Kestra Investment Management LLC Makes New Investment in Gates Industrial Corp PLC (NYSE:GTES)

Kestra Investment Management LLC purchased a new stake in Gates Industrial Corp PLC (NYSE:GTES) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 30,012 shares of the company’s stock, valued at approximately $474,000.

A number of other hedge funds have also modified their holdings of GTES. Janney Montgomery Scott LLC acquired a new stake in Gates Industrial in the 4th quarter valued at approximately $492,000. Norges Bank acquired a new stake in shares of Gates Industrial in the fourth quarter valued at $23,054,000. Advisory Services Network LLC raised its holdings in shares of 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 buying an additional 978 shares during the period. TFO Wealth Partners LLC lifted its stake in Gates Industrial by 68,390.0% during the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock worth $92,000 after acquiring an additional 6,839 shares in the last quarter. Finally, Fiduciary Management Inc. WI boosted its holdings in Gates Industrial by 31.6% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock valued at $94,369,000 after acquiring an additional 1,689,991 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The stock was purchased at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the transaction, the director now directly owns 6,000 shares in the company, valued at $100,800. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 2.30% of the stock is owned by company insiders.

Gates Industrial Trading Down 1.6 %

NYSE:GTES opened at $17.55 on Tuesday. 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 1 year low of $10.68 and a 1 year high of $19.07. The stock has a market cap of $4.59 billion, a P/E ratio of 19.29 and a beta of 1.41. The stock has a 50-day simple moving average of $17.30 and a 200-day simple moving average of $17.03.

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

Gates Industrial announced that its board has approved a stock buyback plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have issued reports on GTES. Robert W. Baird cut their price target 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. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. 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. Evercore ISI upped their price objective on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Finally, The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average 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.