Gates Industrial Corp PLC (NYSE:GTES) Position Boosted by Tectonic Advisors LLC

Tectonic Advisors LLC increased its holdings in Gates Industrial Corp PLC (NYSE:GTES) by 5.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 20,128 shares of the company’s stock after purchasing an additional 1,043 shares during the quarter. Tectonic Advisors LLC’s holdings in Gates Industrial were worth $353,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in GTES. Vanguard Group Inc. lifted its holdings in shares of Gates Industrial by 17.5% during the first quarter. Vanguard Group Inc. now owns 18,008,743 shares of the company’s stock valued at $318,935,000 after purchasing an additional 2,678,954 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in Gates Industrial by 2.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,929,377 shares of the company’s stock worth $262,011,000 after buying an additional 303,353 shares during the period. Dimensional Fund Advisors LP lifted its stake in Gates Industrial by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 11,921,356 shares of the company’s stock valued at $188,477,000 after buying an additional 1,037,741 shares in the last quarter. LSV Asset Management boosted its holdings in shares of Gates Industrial by 19.9% in the second quarter. LSV Asset Management now owns 4,137,951 shares of the company’s stock worth $65,421,000 after buying an additional 686,080 shares during the period. Finally, Fred Alger Management LLC boosted its holdings in shares of Gates Industrial by 156.8% in the second quarter. Fred Alger Management LLC now owns 2,665,632 shares of the company’s stock worth $42,144,000 after buying an additional 1,627,482 shares during the period. 98.50% of the stock is currently owned by institutional investors.

Gates Industrial Stock Down 0.8 %

GTES opened at $18.38 on Friday. The company has a market capitalization of $4.81 billion, a PE ratio of 19.55 and a beta of 1.40. The business has a 50-day moving average of $17.61 and a 200-day moving average of $17.08. Gates Industrial Corp PLC has a fifty-two week low of $10.68 and a fifty-two week high of $19.07. 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 data on Wednesday, July 31st. The company reported $0.34 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.01. The firm had revenue of $885.50 million for the quarter, compared to analyst estimates of $893.00 million. Gates Industrial had a net margin of 7.24% and a return on equity of 10.27%. Equities research analysts forecast that Gates Industrial Corp PLC will post 1.23 EPS for the current fiscal year.

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

Insider Activity at Gates Industrial

In other Gates Industrial news, Director Wilson S. Neely bought 11,952 shares of the stock in a transaction on Wednesday, August 21st. The shares were purchased at an average cost 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 $100,800. This represents a -200.00 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Morgan Stanley began 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 objective for the company. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $20.00 to $22.00 in a report on Monday, August 19th. The Goldman Sachs Group increased their price objective on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Robert W. Baird lowered their target price on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research note on Thursday, August 1st. Finally, Evercore ISI increased their price target on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a research report on Monday, August 19th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, Gates Industrial currently has an average rating of “Moderate Buy” and an average target price of $19.40.

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.