Point72 Asset Management L.P. Buys 317,077 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Point72 Asset Management L.P. lifted its stake in Gates Industrial Corp PLC (NYSE:GTES) by 27.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,463,669 shares of the company’s stock after acquiring an additional 317,077 shares during the quarter. Point72 Asset Management L.P. owned approximately 0.56% of Gates Industrial worth $23,141,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Headlands Technologies LLC raised its stake in shares of Gates Industrial by 341.1% during the 2nd quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock worth $27,000 after purchasing an additional 1,320 shares in the last quarter. TFO Wealth Partners LLC lifted its stake in Gates Industrial by 68,390.0% in the 4th quarter. TFO Wealth Partners LLC now owns 6,849 shares of the company’s stock valued at $92,000 after purchasing an additional 6,839 shares during the last quarter. Point72 DIFC Ltd bought a new position in Gates Industrial during the second quarter worth about $142,000. Levin Capital Strategies L.P. acquired a new position in Gates Industrial during the second quarter worth approximately $158,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of Gates Industrial in the fourth quarter valued at approximately $164,000. Institutional investors own 98.50% of the company’s stock.

Wall Street Analyst Weigh In

GTES has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their target price on 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 objective for the company from $20.00 to $22.00 in a report on Monday, August 19th. Robert W. Baird cut their target price 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. Morgan Stanley assumed 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 target on the stock. Finally, Barclays cut their price objective on shares of Gates Industrial from $17.00 to $16.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 4th. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $19.40.

Gates Industrial Trading Up 2.4 %

Shares of NYSE:GTES opened at $17.69 on Friday. The company has a market capitalization of $4.62 billion, a P/E ratio of 19.44 and a beta of 1.41. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20. The business’s 50 day simple moving average is $17.29 and its 200 day simple moving average is $17.02. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07.

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

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

Insider Activity

In other news, Director Wilson S. Neely acquired 11,952 shares of the firm’s stock in a transaction that occurred on 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 completion of the purchase, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $100,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 2.30% of the company’s stock.

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.