Covestor Ltd Acquires 1,001 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Covestor Ltd grew its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 26.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,812 shares of the company’s stock after purchasing an additional 1,001 shares during the period. Covestor Ltd’s holdings in Gates Industrial were worth $84,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Headlands Technologies LLC raised its position in Gates Industrial by 341.1% during 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 last quarter. Capital Performance Advisors LLP bought a new position in shares of Gates Industrial during the third quarter worth about $67,000. GAMMA Investing LLC boosted its holdings in Gates Industrial by 333.9% in the third 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 during the last quarter. Point72 DIFC Ltd acquired a new stake in Gates Industrial during the 2nd quarter valued at approximately $142,000. Finally, Levin Capital Strategies L.P. bought a new position in Gates Industrial during the 2nd quarter worth approximately $158,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GTES shares. Evercore ISI lifted their target price on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price objective for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays upped their target price on Gates Industrial from $16.00 to $21.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 5th. Morgan Stanley assumed coverage on Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price for the company. Finally, The Goldman Sachs Group increased 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. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $20.30.

Insiders Place Their Bets

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

Gates Industrial Price Performance

Shares of NYSE:GTES opened at $20.66 on Thursday. Gates Industrial Corp PLC has a twelve month low of $11.22 and a twelve month high of $21.54. The stock’s 50 day moving average is $18.23 and its 200-day moving average is $17.33. The company has a quick ratio of 2.11, a current ratio of 3.02 and a debt-to-equity ratio of 0.70. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 24.89 and a beta of 1.38.

Gates Industrial announced that its Board of Directors has initiated 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 reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

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.