State of New Jersey Common Pension Fund D Acquires 3,061 Shares of Gates Industrial Corp PLC (NYSE:GTES)

State of New Jersey Common Pension Fund D boosted its position in Gates Industrial Corp PLC (NYSE:GTES) by 2.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,629 shares of the company’s stock after acquiring an additional 3,061 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Gates Industrial were worth $1,942,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Headlands Technologies LLC lifted its stake in Gates Industrial by 341.1% in the 2nd 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 in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Gates Industrial during the 3rd quarter worth approximately $67,000. GAMMA Investing LLC increased its holdings in shares of Gates Industrial by 333.9% during the 3rd quarter. GAMMA Investing LLC now owns 3,896 shares of the company’s stock worth $68,000 after acquiring an additional 2,998 shares during the last quarter. Covestor Ltd increased its holdings in shares of Gates Industrial by 26.3% during the 3rd quarter. Covestor Ltd now owns 4,812 shares of the company’s stock worth $84,000 after acquiring an additional 1,001 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in Gates Industrial in the 2nd quarter valued at $142,000. Institutional investors own 98.50% of the company’s stock.

Gates Industrial Stock Up 0.2 %

GTES stock opened at $20.78 on Monday. Gates Industrial Corp PLC has a fifty-two week low of $11.22 and a fifty-two week high of $21.54. The business’s 50 day moving average price is $18.40 and its two-hundred day moving average price is $17.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. The company has a market capitalization of $5.29 billion, a price-to-earnings ratio of 25.04 and a beta of 1.38.

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

Analysts Set New Price Targets

GTES has been the topic of several analyst reports. Morgan Stanley initiated coverage on Gates Industrial in a report on Friday, September 6th. They set an “equal weight” rating and a $19.00 target price on the stock. Robert W. Baird decreased their price target on Gates Industrial from $26.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a “sector perform” rating to an “outperform” rating and increased their price target for the company from $20.00 to $22.00 in a research note on Monday, August 19th. The Goldman Sachs Group raised their target price on Gates Industrial from $18.00 to $20.00 and gave the stock a “neutral” rating in a research note on Thursday, August 1st. Finally, KeyCorp raised their price objective on Gates Industrial from $21.00 to $22.00 and gave the company an “overweight” rating in a research note on Thursday, October 31st. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, Gates Industrial presently has a consensus rating of “Moderate Buy” and a consensus target price of $20.30.

Insider Buying and Selling

In related news, Director Wilson S. Neely bought 11,952 shares of the firm’s 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 acquisition, the director now owns 6,000 shares in the company, valued at $100,800. This trade represents a -200.81 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

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.