Gates Industrial Corp PLC (NYSE:GTES) Shares Purchased by Brandes Investment Partners LP

Brandes Investment Partners LP boosted its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES) by 19.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,054,854 shares of the company’s stock after buying an additional 333,894 shares during the quarter. Brandes Investment Partners LP’s holdings in Gates Industrial were worth $32,482,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of GTES. Bank of Montreal Can boosted its stake in shares of Gates Industrial by 2.5% in the second quarter. Bank of Montreal Can now owns 33,800 shares of the company’s stock worth $535,000 after buying an additional 823 shares during the last quarter. Advisory Services Network LLC boosted its position in Gates Industrial by 2.9% in the 4th quarter. Advisory Services Network LLC now owns 34,508 shares of the company’s stock worth $463,000 after purchasing an additional 978 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Gates Industrial by 8.9% during the 2nd quarter. Principal Financial Group Inc. now owns 15,242 shares of the company’s stock worth $241,000 after purchasing an additional 1,250 shares during the period. Headlands Technologies LLC increased its holdings 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 valued at $27,000 after purchasing an additional 1,320 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Gates Industrial by 4.8% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,554 shares of the company’s stock valued at $560,000 after purchasing an additional 1,616 shares in the last quarter. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

GTES has been the subject of a number of analyst reports. 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 stock from $20.00 to $22.00 in a research report on Monday, August 19th. The Goldman Sachs Group increased 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 cut their price objective on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research report on Thursday, August 1st. Evercore ISI upped their target price 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. Finally, 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. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

Gates Industrial Trading Up 0.8 %

Shares of GTES opened at $17.84 on Monday. The firm’s fifty day moving average is $17.30 and its two-hundred day moving average is $17.03. The stock has a market cap of $4.66 billion, a PE ratio of 19.60 and a beta of 1.41. 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 Corp PLC has a 52-week low of $10.68 and a 52-week high of $19.07.

Gates Industrial (NYSE:GTES) last announced its quarterly earnings data on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.33 by $0.01. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. The company had revenue of $885.50 million during the quarter, compared to analysts’ expectations of $893.00 million. Research analysts forecast that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

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

Insider Activity at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the stock in a transaction on Wednesday, August 21st. The shares were bought at an average price of $16.80 per share, with a total value of $200,793.60. Following the completion of the purchase, the director now owns 6,000 shares of the company’s stock, valued at approximately $100,800. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

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.