Citigroup Inc. Boosts Stock Position in Gentex Co. (NASDAQ:GNTX)

Citigroup Inc. raised its position in shares of Gentex Co. (NASDAQ:GNTX) by 327.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 483,842 shares of the auto parts company’s stock after purchasing an additional 370,746 shares during the quarter. Citigroup Inc.’s holdings in Gentex were worth $14,365,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in GNTX. Scharf Investments LLC grew its stake in Gentex by 36,001.4% during the 2nd quarter. Scharf Investments LLC now owns 2,278,357 shares of the auto parts company’s stock valued at $76,803,000 after purchasing an additional 2,272,046 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Gentex by 14.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,989,248 shares of the auto parts company’s stock worth $134,475,000 after buying an additional 489,689 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of Gentex by 344.0% in the second quarter. Allspring Global Investments Holdings LLC now owns 589,916 shares of the auto parts company’s stock worth $19,886,000 after buying an additional 457,054 shares during the last quarter. Rice Hall James & Associates LLC purchased a new stake in shares of Gentex in the third quarter worth about $8,470,000. Finally, Jupiter Asset Management Ltd. purchased a new stake in shares of Gentex in the second quarter worth about $9,603,000. Hedge funds and other institutional investors own 86.76% of the company’s stock.

Wall Street Analysts Forecast Growth

GNTX has been the topic of a number of recent research reports. Guggenheim lowered their target price on Gentex from $35.00 to $34.00 and set a “buy” rating on the stock in a research note on Thursday, November 21st. Bank of America lowered their target price on Gentex from $39.00 to $35.00 and set a “neutral” rating on the stock in a research note on Monday, October 14th. Robert W. Baird upped their target price on Gentex from $35.00 to $37.00 and gave the stock an “outperform” rating in a research note on Monday, October 28th. UBS Group began coverage on Gentex in a report on Wednesday, September 4th. They issued a “neutral” rating and a $34.00 price target for the company. Finally, The Goldman Sachs Group reduced their price target on Gentex from $33.00 to $31.00 and set a “neutral” rating for the company in a report on Tuesday, October 1st. Six analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $35.13.

Gentex Trading Down 1.0 %

NASDAQ GNTX opened at $30.57 on Thursday. The stock has a market capitalization of $6.95 billion, a price-to-earnings ratio of 16.35, a PEG ratio of 1.09 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 stock has a 50-day moving average of $30.02 and a 200 day moving average of $31.55.

Gentex Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 22nd. Shareholders 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 dividend yield of 1.57%. Gentex’s 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.