Chartwell Investment Partners LLC trimmed its holdings in shares of Gates Industrial Corp PLC (NYSE:GTES - Free Report) by 9.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 806,967 shares of the company's stock after selling 87,586 shares during the quarter. Chartwell Investment Partners LLC owned approximately 0.32% of Gates Industrial worth $14,162,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Swiss National Bank grew its stake in Gates Industrial by 18.4% in the first quarter. Swiss National Bank now owns 339,000 shares of the company's stock valued at $6,004,000 after purchasing an additional 52,800 shares during the last quarter. Park Avenue Securities LLC grew its stake in Gates Industrial by 172.6% in the 2nd quarter. Park Avenue Securities LLC now owns 65,962 shares of the company's stock valued at $1,043,000 after acquiring an additional 41,762 shares during the period. First Hawaiian Bank acquired a new position in shares of Gates Industrial during the 2nd quarter worth about $520,000. GAMMA Investing LLC grew its holdings 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 period. Finally, Acadian Asset Management LLC grew its position in Gates Industrial by 799.6% in the first quarter. Acadian Asset Management LLC now owns 33,070 shares of the company's stock worth $585,000 after acquiring an additional 29,394 shares during the period. 98.50% of the stock is currently owned by hedge funds and other institutional investors.
Gates Industrial Stock Performance
GTES stock remained flat at $21.27 during midday trading on Monday. 1,257,603 shares of the company traded hands, compared to its average volume of 3,072,423. The company has a current ratio of 3.02, a quick ratio of 2.11 and a debt-to-equity ratio of 0.70. Gates Industrial Corp PLC has a 1-year low of $11.22 and a 1-year high of $21.54. The company's fifty day moving average price is $18.02 and its two-hundred day moving average price is $17.26. The firm has a market cap of $5.42 billion, a price-to-earnings ratio of 25.63 and a beta of 1.38.
Gates Industrial announced that its board has initiated a stock buyback plan on Wednesday, July 31st that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the company to buy up to 5.4% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's board believes its stock is undervalued.
Insider Activity
In other Gates Industrial news, Director Wilson S. Neely purchased 11,952 shares of Gates Industrial stock in a transaction that occurred on Wednesday, August 21st. The shares were bought at an average price of $16.80 per share, for a total transaction of $200,793.60. Following the acquisition, the director now directly owns 6,000 shares in the company, valued at approximately $100,800. This trade represents a -200.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently weighed in on GTES shares. KeyCorp upped their target price on shares of Gates Industrial from $21.00 to $22.00 and gave the stock an "overweight" rating in a research note on Thursday, October 31st. The Goldman Sachs Group upped their price target on shares of Gates Industrial from $18.00 to $20.00 and gave the company a "neutral" rating in a report on Thursday, August 1st. Royal Bank of Canada raised Gates Industrial from a "sector perform" rating to an "outperform" rating and upped their target price for the company from $20.00 to $22.00 in a research note on Monday, August 19th. Robert W. Baird cut their target price on shares of Gates Industrial from $26.00 to $22.00 and set an "outperform" rating for the company in a research note on Thursday, August 1st. Finally, Morgan Stanley started coverage on Gates Industrial in a report on Friday, September 6th. They issued an "equal weight" rating and a $19.00 price target for the company. 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.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $20.30.
Check Out Our Latest Research Report on Gates Industrial
Gates Industrial Company Profile
(
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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