Avior Wealth Management LLC Sells 1,679 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Avior Wealth Management LLC lowered its position in Gates Industrial Corp PLC (NYSE:GTES) by 45.9% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,982 shares of the company’s stock after selling 1,679 shares during the period. Avior Wealth Management LLC’s holdings in Gates Industrial were worth $35,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Headlands Technologies LLC lifted its stake in Gates Industrial by 341.1% in the second 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 shares of Gates Industrial by 35.9% during the third quarter. Venturi Wealth Management LLC now owns 3,079 shares of the company’s stock worth $54,000 after acquiring an additional 814 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Gates Industrial during the third quarter worth $67,000. GAMMA Investing LLC lifted its position in Gates Industrial by 333.9% in the 3rd 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 in the last quarter. Finally, Covestor Ltd boosted its stake in Gates Industrial by 26.3% in the 3rd 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 period. Institutional investors and hedge funds own 98.50% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on GTES. Evercore ISI lifted 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. Barclays lifted 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. The Goldman Sachs Group upped their price target on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research report on Thursday, August 1st. Robert W. Baird lowered their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, August 1st. Finally, KeyCorp increased their target price on shares of Gates Industrial from $22.00 to $23.00 and gave the stock an “overweight” rating in a report on Thursday, November 21st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.40.

Gates Industrial Stock Performance

Shares of GTES opened at $22.14 on Tuesday. The company has a market cap of $5.64 billion, a PE ratio of 26.67 and a beta of 1.38. The firm has a 50-day moving average of $18.87 and a 200-day moving average of $17.55. Gates Industrial Corp PLC has a one year low of $11.22 and a one year high of $22.31. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial declared that its board has approved a share repurchase program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to reacquire up to 5.4% of its stock through open market purchases. Stock buyback programs are typically 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.