Point72 DIFC Ltd Invests $142,000 in Gates Industrial Corp PLC (NYSE:GTES)

Point72 DIFC Ltd bought a new stake in Gates Industrial Corp PLC (NYSE:GTES) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,956 shares of the company’s stock, valued at approximately $142,000.

Other large investors have also recently made changes to their positions in the company. Janney Montgomery Scott LLC purchased a new stake in Gates Industrial in the fourth quarter valued at approximately $492,000. Norges Bank purchased a new stake in Gates Industrial in the 4th quarter valued at $23,054,000. Corient Private Wealth LLC boosted its stake in Gates Industrial by 25.2% during the 4th quarter. Corient Private Wealth LLC now owns 136,611 shares of the company’s stock worth $1,833,000 after purchasing an additional 27,527 shares during the period. Orion Portfolio Solutions LLC grew its position in Gates Industrial by 13.6% during the 4th quarter. Orion Portfolio Solutions LLC now owns 114,264 shares of the company’s stock worth $1,522,000 after purchasing an additional 13,655 shares during the last quarter. Finally, Advisory Services Network LLC grew its position in Gates Industrial by 2.9% during the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after purchasing an additional 978 shares during the last quarter. 98.50% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. The Goldman Sachs Group increased their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird lowered their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Morgan Stanley started coverage on Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Barclays lowered their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price objective for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $17.85 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 2.20 and a current ratio of 3.11. Gates Industrial Corp PLC has a one year low of $10.68 and a one year high of $19.07. The firm has a market capitalization of $4.67 billion, a P/E ratio of 19.62 and a beta of 1.41. The company’s fifty day moving average is $17.30 and its two-hundred day moving average is $17.03.

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

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

Insider Buying and Selling

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

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.