Hennion & Walsh Asset Management Inc. Cuts Stake in Gates Industrial Corp PLC (NYSE:GTES)

Hennion & Walsh Asset Management Inc. lessened its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 3.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 33,209 shares of the company’s stock after selling 1,072 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in Gates Industrial were worth $583,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of GTES. Headlands Technologies LLC grew its holdings in shares of Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after buying an additional 1,320 shares in the last quarter. GAMMA Investing LLC grew its stake in Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Gates Industrial in the 2nd quarter valued at about $142,000. Levin Capital Strategies L.P. acquired a new stake in Gates Industrial in the 2nd quarter valued at about $158,000. Finally, MQS Management LLC purchased a new position in Gates Industrial in the 2nd quarter worth approximately $168,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction on Wednesday, August 21st. The shares were bought 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 of the company’s stock, valued at approximately $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.30% of the stock is owned by corporate insiders.

Gates Industrial Price Performance

Gates Industrial stock opened at $18.53 on Tuesday. The company’s 50 day simple moving average is $17.62 and its 200-day simple moving average is $17.09. 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 $10.73 and a 1 year high of $19.07. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 20.36 and a beta of 1.40.

Gates Industrial (NYSE:GTES) last announced its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.33 by $0.01. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. The company had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. As a group, equities research analysts expect that Gates Industrial Corp PLC will post 1.23 earnings per share for the current year.

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

Wall Street Analyst Weigh In

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

Gates Industrial 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.