Victory Capital Management Inc. Has $19.15 Million Position in Gates Industrial Corp PLC (NYSE:GTES)

Victory Capital Management Inc. increased its stake in Gates Industrial Corp PLC (NYSE:GTES) by 20.1% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 1,091,408 shares of the company’s stock after purchasing an additional 182,307 shares during the quarter. Victory Capital Management Inc. owned approximately 0.43% of Gates Industrial worth $19,154,000 at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on GTES. KeyCorp upped their price target on Gates Industrial from $21.00 to $22.00 and gave the stock an “overweight” rating in a report on Thursday, October 31st. Evercore ISI upped their price target on Gates Industrial from $15.00 to $16.00 and gave the stock an “in-line” rating in a report on Monday, August 19th. Royal Bank of Canada upgraded Gates Industrial from a “sector perform” rating to an “outperform” rating and upped their price target for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Barclays upped their price target on Gates Industrial from $16.00 to $21.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 5th. Finally, The Goldman Sachs Group upped their target price on Gates Industrial from $18.00 to $20.00 and gave the company a “neutral” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Gates Industrial currently has a consensus rating of “Moderate Buy” and an average price target of $20.30.

Insider Buying and Selling at Gates Industrial

In other news, Director Wilson S. Neely bought 11,952 shares of the company’s stock in a transaction dated Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the transaction, the director now directly owns 6,000 shares in the company, valued at $100,800. The trade was a -200.81 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Gates Industrial Trading Up 1.4 %

Shares of GTES opened at $21.08 on Tuesday. The stock has a fifty day moving average price of $18.50 and a two-hundred day moving average price of $17.41. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.11 and a current ratio of 3.02. Gates Industrial Corp PLC has a 52-week low of $11.22 and a 52-week high of $21.54. The company has a market cap of $5.37 billion, a price-to-earnings ratio of 25.40 and a beta of 1.38.

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

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.