CIBC Asset Management Inc Makes New $305,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

CIBC Asset Management Inc acquired a new stake in shares of Gates Industrial Corp PLC (NYSE:GTES) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 17,374 shares of the company’s stock, valued at approximately $305,000.

Several other large investors have also recently made changes to their positions in GTES. Headlands Technologies LLC grew its holdings in Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after buying an additional 1,320 shares in the last quarter. Venturi Wealth Management LLC increased its position in Gates Industrial by 35.9% in the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after purchasing an additional 814 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in Gates Industrial during the third quarter valued at $67,000. GAMMA Investing LLC lifted its position in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. Finally, Covestor Ltd lifted its position in Gates Industrial by 26.3% during the third quarter. Covestor Ltd now owns 4,812 shares of the company’s stock valued at $84,000 after purchasing an additional 1,001 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

GTES has been the subject of several analyst reports. Evercore ISI raised their price objective 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. KeyCorp boosted their price objective on shares of Gates Industrial from $22.00 to $23.00 and gave the company an “overweight” rating in a research report on Thursday. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating 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 upped their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. Finally, Morgan Stanley initiated coverage on shares of Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Gates Industrial currently has an average rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Stock Up 1.4 %

Shares of GTES stock opened at $21.39 on Friday. 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 Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $21.54. The firm has a market capitalization of $5.45 billion, a PE ratio of 25.77 and a beta of 1.38. The stock’s 50-day simple moving average is $18.68 and its 200-day simple moving average is $17.47.

Gates Industrial declared that its board has authorized a share buyback plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 5.4% of its stock through open market purchases. Stock buyback plans are generally a sign 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.