Envestnet Asset Management Inc. Purchases 619,670 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Envestnet Asset Management Inc. increased its position in Gates Industrial Corp PLC (NYSE:GTES) by 102.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,222,241 shares of the company’s stock after buying an additional 619,670 shares during the period. Envestnet Asset Management Inc.’s holdings in Gates Industrial were worth $19,324,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Headlands Technologies LLC raised its holdings in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after acquiring an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC lifted its position in Gates Industrial by 68,390.0% during the fourth quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Johnson Financial Group Inc. increased its holdings in shares of Gates Industrial by 26.4% in the 4th quarter. Johnson Financial Group Inc. now owns 7,919 shares of the company’s stock worth $106,000 after buying an additional 1,654 shares during the last quarter. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Gates Industrial during the 4th quarter valued at about $147,000. Finally, Levin Capital Strategies L.P. bought a new position in shares of Gates Industrial in the 2nd quarter valued at about $158,000. 98.50% of the stock is owned by institutional investors.

Insider Activity

In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares in the company, valued at $100,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

GTES has been the topic of several analyst reports. The Goldman Sachs Group upped their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Barclays decreased their price target on Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price objective for the company. Robert W. Baird reduced their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, Evercore ISI lifted their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Price Performance

Gates Industrial stock opened at $17.76 on Tuesday. The stock has a market cap of $4.64 billion, a price-to-earnings ratio of 19.51 and a beta of 1.41. The firm has a 50-day moving average of $17.27 and a two-hundred day moving average of $17.00. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The company had revenue of $885.50 million for the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, research analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in outstanding shares. This buyback authorization authorizes the company to reacquire up to 5.4% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s management believes its shares are undervalued.

Gates Industrial Company Profile

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.