Gates Industrial Corp PLC (NYSE:GTES) Shares Bought by Amalgamated Bank

Amalgamated Bank raised its stake in Gates Industrial Corp PLC (NYSE:GTES) by 93.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,664 shares of the company’s stock after acquiring an additional 33,668 shares during the period. Amalgamated Bank’s holdings in Gates Industrial were worth $1,223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently bought and sold shares of the stock. Swiss National Bank grew its holdings in shares of Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock worth $6,004,000 after buying an additional 52,800 shares during the last quarter. Park Avenue Securities LLC grew its stake in shares of Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock valued at $1,043,000 after purchasing an additional 41,762 shares during the last quarter. First Hawaiian Bank acquired a new position in shares of Gates Industrial in the second quarter valued at approximately $520,000. GAMMA Investing LLC raised its stake in shares of Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Gates Industrial by 799.6% during the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock worth $585,000 after purchasing an additional 29,394 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on GTES. KeyCorp boosted their price objective on shares of Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Robert W. Baird cut their price target on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a 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 company from $20.00 to $22.00 in a research report on Monday, August 19th. Barclays boosted their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Finally, Morgan Stanley assumed coverage on 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. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Gates Industrial Price Performance

Gates Industrial stock opened at $20.66 on Thursday. Gates Industrial Corp PLC has a one year low of $11.22 and a one year 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 business has a fifty day moving average of $18.23 and a two-hundred day moving average of $17.33. The company has a market cap of $5.26 billion, a P/E ratio of 24.89 and a beta of 1.38.

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

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely purchased 11,952 shares of the business’s stock in a transaction dated Wednesday, August 21st. The stock was acquired at an average price of $16.80 per share, with a total value of $200,793.60. Following the purchase, 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 position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 2.30% of the stock is owned by corporate insiders.

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.