Mutual of America Capital Management LLC Purchases New Shares in Gates Industrial Corp PLC (NYSE:GTES)

Mutual of America Capital Management LLC acquired a new position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 34,009 shares of the company's stock, valued at approximately $597,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GTES. Natixis Advisors LLC lifted its stake in Gates Industrial by 25.3% in the third quarter. Natixis Advisors LLC now owns 170,785 shares of the company's stock valued at $2,997,000 after purchasing an additional 34,461 shares during the last quarter. Empowered Funds LLC bought a new position in Gates Industrial in the third quarter valued at $7,242,000. CIBC Asset Management Inc bought a new position in Gates Industrial in the third quarter valued at $305,000. KBC Group NV increased its stake in Gates Industrial by 35.1% in the third quarter. KBC Group NV now owns 5,646 shares of the company's stock valued at $99,000 after acquiring an additional 1,468 shares during the last quarter. Finally, Victory Capital Management Inc. increased its stake in Gates Industrial by 20.1% in the third quarter. Victory Capital Management Inc. now owns 1,091,408 shares of the company's stock valued at $19,154,000 after acquiring an additional 182,307 shares during the last quarter. 98.50% of the stock is owned by institutional investors.

Gates Industrial Stock Performance

Shares of Gates Industrial stock traded down $0.01 on Wednesday, hitting $22.20. 648,320 shares of the company's stock were exchanged, compared to its average volume of 3,063,594. The company has a 50-day simple moving average of $19.07 and a 200-day simple moving average of $17.63. The stock has a market capitalization of $5.65 billion, a PE ratio of 26.76 and a beta of 1.38. Gates Industrial Corp PLC has a 1 year low of $11.22 and a 1 year high of $22.44. 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 announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 5.4% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Robert W. Baird reduced their price objective 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. 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 objective for the company. Evercore ISI raised their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a report on Monday, August 19th. The Goldman Sachs Group raised their price objective on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a report on Thursday, August 1st. Finally, Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and raised their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Gates Industrial currently has an average rating of "Moderate Buy" and an average target price of $20.40.

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.