Gates Industrial Corp PLC (NYSE:GTES) Shares Sold by Auxier Asset Management

Auxier Asset Management lowered its position in shares of Gates Industrial Corp PLC (NYSE:GTES) by 2.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 162,449 shares of the company’s stock after selling 4,800 shares during the period. Auxier Asset Management’s holdings in Gates Industrial were worth $2,568,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Gates Industrial by 17.5% in the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after buying an additional 2,678,954 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its stake in Gates Industrial by 19.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock valued at $261,235,000 after acquiring an additional 2,450,526 shares in the last quarter. Norges Bank purchased a new position in shares of Gates Industrial during the fourth quarter worth about $23,054,000. Fiduciary Management Inc. WI increased its position in shares of Gates Industrial by 31.6% during the fourth quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock worth $94,369,000 after purchasing an additional 1,689,991 shares in the last quarter. Finally, Confluence Investment Management LLC purchased a new stake in shares of Gates Industrial in the 1st quarter valued at about $28,390,000. Hedge funds and other institutional investors own 98.50% of the company’s stock.

Insiders Place Their Bets

In related news, Director Wilson S. Neely purchased 11,952 shares of the stock in a transaction dated Wednesday, August 21st. The shares were acquired at an average cost of $16.80 per share, with a total value of $200,793.60. Following the purchase, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.30% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Evercore ISI raised their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research note on Monday, August 19th. Morgan Stanley began coverage on shares of Gates Industrial in a report on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price on the stock. Barclays lowered their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Tuesday, June 4th. The Goldman Sachs Group upped their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $19.40.

Gates Industrial Trading Down 2.3 %

Shares of Gates Industrial stock opened at $17.72 on Friday. The firm has a market cap of $4.63 billion, a price-to-earnings ratio of 19.47 and a beta of 1.41. Gates Industrial Corp PLC has a 52-week low of $10.68 and a 52-week high of $19.07. The company’s 50-day simple moving average is $17.24 and its 200-day simple moving average is $16.96. The company has a quick ratio of 2.20, a current ratio of 3.11 and a debt-to-equity ratio of 0.68.

Gates Industrial (NYSE:GTES) last released its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.01. The company had revenue of $885.50 million for the quarter, compared to analysts’ expectations of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. As a group, equities research analysts anticipate that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial announced that its board has authorized a share repurchase program on Wednesday, July 31st that permits the company to repurchase $250.00 million in outstanding shares. This repurchase authorization permits the company to buy up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

About Gates Industrial

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.