QRG Capital Management Inc. Makes New $609,000 Investment in Gates Industrial Corp PLC (NYSE:GTES)

QRG Capital Management Inc. purchased a new position in Gates Industrial Corp PLC (NYSE:GTES - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 34,678 shares of the company's stock, valued at approximately $609,000.

Several other large investors also recently made changes to their positions in the stock. Headlands Technologies LLC grew 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 buying an additional 1,320 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Gates Industrial by 333.9% in the third quarter. GAMMA Investing LLC now owns 3,896 shares of the company's stock valued at $68,000 after purchasing an additional 2,998 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Gates Industrial in the second quarter valued at about $142,000. Levin Capital Strategies L.P. bought a new position in shares of Gates Industrial in the second quarter worth about $158,000. Finally, MQS Management LLC acquired a new position in shares of Gates Industrial during the 2nd quarter worth about $168,000. Institutional investors own 98.50% of the company's stock.

Wall Street Analysts Forecast Growth

GTES has been the topic of a number of research analyst reports. Barclays raised their target price on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a report on Tuesday, November 5th. Morgan Stanley assumed coverage on shares of Gates Industrial in a research note on Friday, September 6th. They set an "equal weight" rating and a $19.00 target price for the company. The Goldman Sachs Group raised their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research report on Thursday, August 1st. Royal Bank of Canada upgraded shares of Gates Industrial from a "sector perform" rating to an "outperform" rating and boosted their price objective for the stock from $20.00 to $22.00 in a report on Monday, August 19th. Finally, KeyCorp increased their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the company an "overweight" rating in a research note on Thursday, October 31st. Four research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Gates Industrial presently has a consensus rating of "Moderate Buy" and an average price target of $20.30.

Gates Industrial Stock Performance

NYSE:GTES remained flat at $21.27 during mid-day trading on Friday. 2,486,395 shares of the company traded hands, compared to its average volume of 3,720,093. The firm has a market cap of $5.42 billion, a P/E ratio of 25.63 and a beta of 1.38. 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 Corp PLC has a 52-week low of $11.14 and a 52-week high of $21.54. The company has a fifty day simple moving average of $18.02 and a two-hundred day simple moving average of $17.26.

Gates Industrial announced that its Board of Directors has authorized a stock buyback program on Wednesday, July 31st that permits the company to buyback $250.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 5.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's management believes its shares are undervalued.

Insider Activity

In related news, Director Wilson S. Neely acquired 11,952 shares of the company's stock in a transaction on Wednesday, August 21st. The stock was purchased at an average cost of $16.80 per share, for a total transaction of $200,793.60. Following the completion of the purchase, the director now directly owns 6,000 shares of the company's stock, valued at $100,800. The trade was a -200.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company's stock.

Gates Industrial 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.