GAMMA Investing LLC Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

GAMMA Investing LLC lifted its position in Gates Industrial Corp PLC (NYSE:GTES) by 333.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,896 shares of the company’s stock after purchasing an additional 2,998 shares during the period. GAMMA Investing LLC’s holdings in Gates Industrial were worth $68,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in GTES. Bank of Montreal Can raised its holdings in shares of Gates Industrial by 2.5% during the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after acquiring an additional 823 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Gates Industrial by 8.9% during 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 raised its position in Gates Industrial by 341.1% in the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Gates Industrial by 4.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock worth $560,000 after purchasing an additional 1,616 shares during the last quarter. Finally, Savant Capital LLC grew its stake in shares of Gates Industrial by 1.6% during the second quarter. Savant Capital LLC now owns 121,889 shares of the company’s stock valued at $1,927,000 after buying an additional 1,879 shares during the last quarter. Institutional investors own 98.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GTES. Evercore ISI raised their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Morgan Stanley assumed coverage on shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Robert W. Baird reduced their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Stock Down 1.3 %

Shares of Gates Industrial stock opened at $17.58 on Wednesday. Gates Industrial Corp PLC has a 52-week low of $10.68 and a 52-week high of $19.07. The firm’s 50 day moving average price is $17.30 and its 200-day moving average price is $17.03. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68. The company has a market cap of $4.59 billion, a P/E ratio of 19.31 and a beta of 1.40.

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

Gates Industrial announced that its board has approved a stock buyback program 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 stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Wilson S. Neely acquired 11,952 shares of the firm’s 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 transaction, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate 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.