Oppenheimer Asset Management Inc. Sells 818 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Oppenheimer Asset Management Inc. trimmed its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 1.1% in the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 71,944 shares of the company’s stock after selling 818 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Gates Industrial were worth $1,263,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Victory Capital Management Inc. grew its stake in shares of Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company’s stock worth $19,154,000 after acquiring an additional 182,307 shares during the period. Venturi Wealth Management LLC lifted its holdings in shares of Gates Industrial by 35.9% during the 3rd quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock valued at $54,000 after buying an additional 814 shares during the period. State of New Jersey Common Pension Fund D grew its holdings in shares of Gates Industrial by 2.8% in the third quarter. State of New Jersey Common Pension Fund D now owns 110,629 shares of the company’s stock worth $1,942,000 after acquiring an additional 3,061 shares during the period. Crossmark Global Holdings Inc. increased its position in Gates Industrial by 7.0% during the third quarter. Crossmark Global Holdings Inc. now owns 53,079 shares of the company’s stock valued at $931,000 after acquiring an additional 3,459 shares during the last quarter. Finally, Covestor Ltd boosted its position in Gates Industrial by 26.3% in the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after purchasing an additional 1,001 shares during the last quarter. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insider Transactions at Gates Industrial

In other news, Director Wilson S. Neely bought 11,952 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. This represents a -200.81 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on GTES shares. Robert W. Baird reduced their price target on shares of 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 shares of Gates Industrial in a research report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price target on the stock. The Goldman Sachs Group boosted their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research report on Thursday, August 1st. Evercore ISI lifted their target price on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and upped 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’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.30.

Gates Industrial Stock Up 0.2 %

NYSE GTES opened at $20.78 on Monday. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $21.54. The stock’s 50 day moving average is $18.40 and its 200 day moving average is $17.38. The stock has a market cap of $5.29 billion, a PE ratio of 25.04 and a beta of 1.38.

Gates Industrial declared that its board has authorized a share repurchase plan on Wednesday, July 31st that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the company to purchase up to 5.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its stock is undervalued.

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.