Rep. Josh Gottheimer Purchases Shares of Gates Industrial Corp PLC (NYSE:GTES)

Representative Josh Gottheimer (D-New Jersey) recently bought shares of Gates Industrial Corp PLC (NYSE:GTES). In a filing disclosed on November 06th, the Representative disclosed that they had bought between $1,001 and $15,000 in Gates Industrial stock on October 31st. The trade occurred in the Representative’s “MORGAN STANLEY – SELECT UMA ACCOUNT # 1” account.

Representative Josh Gottheimer also recently made the following trade(s):

• Purchased $1,001 – $15,000 in shares of Texas Capital Bancshares (NASDAQ:TCBI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ITT (NYSE:ITT) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of Stifel Financial (NYSE:SF) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of ICU Medical (NASDAQ:ICUI) on 10/31/2024.
• Sold $1,001 – $15,000 in shares of AppFolio (NASDAQ:APPF) on 10/31/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/29/2024.
• Purchased $1,001 – $15,000 in shares of Techtronic Industries (OTCMKTS:TTNDY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/28/2024.
• Purchased $1,001 – $15,000 in shares of Enerpac Tool Group (NYSE:EPAC) on 10/25/2024.
• Purchased $1,001 – $15,000 in shares of Disco (OTCMKTS:DSCSY) on 10/25/2024.

Gates Industrial Stock Performance

Shares of Gates Industrial stock opened at $21.27 on Friday. The firm has a market capitalization of $5.42 billion, a price-to-earnings ratio of 25.63 and a beta of 1.38. Gates Industrial Corp PLC has a fifty-two week low of $11.14 and a fifty-two week high of $21.54. 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 stock has a 50 day moving average of $18.02 and a 200 day moving average of $17.26.

Gates Industrial declared that its Board of Directors has authorized a stock repurchase program on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Gates Industrial

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 in the company, 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 SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Venturi Wealth Management LLC boosted its holdings in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after purchasing an additional 814 shares during the period. Bank of Montreal Can raised its stake in Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock valued at $535,000 after buying an additional 823 shares in the last quarter. Covestor Ltd raised its stake in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after buying an additional 1,001 shares in the last quarter. Tectonic Advisors LLC raised its stake in Gates Industrial by 5.5% in the third quarter. Tectonic Advisors LLC now owns 20,128 shares of the company’s stock valued at $353,000 after buying an additional 1,043 shares in the last quarter. Finally, Fort L.P. raised its stake in Gates Industrial by 9.3% in the third quarter. Fort L.P. now owns 14,423 shares of the company’s stock valued at $253,000 after buying an additional 1,222 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

GTES has been the subject of several analyst reports. Barclays increased their price objective on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday. 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 report on Monday, August 19th. Robert W. Baird lowered their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Morgan Stanley started coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 price target for the company. Finally, Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a research 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. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

About Representative Gottheimer

Josh Gottheimer (Democratic Party) is a member of the U.S. House, representing New Jersey’s 5th Congressional District. He assumed office on January 3, 2017. His current term ends on January 3, 2025. Gottheimer (Democratic Party) is running for re-election to the U.S. House to represent New Jersey’s 5th Congressional District. He declared candidacy for the 2024 election. Gottheimer was first elected to the House in 2016. Prior to his election, Gottheimer worked for Microsoft, the Federal Communications Commission, and for the administration of President Bill Clinton (D). Click here for more information about Gottheimer’s career. Gottheimer serves on the House Financial Services Committee, where is a member of three subcommittees. For more on Gottheimer’s committee assignments, click here. Gottheimer became a co-chair of the Problem Solvers Caucus in February 2017. Gottheimer attended the University of Pennsylvania for his undergraduate degree. He became a Thouron Fellow at Oxford and attended Harvard Law School. Gottheimer worked as a speech writer under former President Bill Clinton (D), assisting with two State of the Union addresses, among other projects. Before running for Congress, he worked for Microsoft as a general manager for corporate strategy.

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.