New York State Common Retirement Fund Increases Stake in Gates Industrial Corp PLC (NYSE:GTES)

New York State Common Retirement Fund grew its position in Gates Industrial Corp PLC (NYSE:GTES) by 606.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 948,825 shares of the company’s stock after acquiring an additional 814,510 shares during the quarter. New York State Common Retirement Fund owned about 0.36% of Gates Industrial worth $16,652,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in GTES. Bank of Montreal Can increased its stake in Gates Industrial by 2.5% in the 2nd quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after buying an additional 823 shares during the period. Tectonic Advisors LLC increased its stake in Gates Industrial by 5.5% in the 3rd quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock worth $353,000 after buying an additional 1,043 shares during the period. Principal Financial Group Inc. increased its stake in Gates Industrial by 8.9% in the 2nd quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after buying an additional 1,250 shares during the period. Headlands Technologies LLC increased its stake 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 buying an additional 1,320 shares during the period. Finally, Integrated Advisors Network LLC increased its stake in Gates Industrial by 5.0% in the 3rd quarter. Integrated Advisors Network LLC now owns 29,952 shares of the company’s stock worth $526,000 after buying an additional 1,436 shares during the period. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of several recent analyst reports. Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Evercore ISI increased their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Barclays increased their target price on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday. Four investment 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $20.30.

Gates Industrial Stock Up 3.0 %

NYSE:GTES opened at $20.22 on Wednesday. Gates Industrial Corp PLC has a fifty-two week low of $11.11 and a fifty-two week high of $20.40. The stock has a market capitalization of $5.15 billion, a P/E ratio of 24.36 and a beta of 1.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The company’s 50-day simple moving average is $17.82 and its 200-day simple moving average is $17.18.

Gates Industrial announced that its board has approved a share repurchase program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This represents a -200.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 2.30% of the company’s stock.

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.