentex in a research note on Wednesday, September 4th. They set a “neutral” rating and a $34.00 price objective for the company. Guggenheim cut their price objective on shares of Gentex from $35.00 to $34.00 and set a “buy” rating on the stock in a research report on Thursday, November 21st. Finally, Robert W. Baird raised their target price on shares of Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a report on Monday, October 28th. Six research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $35.13.

Gentex 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.