State of New Jersey Common Pension Fund D Buys Shares of 107,568 Gates Industrial Corp PLC (NYSE:GTES)

State of New Jersey Common Pension Fund D purchased a new position in shares of Gates Industrial Corp PLC (NYSE:GTES) in the second quarter, HoldingsChannel reports. The fund purchased 107,568 shares of the company’s stock, valued at approximately $1,701,000.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of Gates Industrial by 17.5% during the 1st quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after acquiring an additional 2,678,954 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Gates Industrial by 19.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 14,750,718 shares of the company’s stock worth $261,235,000 after purchasing an additional 2,450,526 shares during the period. Norges Bank acquired a new position in shares of Gates Industrial in the 4th quarter valued at $23,054,000. Fiduciary Management Inc. WI grew its stake in shares of Gates Industrial by 31.6% during the 4th quarter. Fiduciary Management Inc. WI now owns 7,031,944 shares of the company’s stock valued at $94,369,000 after buying an additional 1,689,991 shares during the period. Finally, Confluence Investment Management LLC purchased a new stake in shares of Gates Industrial during the 1st quarter valued at $28,390,000. Institutional investors and hedge funds own 98.50% of the company’s stock.

Gates Industrial Price Performance

GTES opened at $17.60 on Wednesday. Gates Industrial Corp PLC has a twelve month low of $10.68 and a twelve month high of $19.07. The company has a current ratio of 3.11, a quick ratio of 2.20 and a debt-to-equity ratio of 0.68. The firm has a market cap of $4.60 billion, a price-to-earnings ratio of 19.34 and a beta of 1.41. The company has a fifty day simple moving average of $17.28 and a 200 day simple moving average of $17.01.

Gates Industrial (NYSE:GTES) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 EPS for the quarter, topping the consensus estimate of $0.33 by $0.01. The business 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%. Equities research analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current fiscal year.

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

Insider Buying and Selling at Gates Industrial

In related news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, with a total value of $200,793.60. Following the transaction, the director now owns 6,000 shares of the company’s stock, valued at $100,800. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on GTES. The Goldman Sachs Group lifted their target price on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a report on Thursday, August 1st. Evercore ISI boosted their target price on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Barclays cut their price target on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating on the stock in a report on Tuesday, June 4th. Robert W. Baird decreased their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Finally, Royal Bank of Canada raised shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and a consensus price target of $19.40.

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.