Thrivent Financial for Lutherans Purchases 166,635 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Thrivent Financial for Lutherans lifted its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 21.0% during the third quarter, Holdings Channel.com reports. The firm owned 958,417 shares of the company’s stock after buying an additional 166,635 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Gates Industrial were worth $16,820,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Mutual of America Capital Management LLC acquired a new position in Gates Industrial in the 3rd quarter valued at $597,000. Natixis Advisors LLC grew its stake in shares of Gates Industrial by 25.3% in the third quarter. Natixis Advisors LLC now owns 170,785 shares of the company’s stock valued at $2,997,000 after acquiring an additional 34,461 shares in the last quarter. Empowered Funds LLC bought a new position in Gates Industrial during the third quarter worth about $7,242,000. CIBC Asset Management Inc acquired a new stake in Gates Industrial in the 3rd quarter worth about $305,000. Finally, KBC Group NV boosted its holdings in Gates Industrial by 35.1% in the 3rd quarter. KBC Group NV now owns 5,646 shares of the company’s stock valued at $99,000 after purchasing an additional 1,468 shares during the period. 98.50% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on GTES shares. Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Morgan Stanley began coverage on Gates Industrial in a research report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price for the company. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Evercore ISI boosted their price target on Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research note on Monday, August 19th. Finally, Barclays increased their price objective on shares of Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Gates Industrial Trading Down 0.9 %

Shares of NYSE GTES opened at $21.09 on Thursday. The firm has a 50 day moving average price of $18.68 and a two-hundred day moving average price of $17.47. The stock has a market cap of $5.37 billion, a P/E ratio of 25.41 and a beta of 1.38. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-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.

Gates Industrial declared that its board has authorized a stock buyback program 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 programs are often an indication 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.