Amalgamated Bank raised its position in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 93.5% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 69,664 shares of the company's stock after buying an additional 33,668 shares during the period. Amalgamated Bank's holdings in Gates Industrial were worth $1,223,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Swiss National Bank raised its holdings in shares of Gates Industrial by 18.4% during the first quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after acquiring an additional 52,800 shares in the last quarter. Park Avenue Securities LLC raised its position 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 last quarter. First Hawaiian Bank bought a new stake in shares of Gates Industrial in the second quarter worth $520,000. GAMMA Investing LLC grew its stake 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 valued at $68,000 after purchasing an additional 2,998 shares during the period. Finally, Acadian Asset Management LLC increased its holdings in Gates Industrial by 799.6% during the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock valued at $585,000 after buying an additional 29,394 shares during the last quarter. Institutional investors own 98.50% of the company's stock.
Wall Street Analyst Weigh In
GTES has been the topic of a number of recent analyst reports. The Goldman Sachs Group raised their target price on shares of Gates Industrial from $18.00 to $20.00 and gave the stock a "neutral" rating in a research note on Thursday, August 1st. KeyCorp increased their target price on Gates Industrial from $21.00 to $22.00 and gave the company an "overweight" rating in a research report on Thursday, October 31st. Royal Bank of Canada upgraded Gates Industrial from a "sector perform" rating to an "outperform" rating and lifted their price target for the stock from $20.00 to $22.00 in a research report on Monday, August 19th. Evercore ISI lifted their price objective on shares of Gates Industrial from $15.00 to $16.00 and gave the stock an "in-line" rating in a research note on Monday, August 19th. Finally, Barclays upped their target price on Gates Industrial from $16.00 to $21.00 and gave the company an "equal weight" rating in a research note on Tuesday, November 5th. Four research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $20.30.
View Our Latest Report on Gates Industrial
Insiders Place Their Bets
In other Gates Industrial news, Director Wilson S. Neely acquired 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The stock was bought at an average price of $16.80 per share, with a total value 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 approximately $100,800. This represents a -200.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.30% of the stock is owned by company insiders.
Gates Industrial Stock Up 0.1 %
NYSE GTES traded up $0.03 on Thursday, reaching $20.69. 1,862,434 shares of the stock traded hands, compared to its average volume of 3,070,112. Gates Industrial Corp PLC has a 12 month low of $11.22 and a 12 month high of $21.54. 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 fifty day moving average price of $18.23 and a 200-day moving average price of $17.33. The company has a market cap of $5.27 billion, a price-to-earnings ratio of 24.89 and a beta of 1.38.
Gates Industrial announced that its board has approved a share repurchase program on Wednesday, July 31st that authorizes the company to repurchase $250.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 5.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.
About Gates Industrial
(
Free Report)
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.
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