Gates Industrial Corp PLC (NYSE:GTES) Shares Acquired by Delap Wealth Advisory LLC

Delap Wealth Advisory LLC boosted its stake in Gates Industrial Corp PLC (NYSE:GTES) by 16.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 24,985 shares of the company’s stock after purchasing an additional 3,567 shares during the period. Delap Wealth Advisory LLC’s holdings in Gates Industrial were worth $395,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Advisory Services Network LLC increased its holdings in Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock valued at $463,000 after purchasing an additional 978 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Gates Industrial by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock valued at $241,000 after purchasing an additional 1,250 shares during the last quarter. Headlands Technologies LLC increased its holdings in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after purchasing an additional 1,320 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Gates Industrial by 4.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock valued at $560,000 after purchasing an additional 1,616 shares during the last quarter. Finally, Johnson Financial Group Inc. increased its holdings in Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock valued at $106,000 after purchasing an additional 1,654 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.30% of the company’s stock.

Gates Industrial Price Performance

Shares of GTES opened at $17.72 on Friday. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The stock has a market cap of $4.63 billion, a PE ratio of 19.47 and a beta of 1.41. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $19.07. The firm has a fifty day moving average price of $17.24 and a 200 day moving average price of $16.98.

Gates Industrial (NYSE:GTES) last posted its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. As a group, sell-side analysts anticipate that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

Gates Industrial declared that its Board of Directors has initiated a share repurchase program on Wednesday, July 31st that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

GTES has been the subject of several research reports. Barclays dropped their target price on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a report on Tuesday, June 4th. Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Robert W. Baird decreased their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Evercore ISI raised their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group raised their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Gates Industrial has an average rating of “Moderate Buy” and a consensus target price of $19.40.

About Gates Industrial

Gates Industrial Corporation PLC designs and manufactures power transmission equipment. Its products serves harsh and hazardous industries such as agriculture, construction, manufacturing and energy, to everyday consumer applications such as printers, power washers, automatic doors and vacuum cleaners and virtually every form of transportation.