Cwm LLC Raises Stake in Gates Industrial Corp PLC (NYSE:GTES)

Cwm LLC lifted its position in Gates Industrial Corp PLC (NYSE:GTES) by 45.1% in the third quarter, HoldingsChannel.com reports. The firm owned 57,192 shares of the company’s stock after purchasing an additional 17,785 shares during the quarter. Cwm LLC’s holdings in Gates Industrial were worth $1,004,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of GTES. Vanguard Group Inc. increased its stake in Gates Industrial by 11.0% in the 4th quarter. Vanguard Group Inc. now owns 15,329,789 shares of the company’s stock worth $205,726,000 after buying an additional 1,519,041 shares in the last quarter. HighPoint Advisor Group LLC purchased a new stake in shares of Gates Industrial during the fourth quarter worth about $164,000. Hennion & Walsh Asset Management Inc. raised its stake in Gates Industrial by 45.9% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 27,614 shares of the company’s stock valued at $489,000 after purchasing an additional 8,693 shares during the period. Oak Thistle LLC purchased a new position in Gates Industrial in the 1st quarter worth approximately $414,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in Gates Industrial by 19.9% in the 1st 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. 98.50% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Gates Industrial Trading Up 0.8 %

Shares of NYSE GTES opened at $18.34 on Friday. The stock has a market capitalization of $4.79 billion, a P/E ratio of 20.15 and a beta of 1.40. Gates Industrial Corp PLC has a 1-year low of $10.68 and a 1-year high of $19.07. The business’s 50 day moving average is $17.36 and its two-hundred 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 issued its quarterly earnings results on Wednesday, July 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.33 by $0.01. The company had revenue of $885.50 million during 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%. As a group, research analysts expect that Gates Industrial Corp PLC will post 1.24 EPS for the current year.

Gates Industrial declared that its Board of Directors has approved a share buyback program on Wednesday, July 31st that permits the company to repurchase $250.00 million in shares. This repurchase authorization permits the company to purchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial stock in a transaction on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

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.