Crossmark Global Holdings Inc. Raises Position in Gates Industrial Corp PLC (NYSE:GTES)

Crossmark Global Holdings Inc. increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 7.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 53,079 shares of the company’s stock after purchasing an additional 3,459 shares during the quarter. Crossmark Global Holdings Inc.’s holdings in Gates Industrial were worth $931,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of GTES. Swiss National Bank boosted its position in shares of Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company’s stock worth $6,004,000 after purchasing an additional 52,800 shares during the period. Park Avenue Securities LLC boosted its holdings in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company’s stock worth $1,043,000 after buying an additional 41,762 shares during the period. First Hawaiian Bank purchased a new stake in Gates Industrial in the 2nd quarter worth $520,000. GAMMA Investing LLC raised its holdings in Gates Industrial by 333.9% during the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock valued at $68,000 after acquiring an additional 2,998 shares during the period. Finally, Acadian Asset Management LLC lifted its position in shares of Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company’s stock valued at $585,000 after acquiring an additional 29,394 shares in the last quarter. 98.50% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average cost of $16.80 per share, with a total value of $200,793.60. Following the transaction, the director now directly owns 6,000 shares of the company’s stock, valued at $100,800. This trade represents a -200.81 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Trading Up 0.4 %

Shares of GTES stock opened at $20.74 on Friday. The company has a market cap of $5.28 billion, a PE ratio of 24.99 and a beta of 1.38. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $21.54. The stock’s 50 day simple moving average is $18.31 and its two-hundred day simple moving average is $17.35. The company has a debt-to-equity ratio of 0.70, a current ratio of 3.02 and a quick ratio of 2.11.

Gates Industrial announced that its Board of Directors has initiated a share buyback program on Wednesday, July 31st that allows the company to buyback $250.00 million in shares. This buyback authorization allows the company to repurchase up to 5.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

GTES has been the subject of several research analyst reports. Barclays increased their target price on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a research report on Tuesday, November 5th. Robert W. Baird reduced their price objective on shares of Gates Industrial from $26.00 to $22.00 and set an “outperform” rating on the stock in a research report on Thursday, August 1st. Evercore ISI upped their target price 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. 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 target on the stock. Finally, 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. Four investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.30.

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.