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Large Insider Sales Detected at These Three Companies

Cooper Tire & Rubber Co (NYSE:CTB) saw its top executive discard a portion of his stake this week. Chairman, Chief Executive Officer and President Roy V. Armes disposed of 100,000 shares on Wednesday at a weighted average price of $41.94. Roy Armes currently holds a direct ownership stake of 298,132 shares, which includes 173,650 restricted stock units. The tire design, manufacturing and marketing company has seen its shares gain 18% since the start of 2015, but several valuation metrics indicate that the stock is still undervalued relative to the broader market. For instance, the company’s trailing P/E ratio of 10.14 is significantly below the median of 23.41 for the companies included in the S&P 500 Index. It is also worth pointing out that the tire manufacturer pays out a quarterly dividend of $0.105 per share, which provides a current dividend yield of 1.01%. The number of hedge funds monitored by our team with positions in the company climbed to 26 from 22 during the second quarter. Cliff Asness’ AQR Capital Management owned roughly 350,000 shares in Cooper Tire & Rubber Co (NYSE:CTB) at the end of the second quarter.

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Finally, Gentex Corporation (NASDAQ:GNTX) saw one of its top executives sell a sizable share-block on Tuesday. Chairman and Chief Executive Officer Fred Bauer offloaded 762,000 shares at a sale price of $16.43 per share. After this sizable sell-off, the CEO currently holds a stake of roughly 6.62 million shares. The stock has lost nearly 10% since the beginning of the year, but it is trading at an attractive trailing P/E ratio of 16.13. Just recently, the company that designs and manufactures automatic-dimming rearview mirrors and electronics for the automotive industry, commercial smoke alarms for the fire protection industry, among other things, released its strong third-quarter financial results. Gentex’s revenues increased 11.1% year-on-year to $389.8 million, while its net income climbed 8% year-over-year to $78.3 million or $0.28 per diluted share. The exchange rate fluctuations, the sluggish global economic growth and other less weighty risks might represent some transitory headwinds for the company in the upcoming quarters. The number of hedge funds invested in the company at the end of the June quarter stood at 26, compared with 17 registered in the previous quarter. Israel Englander’s Millennium Management held a 895,056-share position in Gentex Corporation (NASDAQ:GNTX) on June 30.

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Disclosure: None

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