Park Avenue Securities LLC Has $679,000 Stake in Gates Industrial Corp PLC (NYSE:GTES)

Park Avenue Securities LLC trimmed its stake in shares of Gates Industrial Corp PLC (NYSE:GTES) by 41.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 38,688 shares of the company’s stock after selling 27,274 shares during the period. Park Avenue Securities LLC’s holdings in Gates Industrial were worth $679,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of GTES. Headlands Technologies LLC lifted its position in shares of Gates Industrial by 341.1% during the second 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. Point72 DIFC Ltd acquired a new position in shares of Gates Industrial during the second quarter worth approximately $142,000. Levin Capital Strategies L.P. acquired a new position in Gates Industrial in the second quarter valued at approximately $158,000. HighPoint Advisor Group LLC acquired a new position in Gates Industrial in the fourth quarter valued at approximately $164,000. Finally, MQS Management LLC acquired a new position in Gates Industrial in the second quarter valued at approximately $168,000. 98.50% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

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

Insider Transactions at Gates Industrial

In related news, Director Wilson S. Neely acquired 11,952 shares of the 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 completion of the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at approximately $100,800. The trade was a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by insiders.

Gates Industrial Stock Down 0.6 %

Shares of GTES stock opened at $17.33 on Friday. The firm has a fifty day moving average of $17.25 and a 200-day moving average of $17.03. 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 12-month low of $10.68 and a 12-month high of $19.07. The company has a market capitalization of $4.53 billion, a price-to-earnings ratio of 19.04 and a beta of 1.40.

Gates Industrial (NYSE:GTES) last issued its quarterly earnings data 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. 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 the consensus estimate of $893.00 million. As a group, equities research analysts predict that Gates Industrial Corp PLC will post 1.24 earnings per share for the current fiscal year.

Gates Industrial declared that its board has authorized a share repurchase plan 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 plans are usually an indication that the company’s management believes its shares are 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.