Mackenzie Financial Corp Buys 433,321 Shares of Gates Industrial Corp PLC (NYSE:GTES)

Mackenzie Financial Corp lifted its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 4,077.5% in the second quarter, according to its most recent filing with the SEC. The fund owned 443,948 shares of the company’s stock after acquiring an additional 433,321 shares during the period. Mackenzie Financial Corp owned approximately 0.17% of Gates Industrial worth $7,019,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in GTES. Headlands Technologies LLC grew its position in Gates Industrial by 341.1% during the second quarter. Headlands Technologies LLC now owns 1,707 shares of the company’s stock valued at $27,000 after acquiring an additional 1,320 shares during the last quarter. TFO Wealth Partners LLC raised its position 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 worth $92,000 after purchasing an additional 6,839 shares during the period. Point72 DIFC Ltd bought a new stake in Gates Industrial in the second quarter worth $142,000. Levin Capital Strategies L.P. purchased a new stake in Gates Industrial during the second quarter valued at about $158,000. Finally, HighPoint Advisor Group LLC bought a new position in shares of Gates Industrial during the fourth quarter valued at about $164,000. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Gates Industrial Price Performance

Shares of NYSE GTES opened at $17.55 on Tuesday. Gates Industrial Corp PLC has a 1 year low of $10.68 and a 1 year high of $19.07. The stock has a market capitalization of $4.59 billion, a P/E ratio of 19.29 and a beta of 1.41. The company’s 50-day moving average is $17.30 and its 200 day moving average is $17.03. The company has a debt-to-equity ratio of 0.68, a current ratio of 3.11 and a quick ratio of 2.20.

Gates Industrial (NYSE:GTES) last posted its earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The firm had revenue of $885.50 million for the quarter, compared to the consensus estimate of $893.00 million. Gates Industrial had a return on equity of 10.27% and a net margin of 7.24%. On average, sell-side analysts expect that Gates Industrial Corp PLC will post 1.24 earnings per share for the current year.

Gates Industrial declared that its board has initiated a stock buyback plan on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to purchase up to 5.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

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

Analyst Ratings Changes

A number of research firms have recently weighed in on GTES. Morgan Stanley began coverage on Gates Industrial in a research note on Friday, September 6th. They issued an “equal weight” rating and a $19.00 target price for the company. The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird decreased their target price on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Evercore ISI increased their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the company an “in-line” rating in a research report on Monday, August 19th. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a “sector perform” rating to an “outperform” rating and boosted their price objective for the company from $20.00 to $22.00 in a research report on Monday, August 19th. Four analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $19.40.

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.